Boosting growth by democratising financial solutions

CEO of Sea (Thailand) Maneerut Anulomsombut is working to remove constraints holding back SME growth

CEO of the Year 2024: Maneerut Anulomsombut, CEO, Sea (Thailand).
CEO of the Year 2024: Maneerut Anulomsombut, CEO, Sea (Thailand).

Maneerut Anulomsombut, the Chief Executive Officer of Sea (Thailand), a leading internet platform provider, has been playing a key role in using technology to upgrade Thai people’s quality of life for years.

Because of her remarkable achievements and contributions to society and the economy at large, Ms Maneerut has clinched a prestigious 2024 Bangkok Post CEO of the Year Award in the “Impactful Technology Leadership” category.

Sea (Thailand) is focused on bettering the lives of consumers and small businesses with technology. It has provided them with diverse products and services that are essential to people’s daily routines. Its platforms included Shopee (e-commerce), SeaMoney (digital finance) and Garena (digital entertainment).

For over a decade, Sea has been operating its businesses in Thailand while setting its sights on sustainably growing businesses and making a positive impact on society with technology.

Led by Ms Maneerut since 2014, the group has expanded and improved its services for Thai users.

It has also participated in driving the digital economy forward by utilising its resources and business expertise, while embarking on digital education initiatives to help surrounding communities grow together.

Under Ms Maneerut’s leadership, the group has taken the first step of expanding its business operations beyond the gaming market by making Thailand the first country to use the digital payment service known as “AirPay”– later renamed “ShopeePay” — to improve the user experience and enable people to do more on digital platforms.

Such leadership has been truly transformative, especially among SMEs, because it helped to bridge the digital divide by harnessing their digital platforms to enhance accessibility, income generation, and business opportunities for Thai SMEs, Ms Maneerut says.

Ms Maneerut says that the group has positioned itself as Thai SMEs’ key partner through three main pillars: enlargement, enablement, and empowerment. These so-called “3Es” have helped Thai SMEs navigate digital disruption in the macroeconomy and achieve sustainable success.

Through Sea (Thailand)’s e-commerce platform, Shopee, local sellers are given the opportunity to reach a vast, borderless market. Shopee allows SMEs to expand their reach beyond traditional geographical limitations, enabling them to connect with customers anywhere, anytime, she says.

This enlargement of market access is crucial for sellers looking to scale quickly without incurring significant overheads.

“Shopee gives them a platform to sell more with minimal effort, and this helps drive sustainable growth for their businesses,” Ms Maneerut says.

Along with more market access, Ms Maneerut says SMEs must also have the skills to effectively utilise the tools available to them. That’s why Sea (Thailand) focuses heavily on equipping its users with the digital know-how they need to succeed, she said.

“We offer a variety of training programmes through Shopee University and the Sea Academy, where sellers can learn everything from digital marketing to optimising their product listings,” she says.

The goal is to help entrepreneurs become more proficient in leveraging the digital economy. This not only boosts their sales but also ensures they are well-prepared to adapt to the ever-evolving digital landscape.

Access to capital is a common challenge for Thai SMEs, especially when looking to grow. Ms Maneerut acknowledges this difficulty, saying Sea (Thailand) is working to financially empower SMEs so they have the resources to scale up without being held back by funding constraints.

“Empowerment comes in the form of financial solutions. We help sellers gain access to cash loans and other financial services, giving them the capital they need to expand their businesses,” she says.

Although innovation is the core of the company, she says it would not have proven as successful if the people and the process were not part of this core.

Ms Maneerut says employees are the most important factor in creating successful products and services. Therefore, the company allows its employees to express their ideas freely while promoting transparency and open-mindedness.

She also believes in giving her team members the freedom to take ownership of their work, which helps to foster a sense of responsibility and commitment and drives the company’s continuous evolution.

“When people feel like they own a project, that’s when innovation truly happens,” she says.

