Fintech PR
Thailand BOI Says 2024 Investment Applications Soar 35% to 10-Year High of USD33 Billion as FDI in Data Centers and Cloud Services Take the Lead
BANGKOK, Jan. 13, 2025 /PRNewswire/ — The Thailand Board of Investment (BOI) said today that applications for investment promotion in 2024 soared 35% in value to 1.14 trillion baht (ca. USD 33 billion), the highest level since 2014, led by large foreign direct investment (FDI) projects in data centers, cloud services, as well as semiconductor and advanced electronics manufacturing.
The digital sector, which includes data centers and cloud services, topped last year for the first time the sectorial rankings by value with 150 projects worth a combined 243.3 billion baht in pledged investment. Major projects in this sector in 2024 included applications to setup large data centers by units of large tech and cloud services companies such as Google (Alphabet) from the U.S., Australia’s NextDC, India’s CtrlS Datacenters, and Singapore-based GDS IDC Services PTE Ltd.
The electronics and electrical appliances (E&E) sector, which had attracted the largest share of investment in recent years, came in second last year with 407 projects worth 231.7 billion baht. Noticeable large projects in this sector last year included an investment by a unit of Foxsemicon Integrated Technology Inc. (Fiti Group) to build a factory to make high-precision machinery parts and equipment for the semiconductor industry, and an investment by FT1 Corporation, a Thailand-Hong Kong SAR-Singapore wafer manufacturing joint venture between Hana Microelectronics and PTT Group to produce silicon carbide wafers.
The automotive sector came in third with 309 projects worth 102.4 billion baht. Agriculture and food ranked fourth with 329 projects worth 87.6 billion baht, followed by petrochemicals and chemicals with 235 projects worth a combined value of 49.1 billion baht.
“Investors’ response to our policy to promote Thailand as a safe and neutral location for large digital sector and smart electronics projects has been very impressive last year, with important projects by groups like Google, in cloud services, and Foxsemicon, in the semiconductor supply chain,” said Mr. Narit Therdsteerasukdi, Secretary General of the BOI. “We expect this trend to get even stronger in 2025 following the setup of Thailand’s Semiconductor Board and the need for more companies to mitigate risk in view of the current geopolitical situation.”
In December, Thailand’s newly appointed National Semiconductor and Advanced Electronics Policy Committee, or Semiconductor Board, approved the framework for the sector’s strategy, and for the development of a skilled workforce to prepare for a new wave of FDI which the Government estimates could attract 500 billion baht investment by 2029.
“In close coordination with the Government, the BOI will conduct during this year roadshows to all key FDI source markets, and technology hubs, including China, the U.S., Japan, and Europe, to promote our policies and meet potential investors,” Mr. Narit added. Later this month, Mr. Narit will join Prime Minister Paetongtarn Shinawatra’s delegation to the World Economic Forum in Davos.
Other sectors expected to see growing investment in 2025 include the production of clean energy, for which the demand is rising especially due to the demand from the digital and electronics sector, Mr. Narit said. Also showing great growth potential this year are the electric vehicles (EV) and parts industry which is still building on the growth seen in recent years, the agritech and the foodtech sectors, as well as the medical and tourism infrastructures, he added.
The total number of applications for investment promotion in all sectors filed during January to December 2024 increased 40% to 3,137 projects, from 2,235 projects in the same period of 2023. The total adjusted investment value of the project applications for all of 2023 was 846.5 billion baht.
FDI Applications Up 25% Year-on-Year
FDI represented 73% of the total value of applications in 2024, after rising 25% from the previous year.
Singapore led the FDI source rankings with 305 projects mostly in digital services, and electronics manufacturing, representing a total investment value of 357.5 billion baht, or 43% of total FDI applications. Most of the investment came from Chinese and American companies using Singapore as a regional base, reflecting the competition between the two countries in the tech sector.
Mainland China was the second largest source of FDI applications with 810 projects worth a total of 174.6 billion baht led by PCB, automotive, and metal products manufacturing businesses.
Hong Kong SAR came next with 177 projects worth a total investment value of 82.3 billion baht, including the production of wafer fab, a key raw material in the semiconductor industry, as well as data center, PCB, chemicals and plastics manufacturing.
Companies based in Taiwan region filed 126 applications worth a total of 50 billion baht in investment value, with high-value projects in the production of advanced semiconductor equipment and components, PCB and smart electronic products.
Japan ranked fifth with 271 projects worth a combined investment value of 49.1 billion baht, with most projects in areas of expertise, such as the automotive and parts sector, motorcycle manufacturing, aircraft tires, digital camera and air conditioner manufacturing, all activities of importance to Thailand’s industrial sector.
