T-AB May 2024

INSIDE THIS ISSUE:

KEY INITIATIVES DRIVING FINTECH DEVELOPMENT

THREE LESSONS FROM A ROLLER-COASTER YEAR

AMCHAM ACADEMY RESIDENTIAL PROGRAM

PUBLIC SPEAKING WORKSHOP

Chevron is committed to supporting Thailand's energy security. We work tirelessly 24/7 to be a force driving the progress of the country.

For over 60 years,

we have a vital role to play in meeting growing demand for affordable, reliable, and ever-cleaner energy, which continues to enable human progress. We are the human energy company.

AMCHAM BOARD OF GOVERNORS 2024

PRESIDENT

Ornkanya (Mook) Pibuldham, Bank of America N.A.

VICE PRESIDENTS

Wiyada Srinaganand, 3M Thailand

Chatit Huayhongtong, Chevron

Peerasak Gamonsugosol, Honeywell Systems

Charles Blocker, IC Partners

TREASURER

Simon Denye, Harmless Harvest

SECRETARY

Eliot Delunas, Nitro Labs

GOVERNORS

Lena Ng, Amata Corporation PCL

Eddy Harinasuta, Amazon Web Services (Thailand)

Narumon Chivangkur, Citibank

Ravi Bordia, Kenvue

Jonathan Wood, Mastercard

Asama (Prae) Dumrongmongcolgul, Meta

Ririnda Tangtatswas, Minor International John Evans, Tractus

BOARD ADVISORS

David Lyman, Tilleke & Gibbins

AMCHAM President in 1975, 1986

EXECUTIVE DIRECTOR

Heidi Gallant

T-AB Magazine is a publication by The American Chamber of Commerce in Thailand.

101 True Digital Park, Griffin Building, Level 12A, Unit No.12A-06, Sukhumvit Road, Bangchak, Phra Khanong, Bangkok 10260

Tel: +66 (0)2 119 3350 www.amchamthailand.com

Editorial Advisory Board: Heidi Gallant

Editorial Team:

Varsha Wadhwani, Gawinnart Phupianlert, Aphirak Klayna, Nutcha Sangthai, Phenphitchaya Chapanon

Any opinions expressed in articles in this magazine do not necessarily reflect the views of the Chamber.

T-AB Magazine welcomes contributions from AMCHAM members. Articles may be reproduced with acknowledgement, except those taken from other sources.

Letter from the Excutive Director

Dear Members,

I’m writing today after spending two and a half wonderful days hosting our AMCHAM Academy Residential 2024. It is always a rewarding experience for our team to spend this intensive

period with rising executives in our community. This executive network building program gives our members the chance to form connections outside their industry, enter into dialogue with inspirational speakers, and challenge themselves in their own professional and personal development. Congratulations to the 2024 cohort, who did a fantastic job! Next year’s program will take place May 12-14, 2025.

We are also very excited to be hosting the first Thai-US Trade and Investment Conference at the end of this month, which features a distinguished lineup of speakers – please see the updated program here. We have a wealth of Thai and US government agencies also attending this event as guests, so please do not miss this chance to celebrate and strengthen the longstanding partnership between our two great nations.

Finally, I’d like to send a huge thank you to the members who are referring us new companies to join our network. New member sign-ups are at an all-time high and most of them are referred from within our community. New Members can be found listed in T-AB magazine each month and if you’d like to reach out to welcome them, you can find their contact details in the membership directory.

I’m looking forward to seeing you soon!

Sincerely,

Heidi Gallant Executive Director

EXCLUSIVE TIER MEMBERS 2024

S

Fostering Innovation: Key Initiatives Driving Fintech Development

By Jirayut (Topp) Srupsrisopa, Bitkub

As the fintech industry expands globally, the financial services ecosystem faces new opportunities and challenges. To navigate this evolving landscape and unlock the full potential of fintech, a multi-layered approach to fostering innovation is crucial. Industry stakeholders, such as startups, investors, and regulators, are actively implementing various initiatives, both marketled and authority-driven, to create a nurturing environment for fintech businesses to flourish.

Market-driven initiatives empower fintech companies to take the lead in shaping their own future. Some successful examples of market-driven initiatives include sustainable financing business plans, participation in fintech associations, and networking events with investors and venture capitalists.

Sustainable Financing Business Plans

Fintech companies are increasingly integrating Environmental, Social, and Governance (ESG) considerations into their business models. ESG focus not only aligns them with growing investor and consumer demand for sustainable practices but also unlocks new opportunities in green finance and transition finance. In the short term,

the European Commission indicated that we urgently require transition finance to decrease greenhouse gas emissions by 55% by 2030.

