Revolut’s revenue nearly doubles, net profit soars in 2023 as customer base grows

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SINGAPORE: Global fintech firm Revolut reported a record profit of US$ 545 million ( S$ 739 million ), with revenue almost doubling to US$ 2.2 billion in 2023, the company announced on Tuesday ( Jul 2 ).

Net income for last year soared to US$ 428 million, a hefty 6, 000 per cent increase from the US$ 7 million it made in 2022. &nbsp,

Revolut operates a mega- money e- budget for bills and payments. Users may even trade stocks, swap- traded money, commodities and crypto.

Victor Stinga, the company’s chief financial officer, told CNA in an interview on Monday that the company’s top three drivers of profits were sturdy product performance, strong consumer growth, and improved interest earnings.

In terms of revenue, gross margin – the percentage of a bank’s income that remains after strong expenses are subtracted – increased from 70 per cent to 76 per share.

” We usually exercise what we call a zero- base budget beliefs, so we need to support every one expense”, said Mr Stinga.

Excluding the cost of advertising and marketing, bills increased simply by 29 per cent last season– compared with a 95 per cent increase in revenue, he said. &nbsp,

We think that the efficiency of this business can grow quickly without reducing your cost base is what we mean, he continued.

The boost in travel after the COVID- 19 pandemic increased demand for Revolut’s services in Singapore, said Mr Matt Baxby, the company’s Asia- Pacific CEO.

” Following the pandemic, 2023 saw a strong rebound in travel worldwide. Revolut’s cross- border transaction data shows that Singaporeans not only travelled frequently in 2023, but also to many different destinations”, he said.

According to the International Air Transport Association, air traffic last year reached 94.1 per cent of pre- pandemic levels.

Last year, another multi- currency e- wallet operator, YouTrip, said travel propelled its growth after the pandemic.

GROWING NUMBER OF CUSTOMERS

Revolut had 45 million customers globally as of June, the company announced. Of these, 7 million started using its products this year.

For the full year of 2023, Revolut added 12 million customers.

In a press release, the company stated that it is on track to reach 50 million customers by the year’s end.

From 2022 onward, there will be a rise in monthly active users, with a nearly 77 % increase in the number of Revolut customers in Singapore. &nbsp,

More than half of Singapore’s users are between the ages of 18 and 34. The biggest growth in users is among 18- to 24- year- olds.

Revolut said it has “more than hundreds of thousands of users” in Singapore, but it would not disclose the exact number of customers it had.

YouTrip claimed to have more than a million users in Singapore and that it saw a 68 % increase in users between 2023 and 2024.

Wise, another multi- currency e- wallet operator, said its local customer base grew 30 per cent year- on- year.

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43 arrested in Singapore-Malaysia police operation targeting illegal remote betting syndicate

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SINGAPORE: Singapore and Malaysia authorities foiled an organised criminal class believed to be behind illegal&nbsp, distant betting activities, arresting 43 people aged between 34 and 82&nbsp, for their suspected presence.

Nine of them will be charged with crimes against them under the Gambling Control Act on Tuesday ( July 2 ), according to a news release from the Singapore Police Force ( SPF ) on Monday. Investigations are ongoing against the rest.

Sunscreen officers from several groups carried out simultaneous assaults at different locations during the combined activity, which resulted in the arrest of 37 men and two women, from Jun 30 to Jul 1.

Four Taiwanese men were also apprehended by Indonesian police officers at the same time.

SPF issued restriction of removal requests for seven components with an estimated value of more than US$ 10.7 million ( US$ 7.9 million ). &nbsp,

For investigation purposes, money, jewelry, luxury watches, and more than 40 bank accounts with an estimated value of almost S$ 4 million were also seized to stop the alleged criminal revenues from disappearing.

The police even took gambling-related equipment and electronic devices like cellphones and computers as case exhibits.

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Commentary: How to speak to Grandma before her language dies

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Chinese, TEOCHEW ARE LANGUAGES, NOT Accents

Culturally, dialects are variants of a second language, of which when spoken by different pronunciation speakers, would still be socially coherent. American, British and American English can be considered dialects of English, because speakers of these dialects may sound unique, but also can comprehend one another.

Hokkien and Cantonese listeners are not in the same boat. In reality, Hokkien and Cantonese belong to different language people. Labelling these cultures “dialects” cements their reputation as a “non- speech”.

Before Singapore gained freedom, Hokkien, Teochew and Cantonese, were the three most commonly used language of the Chinese people. Due to the president’s speech policies, Mandarin was made to become the native language of the Chinese.

The Speak Mandarin Campaign, launched in 1979, also had an significant role to play in speeding up their destruction. The Speak Mandarin campaign’s initial stage aimed to educate parents and grandparents about using Mandarin instead of Taiwanese “dialects.”

Under the Free- To- Air Television and Radio Program Codes, it is stated that all Foreign schemes, except musicals or other programs especially approved, must be in Mandarin. If the environment allows for the use of exceptions and are sparingly used, they may be made in discussions and tracks. This increases the risk of being mistaken for “dialects” for Singaporeans.