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
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Fintech PR
ISX Financial® Launches New Globally Accepted flykk® Debit Card in Working with Diners Club International®
NICOSIA, Cyprus, Jan. 14, 2025 /PRNewswire/ — flykk®, the pan-European and UK digital payment app, announces the launch of its new flykk® Diners Club International® debit card in several priority markets. This offering combines the best of both worlds: the convenience and security of a globally accepted debit card with all the robust benefits Diners Club International® offers.
With the new flykk® Diners Club International® Card, users can enjoy a range of exclusive Diners Club benefits, including access to more than 1,500 airport lounges and experiences around the world, travel insurance, and purchase protection. Additionally, the flykk® Diners Club International® Card also offers a range of other features and benefits that can delight users, including access to millions of amenities and premium Wi-Fi hotspots.
Key features of the flykk® app, which flykk® Diners Club cardholders can access, include bank transfers, free flykk-to-flykk transfers, dedicated money remittance channels and global money transfers. Users can easily transfer money between their flykk® account and European Union (EU) bank accounts, as well as between other flykk® users.
“Launching this partnership with Diners Club International® is a significant milestone for ISX Financial,” said Nikogiannis Karantzis, CEO of ISX Financial. “By combining the innovative flykk® payment app with the benefits of the Diners Club International® Card, we strive to offer users an unparalleled payment experience both online and in-store. With the flykk® Diners Club International® Card, users can enjoy all the convenience and security of a debit card, together with a range of other features and benefits that support their lifestyle.”
Diners Club is accepted at millions of merchant locations and over 1.2 million ATM and cash access locations around the world. Diners Club is part of the Discover® Global Network, the fastest growing global payments network[1]. Comprised of Diners Club International®, Discover Network, PULSE®, and more than 25 alliance partner networks across the globe, Discover Network has 345 million Discover Global Network Cardholders worldwide[2] and facilitated $589B+ in global transactions in 2023.
The flykk® debit card is now available to users in selected markets in the EU, with plans to expand to additional markets in the coming months. To learn more about flykk® and its innovative payment solutions, visit the flykk® website at www.flykk.it.
“By combining our world-class benefits, services, and capabilities with flykk’s comprehensive payment technology, we’re able to offer users a more seamless payment experience,” said Matt Sloan, Vice President of International Markets, EMEA at Discover® Global Network. “We look forward to continuing to work closely with the team at ISX Financial to bring even more innovative payment solutions to users around the world.”
- To learn more about the flykk® Diners Club Debit Card: www.flykk.it
- To learn more about the ISX Financial and Discover Global Network partnership: https://insights.discoverglobalnetwork.com/insights/james-cameron-isx-financial-partnership
About ISX Financial:
ISX Financial EU PLC is a ‘banktech’ company that leverages its own technology to provide financial services to merchants across the EEA & UK. The company’s combined payments stack and infrastructure provides a complete end-to-end transactional banking, FX, remittance and payment processing capability.
ISXMoney’s multi-Currency IBAN accounts coupled with PaidBy® instant open banking provides merchants with a tailored payment solution to reach any UK or EEA bank account holders.
ISX Financial’s consumer product flykk®, is a digital wallet that combines all its financial technology and infrastructure to create a retail product. flykk® is a two-sided network developed on ISX’ Financial’s own platform that links both merchants and consumers around the globe to facilitate the processing of payment transactions. flykk® allows customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds, with the benefits of a Diners card for point-of-sale transactions.
ISX Financial’s subsidiary Probanx® also develops payment infrastructure for third parties, and provides connectivity to central banks, banks around the world and major card schemes.
[1] Based on signed network alliance agreements over the past fourteen years with major payment networks within respective countries – Panoramic Research study, conducted 2022
[2] Based on data provided to Discover by Network Alliances participants and other third party sources as of December 31, 2023.
Media enquiries: +35722015740, [email protected]
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Fintech PR
Investindustrial expands its presence to Abu Dhabi, set to become the firm’s Middle East and Asia hub
ABU DHABI, UAE, Jan. 14, 2025 /PRNewswire/ — Investindustrial is pleased to announce the formal inauguration of its Abu Dhabi office. Attended by authorities and senior officials, this milestone marks a pivotal moment in the firm’s journey to expand its global footprint. The Abu Dhabi strategy follows the successful blueprint of Investindustrial’s office in Shanghai, which has been an accretive business development and value creation office for the firm since 2009. The Abu Dhabi office opened with a team of eight professionals, becoming the Middle East and Asia hub for the group’s activities.
As a leading European investment group with over €15 billion in raised fund capital, Investindustrial is proud to announce that it has received the Financial Services Permission (“FSP”) from the Financial Services Regulatory Authority (“FSRA”) of ADGM. The newly granted licence will enable Investindustrial to provide financial services, including advisory, fundraising, marketing, and arranging, within or from the ADGM.