Fintech Association Participation

Joining fintech associations allows companies to connect with industry peers, share best practices, and collaborate on innovative solutions. In Thailand, the Thai Fintech Association is one of the associations that drives the fintech ecosystem forward. These associations also provide valuable resources and advocacy support, fostering a sense of community and accelerating the growth of the entire fintech ecosystem.

streamline processes for fintech companies, reducing administrative burdens and accelerating the time to market for innovative solutions.

In the WEF survey, 55% of FinTech’s rated the development of digital regulatory and supervisory infrastructure—such as the establishment of supervisory technology by a central bank or the creation of a centralized data science unit within a regulatory authority—as the most effective way to support the growth and scalability of the fintech industry by the authorities.

Remote KYC or Simplified Customer Due Diligence Networking with Investors and VCs

Networking events provide valuable opportunities to pitch innovative ideas, attract investment, and gain valuable insights from seasoned industry professionals. Examples include Money 20/20, Fintech Summit, or even BOT Digital Finance Conference. According to a recent survey from the World Economic Forum’s (WEF) insight report, joining a fintech association and participating in networking events were seen as the two most successful market-led initiatives.

Regulators also play a critical role in fostering a supportive environment for fintech development through initiatives. Some examples of regulatordriven initiatives are digital regulatory and supervisory infrastructure, remote Know-YourCustomer (KYC) or simplified customer due diligence, standardization on cybersecurity or fraud prevention, and a regulatory sandbox.

Digital Regulatory and Supervisory Infrastructure

By developing digital infrastructure for regulatory reporting and compliance, authorities can

Traditional KYC processes can be timeconsuming and cumbersome for both fintech companies and customers. Streamlining KYC processes through remote verification technologies can enhance customer onboarding experiences and make financial services more accessible, particularly for those in underserved communities. This initiative requires a balance between convenience and security, with regulators ensuring that robust measures are in place to prevent fraud and money laundering.

Standardization on Cybersecurity or Fraud Prevention

Establishing standardized frameworks for cybersecurity and fraud prevention helps mitigate risks and fosters trust within the financial system. This collaborative approach between regulators and industry players ensures a secure environment for both consumers and businesses. Keeping this in mind, authorities must strike a balance between promoting innovation and reducing risk. Thailand has passed the Cyber Security Act (2019) to efficiently safeguard cybersecurity and implement measures to protect, cope with, and minimize the risk of cyber threats.

Regulatory Sandbox

Regulators globally have embraced the regulatory sandbox as a means of providing a dynamic, evidence-based regulatory environment to test emerging technologies. This allows authorities to assess potential risks while fostering innovation within a controlled environment. In Thailand, the Board of Thailand (BOT) has set up a Regulatory Sandbox mechanism to introduce new technologies, such as biometrics, blockchain, artificial intelligence, QR codes, and Application Programming Interfaces, within a restricted scope during the initial phase. Additionally, the BOT plans to launch a “New Sandbox,” which will be more adaptable, to facilitate the testing of unregulated financial operations that employ new technologies for customerbeneficial use cases, such as tokenization.

As the fintech industry continues its global expansion, a collaborative approach that leverages both market-driven and authority-driven initiatives will be crucial for unlocking its full potential. Industry leaders must continue to develop innovative solutions that address the evolving needs of consumers and businesses. This requires ongoing investment in research and development,

fostering a culture of experimentation, and attracting top talent with the necessary skills in areas of the Fourth Industrial Revolution like cyber-physical systems.

By nurturing a thriving ecosystem that fosters innovation, collaboration, and responsible growth, stakeholders can ensure that fintech continues to revolutionize the financial landscape, creating a more inclusive, efficient, and secure financial system for all.

Jirayut (Topp) Srupsrisopa, Bitkub’s Founder, revolutionizes finance in Thailand and the broader ASEAN region. With over a decade of experience in the blockchain and digital asset industry, He has appeared in over 1,000 engagements across the country.

How APAC’s Leading Businesses Are Balancing Trust and Innovation

By Matthew Driver, Mastercard

When we consider “what it takes” to make innovation happen, it is likely a few things will come to mind: a visionary company leader, an external shock that drives change, or significant amount of capital made available to business teams. While each of these things can be transformative, there is one element that may be undervalued for its role in fostering innovation.

And that element? Trust.

Establishing deep trust requires consistent performance over a long period, and its advantages range from customer loyalty to retaining top employees. Delving into how some of the most successful companies in the Asia-Pacific (APAC) region approach the trust-innovation nexus, the Harvard Business Analytic Services and Mastercard launched an APAC report Raising Trust and Innovation Together in the Asia-Pacific Region.

This report investigates how companies in the APAC are innovating and building trust among customers, employees, and other stakeholders and how trust, in turn, drives their innovation efforts. It also examines the challenges APAC

organizations face when striving to innovate and instill trust, as well as the strategies they employ to overcome these challenges.

The “Human Touch” Complements Increased Digitization

While many businesses either created or expanded their digital presence during the pandemic, even the most technologically progressive companies have realized, since returning to a new normal, that strong customer relationships still necessitate traditional human interaction.

The report observed this approach manifesting in different ways. For instance, a leading insurance company in China has utilized technology to enable their staff to arrive at the scene of an auto accident swiftly to assist customers, yet their business model remains heavily reliant on agents, emphasizing personal relationships to establish trust. Additionally, other organizations have invested in expanding tele-advisory services during the pandemic, ensuring customers still have a human touchpoint even when in-person meetings are not possible.

APAC Businesses Are More Likely to Take CrossOrganization Approaches to Innovation

Forty-one percent of respondents in the region reported an organizational focus on innovation, surpassing respondents from Europe, North America, and Latin America, although this can manifest in various ways.

Some organizations concentrate on fostering innovation ownership, either at individual or team level, — granting them the freedom to experiment with new ideas and take ownership of their development. An overarching trend is the emphasis on developing business structures that encourage innovation, such as integrating both top-down and bottom-up approaches or establishing a dedicated team that is responsible for fostering innovation across the organization, rather than solely focusing on developing new ideas.

Innovation-First Approach to Product Development

Many businesses are putting innovation front and center in the products and services they offer customers, with AI and machine learning often forming a core component of the offering. This heightened emphasis on customer-facing technologies has led to increased consumer expectations of continuous innovation from companies.

Advanced technology has democratized the way companies deliver services to their customers. For example, financial institutions now leverage AI and large language models to provide personalized financial advice, previously reserved for high-networth individuals, to a broader customer base.

Smart Data Governance Is a Central Focus

The study also revealed that 80% of consumers based in Asia consider information security and privacy to be important, surpassing the percentage who prioritize ease of purchasing. This finding underscores the significance of firms carefully considering data governance and management when looking to use data to improve the customer experience.

To sustain the pace of innovation, many companies are strengthening their commitment to transparency. This includes implementing explicit governance frameworks and communication protocols for how they use technologies like AI. In cases of incidents such as data breaches, there is a conscious focus on accountability and timely, open communication with customers. While this can be challenging, it is also viewed by many business leaders as the most effective way to regain trust and maintain relationships when problems arise.

These are just a few of the findings of this report, which delves deeper into how organizations in APAC are striving to cultivate trust across every level— with consumers, employees, and other stakeholders—to unlock the potential for groundbreaking innovation and undisputed trust. This intersection of trust and innovation is not just the future of business in APAC, but a global blueprint for success in an increasingly interconnected world.

This article has been edited for length for T-AB magazine. Read the full report here.

Matthew Driver is the executive vice president and head of services for Mastercard in Asia Pacific. He oversees the development and management of services portfolio including Mastercard Advisors Consulting, Data and Analytics, Test and Learn, Loyalty, Managed Services, Innovation Management, Cyber and Intelligence, and Fraud and Risk Solutions.

Lessons from a Roller-Coaster Year

By Rajat Bhattacharya, Standard Chartered

2023 was a turbulent year for investors (and 2024 is likely to be no different). The year began with widespread pessimism across markets in anticipation of recessions in the US and Europe. The year ended with US and European equity markets approaching all-time highs in anticipation that their economies will avoid a recession and achieve a soft landing. Meanwhile, sentiment around China turned half-circle, from optimism at the beginning of the year to a pervasive mood of doom and gloom. At face value, the vagaries of the market may seem daunting. However, those who followed some of the timetested investing principles were well rewarded.

Three lessons from the roller coaster year are outlined below:

Stay Invested: This is the cardinal rule of preserving and growing wealth. Allocating broadly to a foundation portfolio consisting of stocks, bonds, and alternative assets, and rebalancing periodically has historically helped seasoned investors beat cash returns and inflation. Those who sold all their equity holdings at the start

of the year on worries about an impending recession and moved entirely to the “safety” of Developed Market government bonds made a minimal gain, which fell short of even inflation across major markets. Historically, equities outperform a basic diversified allocation on average seven out of ten years. Hence, investors need to hold a sizable chunk of their allocation in equities, based on their risk tolerance, to achieve their financial goals over a longer period.