It was not until 2016 when the 10- episode Hokkien drama Jiak Ba Buay ( Eat Already? ) apparently the first “dialect” line to air in Singapore since 1979.

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Commentary: To boost investor enthusiasm for China, start with Hong Kong tycoons

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CHINA SHOULD REIGNIT ENTHUSIASM IN BUSINESS Officials

Predictably, as the island’s economy has risen, Hong Kong’s necessity has waned. The fact that some of those business leaders have become dangerously hostile over the past ten years has made the situation worse, partially as a result of the social fighting in Hong Kong and the change in ideology on the mainland. That those tycoons no longer have access to Beijing’s management is of no help either.

For instance, Li, the city’s most prominent tycoon and once lauded as a” superman” &nbsp, in China for his vision and acumen, faced withering attacks &nbsp, from the mainland’s social media platforms, particularly during the violent protests engulfing the city in 2019.

As Hong Kong struggles to recover from the three years of COVID- 19 restrictions and navigate an exceedingly tombstone geopolitical environment, Ronnie Chan Chi- chung, another prominent tycoon, has officially stated that the objective of most companies should be to survive, never thrive:” There are basically very many risks, known and unknown, to take an aggressive stance on expansion”.

It is safe to assume that the Hong Kong business community is well-versed in Chan’s opinions.

This should be the subject of China’s leaders ‘ full consideration. The impact of artists like Li and Chan is both global and local. When it comes to investing in China, many foreign investors may take their cue from these business officials. If they advise caution, the global firm area will be even more careful.

China’s frontrunners should first work hard to rekindle the interest and enthusiasm of Hong Kong’s organization leaders, as Beijing did 45 years before, in order to change the mood of the global investment area.

Original South China Morning Post editor-in-chief Wang Xiangwei He then teaches media at Baptist University. This remark appeared on SCMP for the first time.

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Creativity in students? Easier for non-academic activities than schoolwork, Singapore teachers say

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CAN’T ALWAYS Get Innovative IN EXAMS

Instructors CNA spoke to applauded the elimination of some exams, such as the mid-year documents for primary and secondary school levels, which has allowed students to be more creative with alternative examination techniques like job function. &nbsp,

But on MOE’s drive to promote creativity in training, &nbsp, instructors said they have to balance this with providing” construction” for kids. &nbsp,

For instance, most teachers concentrate on making sure that individuals ‘ solutions correspond to the way tests are graded so that they perform well on the test. &nbsp,

” The syllabus requires them to answer some questions in a certain way,” according to the statement.” We also teach the kids that they have to follow the kids step by step, because you ca n’t just write anyhow. That really discourages them from attempting to think outside the box, according to Claire. &nbsp,

For Chinese language exams, more imaginative students might combine multiple points into a single sentence to sum up a long answer. However, they might need to include specific keywords in their answers to receive full scars. &nbsp,

” Basically, the meaning behind it is roughly the same. The issue is, however, that we still did adhere to the marking procedure. So it’s a bit like you’re forcing them not to be creative” .&nbsp, &nbsp,

A family of a 15- yr- older boy said that for subjects like mathematics, there is typically just one way to solve the question. &nbsp,

” It’s very hard for kids to look at the question and say, let’s find another way of doing this”, said Mr Aaron Koh. ” You apply this solution, these are the steps, and then you get the truth. There’s no reason for you to even try another way” .&nbsp,

Lily, who teaches English and writing in a secondary school, said she tells her students that there are no straight answers, but there are incorrect answers. &nbsp,

” I tell them that you can own creativity in your view, but what you need is solid justification for your interpretation”, she said, adding that it is easier to motivate artistic expression in writing sessions. &nbsp,

However, the markings for English essays are clearly set at 10 for information and 10 for speech use, and she assures her pupils that as long as they stay on point, it is simple to get a good score. &nbsp,

” My care with children is that they’re creative to the point of writing out of place”, she added. &nbsp,

According to Paulina, who also used to teach English and writing in a secondary school up until recently, the view educators can take even depends on the status of the pupils. &nbsp,

While she had some “geniuses” among her kids, she still had to respond to the lot. &nbsp,

” I believe that the best way to help the majority of the kids is to say,” This is the interview, this is what you should write to cater to the examination,”” I think.” So it was very uninspiring teaching” .&nbsp,

Paulina initially believed that student-initiated learning, in which children pursue their own interests and discover outside the education, was a wise idea.

While this is a government program, each school conducts this separately.

At Paulina’s class, the tasks students took on had situations and outcomes to accomplish. For instance, they had to add to society in some way. &nbsp,

The needs made the tasks a chore for kids and” fully ruined” their inspiration, she said.

According to NIE’s Associate Professor Heng, more recent curricula give students the chance to develop their imaginations and make connections to the real world.

However, it’s difficult to say whether these results have been based on actual experience because it’s “very many debatable” whether standard test results translate to creativity results. &nbsp,

Results in” Big C” creativity also need a wider ecosystem to support it, and factors outside of” Little C” parameters, said Assoc Prof Heng. &nbsp,

” Further, