Thailand

Thailand's oldest lender, SCBX Pcl, said on Thursday that it was pulling out of a $500 million deal to buy crypto exchange Bitkub, saying the start-up needed time to fix regulatory issues, Reuters reported. "Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of timeframe in resolving those issues," SCBX said in a statement. "As a result, the buyer and the seller have agreed to terminate the transaction," it said.

Thai Airways International Pcl will receive key financial support from the government for its 80 billion baht (US$2.3 billion) capital raising and debt-to-equity swap plan aimed at helping the state-controlled carrier come out of its pandemic-induced bankruptcy, Bloomberg News reported. State-owned banks will lead in funding new loans, converting debt and injecting equity capital into Thai Air as part of a revised revamp plan the airline gave the court for approval last month, Finance Minister Arkhom Termpittayapaisith said in an interview with Bloomberg News on Monday.

Asia crypto exchange Zipmex Pte plans to allow users to withdraw some tokens from their trading accounts, Bloomberg News reported. The exchange set a timeline for withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet. Larger coins including Bitcoin and Ether remain locked up, the company said in a statement.

A deal to sell a majority stake in Thailand’s largest crypto exchange to the nation’s oldest bank remains stuck in due diligence more than eight months after the plan was unveiled, according to the platform’s co-founder, Bloomberg News reported. The proposal with SCB X Pcl that helped propel Bitkub Online Co. into a so-called unicorn has yet to be wrapped up, according to Jirayut Srupsrisopa, chief executive officer of Bitkub Capital Group Holdings.

Thai cryptocurrency exchange Zipmex said in a document dated July 27 that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company, Cointelegraph.com reported. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is active.

At least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector, Nikkei Asia reported. Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license.

Thai AirAsia X, the long-haul budget airline under the AirAsia group, said its application for bankruptcy protection was accepted by Thailand’s Central Bankruptcy Court, Forbes reported. "Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening”, Patima Jeerapaet, chief executive of Thai AirAsia X said in a statement released on Thursday.

Syn Mun Kong Insurance (SMK) has filed for protection with the Central Bankruptcy Court after it failed to pay a whopping THB164 billion to 1.95 million people who purchased its Covid insurance, The Nation (Thailand) reported. SMK managing director Reungdej Dusdeesurapoj informed the Stock Exchange of Thailand that the company filed for bankruptcy protection on Tuesday in accordance with the decision of its board of directors.

Thailand's leading joint business group on Tuesday trimmed its economic growth forecast for this year to 2.5%-4.0% from a previous forecast of 2.5%-4.5% due to the impact of the Russia-Ukraine war on global growth and energy prices, Reuters reported. The inflation forecast was raised to 3.5%-5.5% this year from a previous projection of 2.0%-3.0%, the group, which includes representatives from industry, banking and commerce, said in a statement. It maintained its export growth outlook of 3.0%-5.0% this year.