Stay Nimble and Opportunistic: Staying invested does not mean maintaining the same allocation through market cycles. Maintaining a diversified foundation allocation allows an investor to tactically tweak on the margins to generate any excess returns (the so-called alpha). Markets give investors ample opportunities to benefit from such tactical shifts. Timing the market to perfection over a sustained period is difficult, even for seasoned professionals. However, as the record of generating positive average annual alpha over several years shows, there is scope to generate excess returns over and above a basic diversified allocation over the long term.

Besides tactical shifts in the foundation allocation, investors can also benefit from shorter-term opportunistic investments. Last year, the S&P500 nominal index significantly outperformed the S&P500 equal-weighted index and the Russell 2000 index of small cap stocks this year. This outperformance was driven by large cap technology and communications services-related firms. Thus, picking the right equity sectors would have helped generate additional alpha that year. That said, it would be prudent to limit opportunistic investments within one’s risk tolerance.

Stay Calm and Disciplined: Ignoring market mood swings and staying disciplined is one of the cornerstones of a successful investment strategy. This has a contrarian streak to it. 2023 started with a pervasive mood of pessimism. The downbeat consensus made it easier for risk assets, albeit led by a narrow group of stocks (such as the “Magnificent Seven” in the US, riding on the Artificial Intelligence wave), to climb the

wall of worry in H1. Then, over-exuberance met with a resurgence in government bond yields, leading to a sharp pullback in stocks and bonds in Q3. However, both stocks and bonds rebounded strongly in Q4. Markets are now expecting the US and Europe to avoid recessions and achieve the so-called soft-landing. This ‘Goldilocks’ scenario involves inflation cooling, short-term blips notwithstanding, without a significant rise in joblessness, enabling central banks to cut rates early enough to avoid a recession. It is a narrow window, which leaves little room for policy mistakes and significant scope for volatility in the coming year. Hence, besides indications of any sharp economic downturn, investors will need to watch investor positioning across markets closely for any sign of overexuberance as that could be a contrarian signal for a likely turn in markets.

Rajat Bhattacharya is a Senior Investment Strategist at Standard Chartered Wealth Solutions’ Global Chief Investment Office

Thailand’s Virtual Banking Licenses: New Guidines Released

By Piroon Saengpakdee, Rajah & Tann Asia

Introduction

On March 4, 2024, the Notification of the Ministry of Finance regarding the Criteria, Methods, and Conditions of the Application for a License and Issuance of a License to operate Virtual Banks was published in the Government Gazette. The Notification outlines the process for applying for a virtual bank license and provides the relevant criteria, requirements, and conditions.

The Notification went into effect on March 19, 2024. Virtual banks, as regulated under this Notification, operate entirely online. Virtual banks can offer efficient financial services through digital channels, managed by experts in technology, digital services, and data analytics. Conducting banking services online could lead to cost savings in operations and promote accessibility to financial services for underserved or unserved customers.

Application Process and Key Requirements Key Qualifications of the Applicant

The Applicant needs to provide evidence that:

• It possesses the experience and resources necessary to support the operation of the virtual bank in accordance with its business model and operational plan as required by the Notification.

• It holds expertise and experience in business operations that leverage technology and deliver services through digital channels.

• It has experience which demonstrates the acquisition, access, management, and utilization of diverse data sets, including the development of systems or data interface to utilize service users’ data for transactions with

other service providers in accordance with their legal rights.

• Any potential shareholder holding more than 10% of total shares in the applicant must have a proven record of good corporate governance, sound business operation, and strong financial health. Additionally, they must not have been subject to a court judgment for financial offences, corruption, cybercrime, and other offences outlined in the Notification.

Key Considerations for Virtual Bank License Applications by the Bank of Thailand (BOT)

The BOT considers the application for the virtual bank license with a focus on the overall benefit to the Thai economic and financial system, and the stability of the financial system, including:

• The capacity to operate a business that provides new forms of financial services or enhances the efficiency of financial services.

• The knowledge and adherence to good governance practices by the applicant and individuals in key positions within the virtual bank, such as directors and managers.

• The capability to operate the business in a manner that leverages technology and delivers services through digital channels.

• The ability to utilize flexible, stable, and secure technology, and ensure continuous service provision.

• Capacity to access, manage, and utilize a diverse range of data.

• Competence in managing financial business risks and effective risk management.

• The financial status and support provided by shareholders.

Application Process and Timeline

• Application Period: Applicants must submit their application form and its supporting evidence to the BOT for consideration within six months from the effective date of this

Notification. The application period is from March 2024 to September 19, 2024.

• BOT Review and Selection: BOT will consider the submitted applications and nominate the selected applicants to the Minister for further approval within nine months from the end of the application period. The consideration period may be extended by one year as approved by the Minister. BOT could announce the names of approved applicants by mid-year 2025.