Maneerut Anulomsombut

Chief Executive Officer of Sea (Thailand)

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Strategic vision

Mr Uthai has been instrumental in fostering strategic partnerships that have expanded Sansiri's growth, both domestically and internationally. Varuth Hirunyatheb
Mr Uthai has been instrumental in fostering strategic partnerships that have expanded Sansiri’s growth, both domestically and internationally. Varuth Hirunyatheb

Uthai Uthaisangsuk has been instrumental in leading SET-listed developer Sansiri Plc to record-breaking performances over the past three to four years, particularly during the pandemic period, notably adopting a “speed to market” strategy.

In early 2020 when Covid-19 first started to spread, nobody knew how long the impact would last. Yet Sansiri quickly made decisive moves, especially as the condo segment was facing obstacles.

At the time, the company held a substantial inventory of condos valued at around 20 billion baht, most of which were ready-to-move-in units. Sansiri was the first to launch special promotional discounts on these properties.

While this meant sacrificing some profit, it provided crucial cash flow during a stagnant market.

Despite the pandemic in 2020, Sansiri reported 30.6 billion baht in revenue from residential sales, a 60% increase from 19.1 billion baht in 2019.

This surge was primarily driven by condo sales, which more than doubled from 5.36 billion baht to 12.1 billion baht.

Though residential sales revenue dipped to 26.17 billion baht in 2021, it rebounded to 30.71 billion baht in 2022 and climbed to 32.83 billion baht in 2023.

Last year, the company recorded 49 billion baht in presales and 39 billion baht in consolidated revenue, both new highs.

Net profit also grew consistently, improving from 1.67 billion baht in 2020 to 2 billion baht in 2021, 4.28 billion baht in 2022 and reaching an all-time high of 6 billion baht last year.

Net profit margins improved from 4.8% in 2020 to 6.82% in 2021, 12.23% in 2022 and 15.51% in 2023.

“Speed to market was the key strategy that helped us navigate through 2020-21,” said Mr Uthai, Sansiri’s president, who has been awarded Bangkok Post CEO of the Year 2024 award in the residential development sector.

Sansiri has continued to rely on this strategy, maintaining agility and competitiveness in the face of various market challenges.

This approach has enabled the company to swiftly adapt to changing conditions, ensuring a steady and healthy cash flow.

In August 2024, the company announced that it would sell its 71% stake in US-based lifestyle hotel group Standard International Holdings, LLC, to the Hyatt Group for US$355 million.

This move once again demonstrates Sansiri’s speed and agility in strengthening its financial position during a time when the residential market appears sluggish and the debenture market remains unfavourable due to recent defaults by several companies.

Sansiri has debentures totalling 11 billion baht due in the next six months, with 4.9 billion baht maturing in the fourth quarter of 2024 and 6.1 billion baht due in February next year.

In terms of overall business performance, Sansiri recorded 37 billion baht in presales in the first nine months, or 71% of its annual target of 52 billion baht.

Its transfers have reached 31 billion baht, accounting for 72% of the milestone set at 43 billion baht.

“Speed will be impossible without a solid foundation,” said Mr Uthai, who was appointed Sansiri’s president in February this year after Srettha Thavisin resigned last year to become a prime ministerial candidate.

“One of our foundational strengths is our attention to detail, along with a focus on quality and after-sales service, which we have maintained throughout our 40 years,” he said.

Mr Uthai, who was previously chief operating officer, has over 30 years of extensive experience in property development and investment.

Known for his sharp market insight and strategic vision, he has played a key role in many of Sansiri’s landmark projects.

Under his leadership, Sansiri has launched iconic luxury developments, including the renowned 98 Wireless on Wireless Road.

This achievement cemented Sansiri’s reputation for quality and innovation in the high-end property market.

Mr Uthai has also been instrumental in fostering strategic partnerships that have expanded Sansiri’s growth, both domestically and internationally.

These include JVs with partners such as BTS Group for transit-oriented developments and Japan’s Tokyu Corporation for low-rise and high-rise projects.