Andrea C. Bonomi, Chairman of Investindustrial, stated, “At the heart of Investindustrial’s approach is the goal of pursuing a sustainable, industrially-driven strategy to build better global companies for the long-term. Establishing our office in Abu Dhabi underscores our commitment to fostering partnerships in the Middle East and supporting the region’s transformative growth while unlocking these regions for our portfolio companies with significant opportunity to grow. These companies often have the potential to scale, but they require strategic guidance, operational expertise, and a global perspective to reach their full potential.”
Arvind Ramamurthy, Chief Market Development Officer, ADGM, commented, “We congratulate Investindustrial’s on receiving its FSP. The establishment of its Middle East and Asia hub in ADGM reflects the strength of our business environment and our ability to support global investment groups in achieving their growth ambitions. This milestone reinforces ADGM’s position as a leading financial hub and its commitment to unlocking opportunities across the region.”
The Middle East and Asia expansion is led by Emanuela Cisini (Partner, Co-Head of Operational Improvement), who relocated from London to Abu Dhabi. Emanuela has been with the firm for close to a decade, having led various teams across several Investindustrial offices. Under her leadership, the firm aims to grow its human capital in the Middle East, focusing on building on-the-ground operational capabilities that will contribute to the value creation across Investindustrial’s portfolio companies by increasing footprint, enhancing manufacturing capabilities, and bringing high-growth companies to the Middle East.
Emanuela Cisini, Head of Middle East and Asia, commented: “We are excited about this new chapter. Leveraging on Investindustrial’s global operational improvement expertise we take a hands-on approach in guiding our companies through the international expansion in the Gulf region building global leaders.”
The opening of the Abu Dhabi office underscores a commitment to the region’s economic objectives and sustainable growth. Investindustrial has a strong track record across sectors, with deep expertise in industrial manufacturing and sub-sectors such as food security, a critical area for the GCC. By supporting innovation and investment in sectors like specialty ingredients, frozen desserts, and private-label products, Investindustrial’s efforts are aligned with regional priorities of helping foster growth.
Additionally, Investindustrial’s portfolio companies in the consumer space – such as Zegna Group, Eataly, Flos, and B&B Italia – are already active in the region, and the new office in Abu Dhabi, will allow these companies to tap into greater regional opportunities and enhance their operational capabilities.
In addition to operational improvement capabilities, senior investment professionals have also relocated to Abu Dhabi to actively engage with local entrepreneurs and drive investments and growth for portfolio companies in the region. The team will work in close collaboration with the firm’s global offices, reinforcing Investindustrial’s commitment to becoming a truly global player in the mid-market investment space.
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Fintech PR
Vantage Markets Wins “Best Range of Markets” Award from Compare Forex Brokers 2025
PORT VILA, Vanuatu, Jan. 14, 2025 /PRNewswire/ — Vantage Markets has been honored with “Best Range of Markets” award for 2025 by Compare Forex Brokers, a leading authority in evaluating trading platforms. This accolade reflects Vantage’s commitment to offering an unparalleled range of tradable instruments, leverage options and suitability for diverse trading strategies while maintaining transparency, trust, and innovation.
Justin Grossbard, CEO and Head of Research at Compare Forex Brokers, commended Vantage for setting industry benchmarks, “Your commitment to providing a seamless trading experience, supported by innovative technology and a customer-focused approach, is truly commendable. Trust is at the heart of our industry, and Vantage Markets has continually set the benchmark for integrity and professionalism.”
The recognition celebrates Vantage’s dedication to offering a wide array of CFD markets, empowering traders with flexibility and choice. This includes forex, commodities, indices, shares, ETFs, and bonds CFDs, ensuring clients have access to diverse trading opportunities supported by cutting-edge tools and a robust platform.
Marc Despallieres, Chief Strategy & Trading Officer at Vantage, expressed gratitude for the award, “Winning the ‘Best Range of Markets’ award from Compare Forex Brokers is a proud moment for us. It underscores our dedication to delivering exceptional trading experiences through innovation and trust. This achievement reflects the hard work of our team and the trust our clients place in us. We remain committed to pushing boundaries and providing our global community with unparalleled opportunities.”
As Vantage continues to evolve, the company is focused on maintaining its position as a leader in the trading industry by expanding its offerings, advancing technology, and fostering transparency.
For more information about Vantage Markets and its award-winning services, visit Vantage Markets.
About Vantage
Vantage Markets (or Vantage) is a multi-asset CFD broker offering clients access to a nimble and powerful service for trading Contracts for Difference (CFDs) products, including Forex, Commodities, Indices, Shares, ETFs, and Bonds.
With over 15 years of market experience, Vantage transcends the role of broker, providing a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that empowers clients to seize trading opportunities. Download the Vantage App on App Store or Google Play.
trade smarter @vantage
RISK WARNING: CFD trading carries significant risks. You could lose more than your initial investment.
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