• Pre-Licensing Requirements: Approved applicants must fill in the requirements outlined in this Notification and undergo the readiness assessment by the BOT before obtaining the virtual bank license.

• Business Launch: Approved applicants must commence the business operation of a virtual bank within one year from the Minister’s approval date. This period may be extended by one year with BOT approval.

Key Requirements for Approved Applicant

• Company Establishment: The applicant must establish a public limited company headquartered in Thailand.

• Brand Identity: The virtual bank cannot adopt a name, mark, or symbol that is identical, similar, or refers to other financial institutions or a financial business group, even if the virtual bank is established within the same financial business group as the said financial institution.

• Implementation of Approved Plan: The applicant must adhere to the establishment plan as approved by BOT.

• Personnel Structure: The people in key positions within the virtual bank must be appointed according to the list and organizational structure approved by BOT.

• Financial Requirements: The virtual bank must have a paid-up registered capital of at least 5 billion baht (approximately 140 million US dollars) on the date of business commencement and demonstrate a plan to arrange increasing its paid-up registered capital to reach not less than 10 billion baht (approximately 280 million US dollar for full functionality after the initial phase of business commencement as stipulated by BOT.

• IT System Readiness: The applicant must demonstrate the readiness of its IT system, which must pass the efficiency test as prescribed by BOT.

• Operational Readiness: The applicant must demonstrate readiness in personnel, operational process, risk management tools, risk management, and protection of service users as prescribed by BOT.

Foreign Shareholding Restriction

Since a virtual bank is regarded as a commercial bank, which is a financial institution under the

Financial Institution Business Act B.E. 2551 (2008) as amended, the shareholding ratio will be subject to the same regulations as traditional commercial banks. Therefore, the voting shares in a virtual bank must be held by Thai nationals to a minimum extent of 75%. However, there isan allowance for foreign ownership. Foreign entities may hold more than 25%, but up to a maximum of 49% of voting shares in the virtual bank, subject to approval by BOT on a case-by-case basis.

Piroon Saengpakdee is a Partner in the Bangkok office of Rajah & Tann Asia and focuses his practice on banking and finance, debt restructuring and insolvency, and employment law matters.

Pfizer hands over th e 9 first aid center to Baan

Huay Kwang Jing School and the community in Phetchaburi

Mark Kuo, Country Manager of Pfizer Thailand, and Pfizer Thailand Foundation (PTF) Chairperson led a group of PTF board members and colleagues to hand over the 9th Pfizer’s first-aid center to Baan Huay Kwang Jing School and the community in Kangkrajarn District in Phetchaburi Province in late February 2014

Pfizer Thailand Foundation’s mission is to help build healthier communities around the Kingdom of Thailand. By 2024, the foundation will completely hand-over all 10 units to schools and communities across Thailand as planned and will continue to work with its partner to deliver greater things for the better health and well-being of communities and underprivilege populations in the country.

A Letter from the Government Affairs Director’s Desk

Dear Members,

In April, the USTDA, EECO, and AMCHAM’s Healthcare Council raised awareness for healthcare innovation and ease of doing business at the US-Thailand Healthcare Workshop. Discussions focused on positioning Thailand as a leading medical hub, addressing sustainable investment, improved healthcare accessibility, emerging technologies, infrastructure development, and strategies for enhancing public healthcare expenditure. The workshop also provided insights into best practices in ASEAN and Thailand’s role in the region.

Also this month, feedback from our members was incorporated into the U.S. 2024 Special Report 301, which identifies the protection for intellectual property in various countries around the world. Notably, Thailand has made significant improvements but remains on the Watchlist, signifying opportunities for ongoing improvement. These include reducing the online availability of counterfeit and pirated goods, addressing the backlog in patent examinations, ensuring proper licensing of software, streamlining civil IP enforcement, and fortifying data security in the pharmaceutical industry. Our Government Affairs team will convey these concerns to the relevant government agencies to further strengthen protection and enforcement.

In other news, the AMCHAM Tax Council has submitted a recommendation paper on the withholding tax imposed on a foreigner’s gain from the sale of foreign shares. The Council suggests that the Revenue Department re-examine the application of Section 70 of the Revenue Code, as this could create commercial disadvantages for Thai buyers. The proposed revision would align Thailand with international practices and create a more competitive business environment to attract foreign investment.

The ESG Council is drafting a recommendation paper on the draft Climate Change Act. Concerns include the clarification of definitions, tax incentives for corporates to comply with upcoming regulations, and alignment with international practices, particularly regarding Carbon Credits and Carbon Trade. The ESG Council is closely monitoring this issue and invites concerned members to submit their feedback to the Government Affairs team.

Lastly, Prime Minister Srettha Thavisin has confirmed his attendance at the Thailand-US Trade and Investment Conference on May 31. Themed “Building on a Longstanding Partnership,” the conference will discuss investment opportunities in sectors such as the digital economy, energy transition, sustainable environment management, and human resources. The conference aims to identify practical policy recommendations that can foster mutual collaborations and benefits between our two nations.

Jen Meckhayai Government Affairs Director

Member Luncheon with EEOC Commisioner Keith Sonderling

AMCHAM hosted the U.S. Equal Employment Opportunity Commission (EEOC) Commissioner Keith Sonderling at a member luncheon. Commissioner Sonderling discussed the advantages and potential pitfalls of using artificial intelligence-based technology in the workplace. He also shared real-life cases to provide insights on how companies can leverage AI for a more transparent, equitable, and inclusive workplace, including in employment decision-making.

AMCHAM Thailand, the Thai Chamber of Commerce and the U.S. Chamber of Commerce are pleased to invite you to the Thailand-US Trade and Investment Conference, designed to bring together an elite audience of potential US investors, US companies with longstanding operations in Thailand, key Thai government stakeholders, and Thai private sector representatives.

Building on a Longstanding Partnership. This initiative builds on engagements from Prime Minister Srettha Thavisin’s visits to the business community in the US, starting with last year’s APEC meetings, as well as the recent visit of US Secretary of Commerce Gina Raimondo to Thailand together with President Biden’s Export Council.

Highlighting Opportunities. The five sessions will showcase investment opportunities in several key sectors, including the digital economy, energy transition, sustainable environment management, and human resources, as well as the US technologies that can add value and grow these business areas.

Partnering for a Thriving Business Ecosystem in Thailand. Designed as a forum for active engagement on policy issues, this event also aims to identify practical and achievable policy recommendations that can be taken forward in the spirit of cooperation and mutual benefit.

Meet Patcharada (Ung) Komtha

“AMCHAM offers an opportunity for everyone to apply, not just for students studying English, so I decided to apply for an AMCHAM scholarship in the hope of helping to ease the burden on my family.”

My name is Patcharada Komtha. My nickname is Ung. I am 21 years old and currently studying for a Bachelor of Science in Medical Technology at the Faculty of Allied Health Sciences, Burapha University. I am in my fourth year, which is my final year of study, and I have just completed medical technology training at Ang Thong Hospital.

There were several reasons why I applied for the AMCHAM scholarship. The cost of attending university, especially tuition, is significant. Additionally, the prices of school supplies have increased. Due to Covid-19, some courses are offered online, requiring me to buy electronics to continue my studies. Other expenses, such as rent, transportation, food, phone bills, and personal expenses, have added to the financial burden. Moreover, my family’s expenses have risen while their income has either stayed the same or decreased due to the challenging economic situation. I chose the AMCHAM scholarship because I have the right qualifications to be eligible for it, it is an ongoing scholarship, and moreover,

AMCHAM offers an opportunity for everyone to apply, not just for students studying English. For these reasons, I decided to apply for an AMCHAM scholarship in the hope of alleviating the financial burden on my family.

The AMCHAM Orientation Camp was my first experience with AMCHAM, and I was excited to meet everyone. Through this camp, I made new acquaintances, including Sheree, Pailin, Pat, and other AMCHAM members, as well as new friends. Engaging in various activities and gaining knowledge in areas such as CPR, personal finance, and DRINKiQ made the experience enjoyable, and time flew quickly. As a medical student, I particularly enjoyed studying CPR and using AED because saving lives is crucial, especially for medical personnel. Properly performing CPR increases the chances of survival during unexpected events, and the training I received at the AMCHAM Orientation camp prepared me well.

The AMCHAM Career Camp has been the best camp I have attended, providing valuable handson learning experiences and skill development for job applications. Activities such as resume writing, job interviews, and mock job interviews were instrumental in honing my skills. Visiting companies and hotels during the camp allowed me to gain insights into different working environments. The Mock Job Interviews were particularly memorable, as they provided me with new experiences and increased my confidence for future job interviews. I am grateful for the knowledge, experience, and advice gained from the AMCHAM Career Camp, and I intend to apply them in future job interviews.

2024 AMCHAM Academy Residential Program

Speakers: Josh Morris of the Progression Group; Dr. Kirida Bhaopichitr of TDRI; Katrin Luger of UNESCAP; Dr. Kid, CEO of RISE; Larry Persons of JacksonGrant; Pimparima Piriyametha of Google Thailand; Thanyaporn Krichtitayawuth of UN Global Compact Thailand; Patchareeboon Sakulpitakphon of Palo IT Thailand; Veeraya Kawwilai of Kenvue; and Nattapoom Vittavatchutikul of Jones Lang LaSalle (Thailand).

