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Business news from within the Thai-Indian community

by Ashima

Now that we’re in Q2 of the year, here’s our roundup.

By Ashima Sethi

THE WINE MERCHANT OPENS NEW BRANCHES AROUND THAILAND

Co-founded by Aman Sachdev, The Wine Merchant is known for their vast collection of fine wines available at affordable prices, as well as their direct delivery services. In 2016, the brand established La Casa Nostra Wine Bar & Italian Restaurant before opening a dedicated store inside of the famed Mandarin Oriental, Bangkok. As of earlier this year, TWM has opened a store in Phuket, which serves neighbouring islands as well, complete with its own tasting room and certified sommeliers who can aid you with choosing the perfect bottle, conduct wine classes, and host tasting events. The brand also recently established The Wine Merchant Wine Shop & Tasting Room in Sukhumvit, just a stone’s throw from Sukhumvit Soi 47.

DEEMONEY SIGNS A DEAL WITH INDUSIND BANK

In February, DeeMoney, the international money transfer service, announced that they had signed a landmark deal with India’s IndusInd Bank to make it easier than ever to transfer money between Thailand and India. Headquartered in Mumbai, the bank is one of the nation’s major private banks. This collaboration marks one of the first times that a fintech business is working with a major global bank to allow cross-border payments using Unified Payments Interface (UPI) Identification. This allows users to transfer funds easily using the DeeMoney app should they have the receiving account’s UPI.

JASPAL GROUP ACQUIRES VIRTUAL LAND ON THE SANDBOX

Jaspal Group that owns businesses like Jaspal, Jaspal Home, LYN, among others, have announced their acquisition of a virtual plot of land on The Sandbox. For those who are unfamiliar with The Sandbox, it is an Ethereum blockhain-based Metaverse platform powered by the SAND token that functions as a virtual reality gaming universe. In this ‘world,’ users can interact with various aspects of the platform and monetise their interactions in the same way they would in a game. One example is through the creation, sale and trade of NFTs. Beyond just Jaspal, a number of big companies have decided to expand their digital footprint via the Metaverse. These include Gucci, Adidas, PWC, and SCB Bank.

BOUTIQUE CORP EXPANDS THEIR PARTNERSHIP WITH ACCOR TO LAUNCH AN IBIS IN CHIANG MAI

Set to open in mid-2023, ibis Chiang Mai Nimman Journeyhub will be the first ibis property to open in the popular Northern tourist destination of Chiang Mai. This opening marks an expansion of a pre-existing partnership between hotel giants Accor and Thailand-based Boutique Corporation. The 143-key hotel will open its doors in the city’s Nimman neighbourhood, which is home to leading cafes, restaurants, and the city’s bustling Old Town. Speaking about the collaboration, Prab Thakral, the President and Group CEO of Boutique Corp had this to say: “We are thrilled to further strengthen our partnership with Accor and extend our hospitality offerings in the vibrant northern city of Chiang Mai.”

MERKLE CAPITAL JOINS FORCES WITH STOCKRADARS

Merkle Capital, the Kingdom’s first digital asset fund approved by the SEC and a branch of the Cryptomind Group, have announced their collaboration with StockRadars, a central application for stock traders. With the aim to open up the world of digital investment to even more people, the bridging together of the two businesses will allow investors to benefit from the ever-growing digital asset ecosystem. The application can help investors find investment opportunities, organise their portfolios, increase their returns, all through an easy-to-use interface.

NIKORN SACHDEV ANNOUNCES HE IS RUNNING FOR THE PHEU THAI PARTY

Nikorn Sachdev, Executive Director of the Indian Association of Thailand (IAT) and Chairman of the IAT Youth Forum has announced his bid to join the Pheu Thai Party. He is running as part of the Bangkok Metropolitan Council Elections for 50 districts, running specifically for the Wattana District. Nikorn was also previously appointed as a Mediator by the Ministry of Justice.

INDORAMA UNVEILS PLANS TO INVEST US$ 8 BILLION INTO CHEMICAL RECYCLING AND MORE

Leading PET producers Indorama are planning to spend US$ 8 billion over the next eight years to promote the use of chemically-recycled plastics. According to media sources, CEO, Aloke Lohia, stated that this investment was necessary in order to be in line with the company’s target of having 25 percent of its feedstock come in via sustainable sources. He also said the company is actively searching for businesses worldwide who are developing technologies related to chemical recycling, which uses a variety of processes to break down existing polymers and transform them into new materials, in order to give them the opportunity and sites to experiment with their tech.

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