Beyond real estate, he has been proactive in diversifying Sansiri’s business portfolio, venturing into promising sectors like hospitality, financial services and clean energy.

This strategic expansion not only drives business growth but also aligns with the company’s long-term vision for sustainability.

His commitment to sustainability is a driving force behind Sansiri’s ongoing initiatives.

Under his leadership, Sansiri became the first real estate developer in Thailand to pledge to achieve net-zero greenhouse gas emissions by 2050.

His vision for sustainability encompasses creating impactful environmental changes, ensuring Sansiri remains a pioneering force in the industry’s green transition.

Uthai Uthaisangsuk

President of Sansiri Public Company Limited

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No more boarding passes: facial recognition to start in 6 Thai airports

Passengers are seen queuing up at the check-in counter at Thailand's Phuket International Airport on Oct 15. (Photo: Achadthaya Chuenniran)
Passengers are seen queuing up at the check-in counter at Thailand’s Phuket International Airport on Oct 15. (Photo: Achadthaya Chuenniran)

An automated biometric identification system using facial recognition technology will be implemented in six Thai airports later this year to let passengers show their physical ID only once.

The system will be ready for domestic passengers on Nov 1 and for international passengers on Dec 1, according to operated by the Airport Authority of Thailand director Kirati Kitmanawat.

To use the system, passengers will be required to allow access to their identification information when checking in at the counter or self-service check-in at the airports.

The system will collect passengers’ biometric information and travel itineraries electronically, allowing air travellers to go from the baggage drop to the boarding gate without showing passports and boarding passes. Each registration is for only one journey.

The six airports that will use the system are Suvarnabhumi International Airport, Don Mueang International Airport, Chiang Mai International Airport, Mae Fah Luang/Chiang Rai International Airport, Phuket International Airport and Hat Yai International Airport.

Passenger numbers using the airports in September and October have risen almost 20% from the same period last year, and are expected to be still higher next year, Mr Kirati said. 

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Police send huge iCon fraud case to DSI

Central Investigation Bureau police transport 18 boxes containing complaints and other evidence in the iCon Group case to the Department of Special Investigation on Monday. (Photo: Wassayos Ngamkham)
Central Investigation Bureau police transport 18 boxes containing complaints and other evidence in the iCon Group case to the Department of Special Investigation on Monday. (Photo: Wassayos Ngamkham)

Police handed The iCon Group case file to the Department of Special Investigation (DSI) on Monday so it can be treated as a special case.

The Central Investigation Bureau (CIB) transferred to the DSI 18 boxes containing the complaints of 325 victims of the alleged pyramid scheme operated by the company, which promoted online sales of its products through its agents and their sellers. 

CIB Deputy Commissioner Pol Maj Gen Suwat Saengnum said there were more files in the case still to be handed over. 

More than 8,000 complaints declaring losses totalling 2.41 billion baht related to the iCon business have been received from people in provinces nationwide and Thais overseas.

Pol Maj Gen Suwat said police investigators would continue working on the case until the DSI formally accepts it as a special case. He also promised full cooperation by police.

Deputy Prime Minister Phumtham Wechayachai said earlier that letting the DSI take over the case would boost the effectiveness of the investigation.

All 18 suspects, each dubbed “boss” in the iCon marketing hierarchy, were arrested on Oct 16 after many people filed fraud complaints against the company, which sold health and dietary supplements.

All the suspects, including founder and CEO Warathaphon “Boss Paul” Waratyaworrakul have been charged with colluding in public fraud and  putting false information into a computer system. Some are celebrities who received tens of millions of baht. They have all denied the charges.

Pol Maj Gen Suwat said police would press more charges as new  evidence warrants, and so would the DSI. 