Event Highlights:

AMCHAM’s two-and-a-half-day program, from May 7 - 9, brought together over 40 rising executives from AMCHAM member companies for intensive professional development. The program prompted participants to reassess career risk-taking and leadership, featuring top CEOs and experts. The latter half showcased leaders in corporate and digital transformation, alongside key figures in macroeconomics and AI.

Through presentations and small group discussions, attendees applied insights to their careers, fostering meaningful connections across industries.

U.S. Embassy Deputy Chief of Mission Gwendolyn Cardno presented certificates to participants at the end of the program.

Participating companies included: 3M Thailand, Amata Corporation, Asia Group Advisors, Baker & McKenzie, Bank of America, Caterpillar, Chevron, Coca-Cola, Copeland, Dow Thailand Group, GSK (Thailand), FedEx, Fitch Ratings, Kenan Foundation Asia, L’Oréal, MIC Customs Solutions, Organon, PCS Services & Facility, Progression Equipment, RMA Group, Schaeffler Manufacturing, Skillpower Services, Solventum, Tyson International APAC, Vero Advocacy, and Western Digital and Thai government agencies and organizations including Bangkok Metropolitan Administration, Eastern Economic Corridor Office of Thailand (EECO), Federation of Thai Industries, Office of the Public Sector Development Commission, Thai Chamber of Commerce, and the Thailand Board of Investment.

SBE Committee

The Future for Thailand’s Startup Ecosystem - Apr 23

Speakers: Nicolas El Baze of Tekton Ventures; Ankit Upadhyay of A2D Ventures; Praphasiri Atthachin of Krungsri Finnovate; and Ted Thetnaungsoe of BEESCM.

Organized by: SBE Committee

Event Highlights:

The SBE Committee shared valuable insights about the current landscape of the local startup ecosystem and engaged in a discussion to enhance opportunities for budding entrepreneurs. Following the sessions, there was an interactive question-and-answer session and an open discussion that allowed participants to further explore and gain insights into the topic.

Manufacutring Committee

Effective Loss Mitigation in Manufacturing Facilities Fires - Apr 25

Speaker: John Shanahan of BELFOR Asia

Moderator: Frank Timmons of Tractus Thailand

Organized by: Manufacturing Committee

Event Highlights:

The AMCHAM Manufacturing Committee hosted a webinar where manufacturing leaders discussed strategies to mitigate losses, covering priorities, such as serving customers, managing supply chains, and operational continuity. Participants gained insights on how to prepare for unforeseen disasters. The question-and-answer session was also insightful, with the speaker providing valuable advice drawn from years of experience.

Signature Event

Governors’ Table Eastern Seaboard - Apr 25

Hosts: Wiyada Srinaganand of 3M Thailand; Charles Blocker of IC Partners; and John Evans of Tractus

Event Highlights:

The AMCHAM Board of Governors hosted a special executive dinner for AMCHAM members at the Governors’ Table, providing top executives the opportunity to connect over a relaxed and enjoyable dinner at Hilton Pattaya.

What will you get from us today? Tomorrow’s drive technology.

Future-oriented technology. Decades of experience. And teams who always think a step ahead of the competition. Whether we’re optimizing combustion engines, improving hybrids, or putting electrification on the road, Schaeffler continues to incorporate innovative technology into every car. Discover more about the mobility of tomorrow online at www.schaeffler.co.th

EVENTS

Young Professionals Committee

Public Speaking Workshop - Apr 30

Speakers: Jamie Brennan of DDX, Nikon Gormley of Innerspark Group, and Jacob Holder of The Mobius Agency

Moderators: Zachary Heinecke of Minor International and Sarah Urtz of Tractus

Organized by: Young Professionals Committee

Event Highlights:

The AMCHAM YPC Committee hosted an engaging event, empowering young professionals to become confident and great speakers. Guided by communication experts, participants learned crucial techniques for crafting compelling speeches, conquering stage fright, and delivering impactful presentations with confidence. The event featured three workshop sessions, allowing participants to learn valuable insights and practical strategies based on their areas of interest.

Getting Your U.S. Student Visa - May 2

Speaker: Akaisha Cook of the U.S. Embassy Bangkok

Organized by: Education Committee

Event Highlights:

The AMCHAM Education Committee, together with U.S. Embassy Consular Officer Akaisha Cook, hosted a presentation providing guidance for students intending to study in the US. Packed with valuable insights, attendees were well prepared for F and J visa applications. The question-and-answer session was also engaging as there were lots of questions from participants, including both parents and students.

Please see links to more resources on this below:

• Apply for a U.S. Visa - Thailand (English)

• Renew My Visa By Mail - Thailand (English)

• Visas - U.S. Embassy & Consulate in Thailand

• Expedited Interviews

• How to Pay the SEVIS Fee

The Ascott and Vimut Hospital Partner to Deliver Exceptional Guest and Patient Experiences

The Ascott Limited (Thailand) and Vimut Hospital recently announced an extension of their successful partnership, solidifying their dedication to guest satisfaction and healthcare excellence.

This enhanced partnership reaffirms Ascott’s dedication to delivering outstanding services to its guests. Guests will continue to enjoy convenient access to Vimut Hospital’s comprehensive healthcare services throughout their stay, including routine check-ups, personalized consultations, and telemedicine options, enhancing the overall guest journey for Ascott residents.

Vimut Hospital patients will also benefit from this extended partnership through exclusive benefits such as special discounts on accommodations, curated room packages, and additional amenities, fostering a more enriching recovery experience.

Kanit Sangmookda, Country General Manager, Thailand & Laos, The Ascott Limited stated, “We

are pleased to announce the continuation of our partnership with Vimut Hospital. This emphasizes our commitment to delivering outstanding services and creating unparalleled guest experiences.”

M.D. Tawan Chitchulanon, Assistant to Chief Executive Office, Vimut Hospital added, “The continuation of our partnership with Ascott reaffirms our commitment to delivering exceptional healthcare. We are excited to continue prioritizing the health and well-being of both our patients and Ascott’s guests.” Click here to register

A MASSIVE TREND

Jelly Belly’s beanologists never stop innovating, and they’ve done it once again with our new line of Bubble Tea jelly beans that perfectly match the taste of five popular bubble tea flavors: Mango Milk Tea, Matcha Milk Tea, Strawberry Milk Tea, Taro Milk Tea, and Thai Milk Tea. Tap into this $2 billion bubble tea craze and get a taste of what’s next.

Welcome New Members

CORPORATE MEMBERS

AbbVie is a global biopharmaceutical company committed to developing medicines and solutions that prioritize impact — for patients, communities, and our world. The company aims to address intricate health issues and enhance people’s lives through their core therapeutic areas.

Cesna Group is a globally renowned talent recruitment services company. It specializes in senior and middle manager level searches such as C-Level, directors, and team managers. Cesna Group provides recruitment services to over 2,000 client companies, spanning from medium-sized enterprises to Fortune 500 companies across diverse industries.

Demarest Clinic is Phuket’s state-of-the-art luxury clinic featuring 602 square meters of space located conveniently at Royal Phuket Marina. The clinic specializes in regenerative medicine and works diligently to introduce diverse treatment protocols that can reverse age-related illnesses and injuries’ effect.

ExxonMobil Limited supports and provides services to ExxonMobil affiliates and clients in over 60 countries around the world, spanning various fields of expertise including supply chain, technology and engineering, global trading, customer services, payment and loyalty, workforce enablement, financial services, procurement, transformation enablement, planning and stewardship.

Hitachi Energy is a global technology leader advancing a sustainable energy future for all. Hitachi serves customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, they pioneer technologies and drive digital transformation to accelerate the energy transition towards a carbon-neutral future.

May 2024

Reflex Packaging Inc offers Original Equipment Manufacturers and their distributors a comprehensive range of packaging solutions. They are the industry leader in thermoformed cushions made from recycled plastic. They engineer superior designs faster than anyone else and deliver prototypes to their customers within days. In addition, they also provide fragility packaging such as foam, bags, and boxes.

Founded in 2012, 10. Design is a multidisciplinary firm headquartered in Bangkok, specializing in diverse design disciplines. Their comprehensive services include architecture, interior design, branding design, graphic design, landscape design, and construction management.

Founded in 2016 with more than 460 million US dollars in funding raised to date, Verkada has expanded rapidly with 16 offices across three continents, 1,700+ full-time employees and 20,000+ customers across 70+ countries, including 47 companies listed in the Fortune 500. Verkada is the largest cloud based B2B physical security platform company in the world.

Weerawong C&P, one of Thailand’s leading law firms, seamlessly blends local legal expertise with global standards of excellence. Focused on solutions, commercially astute, and driven by results, the firm offers a comprehensive range of legal services to both domestic and international clients doing business in Thailand, ASEAN, and around the world.

Corporate Membership is available to all companies registered in Thailand. If you are interested in joining the AMCHAM member network please contact us at mew@amchamthailand.com