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Thai Ophthalmologist receives prestigious Henry Davison Award

Dr Uraiwan Tinnungwattana, right. (Photo: Thai Red Cross Society)
Dr Uraiwan Tinnungwattana, right. (Photo: Thai Red Cross Society)

The International Federation of Red Cross and Red Crescent Societies (IFRC) has awarded its highest honour, the Henry Davison Award, to Uraiwan Tinnungwattana, an ophthalmologist with the Thai Red Cross Society (TRCS), for outstanding service in improving the lives of vulnerable people.

Dr Uraiwan is chair of TRCS Eye Surgery Project in honour of Her Royal Highness Princess Maha Chakri Sirindhorn and also leads the Mobile Eyeglasses Unit for children in remote areas, the Thai Red Cross announcement said.

The Henry Davison Award is named after the founder of the IFRC and was established in 2003 to honour individuals or Red Cross/Red Crescent National Societies in recognition of outstanding service in improving the lives of vulnerable people by mobilising the power of humanity.

This accolade is presented biennially at the IFRC General Assembly, with no more than five recipients in any given year, it said. The award was first presented in 2005.

Dr Uraiwan’s recognition follows in the footsteps of Phan Wannamethee, who received the Henry Davison Award in 2013 for his dedication as then secretary-general of TRCS to enhancing the quality of life for those in need and expanding the humanitarian activities of Thai Red Cross, the IFRC said.

The 2024 Henry Davison Award ceremony was last Wednesday, during the IFRC General Assembly at the Centre International de Conférence Genève, Switzerland.

For nearly 30 years, the TRCS Eye Surgery Project has provided free eye surgery to over 75,000 patients from under-resourced communities.

It addresses a range of eye disorders, including cataracts, glaucoma, pterygium, eyelid conditions and nasolacrimal duct obstruction, restoring sight to vulnerable individuals who otherwise lack access to quality ophthalmic care.

In addition, the TRCS Mobile Eyeglasses Unit has been screening children in remote areas for refractive errors, such as myopia, since 1997. The unit has screened over 8 million children and distributed more than 100,000 pairs of eyeglasses free to children in underserved rural and urban areas.

Headquartered in Geneva, Switzerland, the IFRC is the world’s largest humanitarian network supporting local Red Cross and Red Crescent action in more than 191 countries and bringing together almost 15 million volunteers for the good of humanity, the TRCS said.

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Court declares end of Tak Bai massacre case after defendants’ no-show

20-year statute of limitations has expired

Security authorities ordered protesters to lay down and tied their hands behind their backs as they cracked down on the rally in Tak Bai district in Narathiwat province on Oct 25, 2004. (Photo: Tawatchai Khemgumnerd)
Security authorities ordered protesters to lay down and tied their hands behind their backs as they cracked down on the rally in Tak Bai district in Narathiwat province on Oct 25, 2004. (Photo: Tawatchai Khemgumnerd)

The Tak Bai massacre case is officially over, according to a court announcement on Monday, after all seven defendants failed to report to the judges by the Friday deadline.

The tragic case was closed after the accused did not appear at the court before 11.59pm on Friday.

The court said the case had gone beyond the 20-year statute of limitations and the arrest warrants issued for the accused were no longer valid.

The last court session on the case was attended by 48 plaintiffs, their lawyers and human rights advocates with security measures tightened at the court premises.

On Oct 25, 2004, seven Muslim protesters were killed during a rally in front of the Tak Bai police station in Tak Bai district of Narathiwat province. Another 78 were suffocated to death during transport from the rally site to the Ingkayutthaboriharn army camp in Nong Chik district in Pattani province.

The families of the victims sued seven people, including Gen Pisal Wattanawongkiri, the then army region 4 commander. He was a Pheu Thai party-list MP until Oct 14 when he resigned from the ruling party.

Gen Pisal then took sick leave until the end of the month – despite the House of Representatives being in session – and left for the United Kingdom.

State prosecutors decided to convict eight people at the Pattani Provincial Court. But none of them have been located and now the case has automatically ended due to the expiration of the statute of limitations.

Senator Tewarit Maneechai demanded that Deputy House Speaker Pichet Chuamuangpan of Pheu Thai be held accountable for approving the leave request of Gen Pisal even after the court already agreed to take up the Tak Bai case, Thai media outlets reported.

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Chinese man tries to buy goods with banknote marked ‘copy’

Police show the suspect and the seized fake banknotes at Bang Sue station in Bangkok on Sunday. (Police photo)
Police show the suspect and the seized fake banknotes at Bang Sue station in Bangkok on Sunday. (Police photo)

Police arrested a Chinese man and seized 95 fake 1,000-baht banknotes after a vendor reported he used a bill stamped “COPY” to buy a pair of eyeglasses at Chatuchak weekend market.

Bang Sue police took the 45-year-old, identified only as Su, into custody at the market on Sunday evening.

They seized 95 1,000-baht banknotes found in his possession, each with the same serial number, 7J 4556865, and the word “COPY” in English on the back of every bill.

Vendor Pacharanat Someboonserm said the suspect paid for a 200-baht pair of glasses with a 1,000-baht banknote which looked fake, so he called police.

The Chinese man told police through an interpreter that he did not know the banknotes were not genuine.

The investigation was continuing. 

Some of the seized banknotes. (Police photo)

Some of the seized banknotes. (Police photo)

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Delay for N1 expressway tunnel option

Foundations for a long-delayed elevated N expressway are visible on Kaset-Nawamin Road. (File photo)
Foundations for a long-delayed elevated N expressway are visible on Kaset-Nawamin Road. (File photo)

The Expressway Authority of Thailand (Exat) is likely to scrap a proposal to build an underground route to replace a controversial section of the N1 Expressway development after questions were raised about its financial viablility.

Exat governor Surachet Laophulsuk said Exat’s board has acknowledged the agency’s decision to delay the project which is based on the findings of a study.

Although the equity internal rate of return (EIRR) is estimated at 19.2%, the financial internal rate of return (FIRR) is negative, indicating high project costs, he said.

Mr Surachet said the costs, estimated at 50 billion baht, are high because the project involves building an underground route to minimise environment impacts. However, as the project’s financial return rate is negative, the project should be delayed unless the route is changed to an elevated route, he said.

The matter will be forwarded to the Transport Ministry and cabinet. Mr Surachet also said Exact plans to seek cabinet approval later this week for two other projects: an 11.3km section of an expressway known as N2 Expressway and a 3.98km tunnel in Phuket.

The N2 Expressway project (Prasertmanukit Road-Outer Eastern Ring Road) is estimated to cost 16.96 billion baht while the tunnel linking Kathu with Patong in Phuket is estimated to cost 16.19 billion baht.

Based on the feasibility of the N1 Expressway scheme, the total project costs are estimated at 49.22 billion baht. Of this amount, 44.5 billion will be spent on construction, 3.6 billion baht on land expropriation costs, and 1.06 billion baht on construction supervision.

At a public hearing on July 13, most participants opposed the underground route due to high costs and scepticism the project could actually alleviate traffic congestion.

The underground route was chosen to replace the controversial section following discussions with Kasetsart University and communities along the route.

Exat previously said the agency had considered several aspects, including engineering, investment costs, and the environmental impacts, and found the underpass to be the most feasible option.

The 6.3-kilometre structure would run along Ngam Wong Wan Road via Phongphet intersection, Bang Khen intersection, and Kaset intersection to Prasertmanukit Road before connecting with the N2 Expressway.

The N1 Expressway is expected to shorten travel time from the eastern part of the Bangkok to the western part by 30 minutes.

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Overseas victims file complaints

CCTV screens show complainants on the iCon Group case at the Crime Suppression Division in Bangkok on Oct 17. (Photo: Pattarapong Chatpattarasill)
CCTV screens show complainants on the iCon Group case at the Crime Suppression Division in Bangkok on Oct 17. (Photo: Pattarapong Chatpattarasill)

More victims of The iCon Group pyramid scheme who live overseas have filed a complaint with the Consumer Protection Police Division, bringing the total number of victims to 9,469 as of Saturday, with losses totalling 2.9 billion baht.

Ittidet Thaneswatana, who represents overseas victims of The iCon Group, said victims have been found in nearly 20 countries and territories, including China, Hong Kong, Macau, Myanmar, Laos, Cambodia, Malaysia, Singapore, United Arab Emirates, the United Kingdom, Italy, Germany, Sweden, Estonia, Luxembourg, Canada and the United States.

One of the victims is Nin, a Thai woman who runs a grocery store in Hong Kong, who joined the scheme after seeing one of the company’s billboards during a visit to Thailand. Upon joining the scheme, Nin paid 250,000 baht to her recruiter, who then encouraged her to recruit members to upgrade her status within the company.

She convinced several of her friends and relatives to sign up, only to encounter many issues such as missing products, unreasonably high prices, and lower profit shares and commissions. She and her friends and relatives have not been able to sell the products and ended up losing almost two million baht in total.

Mr Ittidet said another member of the scheme who lives in the United States also claimed massive losses as she was unable to sell the brand’s products, which she had ordered in big batches. The victim said she has had to give away hundreds of boxes of products from The iCon Group for free because the company has now lost its reputation and the products will soon expire.

Pol Lt Gen Akkaradet Phimonsri, assistant to the national police chief who leads the investigation into the case, said the Central Investigation Bureau (CIB) will transfer the case to the Department of Special Investigation (DSI) on Monday, as per the Special Case Investigation Act. The damages and number of victims means it qualifies for special case status.

Even after the case is transferred to the DSI, the police will continue to assist victims who wish to file other complaints, he said. As of Saturday, 9,469 victims have filed complaints with the police, with damages amounting to around 2.9 billion baht, according to Pol Lt Gen Akkaradet.

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China backs Thai success in Brics role

Ambassador pledges economic support

Zhiqiang: To look at trade compliance
Zhiqiang: To look at trade compliance

China’s Ambassador to Thailand has insisted China will support Thailand’s economy, including Thailand’s hope to join membership of Brics, a league of countries that includes Brazil, Russia, India, China and South Africa.

The ambassador, Han Zhiqiang, delivered remarks on “China’s Economy from a New Perspective”, an event held recently in Bangkok by the Thai Journalists Association and the Chinese Embassy.

Mr Han said China has a unique socialist system which differs from Western welfare socialism or the former Soviet model.

China’s system integrates traditional Chinese culture with a market-driven economy, creating a governance style that is both similar to and different from that of other nations.

In recent years, China has faced economic challenges like many other countries.

To support economic growth, its government has implemented key measures, including central bank policies to lower interest rates and reduce banks’ reserve requirement ratio (RRR).

Mr Han also said additional measures have been taken to ease local government burdens, each aligning with economic stimulus goals.

Despite Western media having predicted China’s economic collapse within four decades, Mr Han said China remained optimistic about its economic outlook due to its status as the world’s largest manufacturing country and its vast consumer market.

The current set of economic goals extends until 2050, he said.

Regarding Thailand-China relations, Mr Han described Thailand as a close partner and hoped that China’s economic growth would benefit Thailand’s economy.

The Chinese merchandise that might affect small Thai businesses as competitors accounts for only a tiny portion of total market value, he said. Conversely, China’s industrial goods have created many jobs and a strong supply chain in Thailand.

The Chinese ambassador also expressed his concern about the illegal activities of certain Chinese in Thailand, reiterated that China would beef up its surveillance, and said the actions of a few groups of people should not be generalised to affect bilateral relations.

In 2025, Thailand and China will celebrate the 50th anniversary of their diplomatic ties, a significant milestone that the ambassador hopes will lead to even greater collaboration between the nations.

He said China is delighted to work on trade compliance issues, especially those related to Chinese goods saturating Thai markets.

He also said China will lend its support as Thailand looks to complete its membership journey.

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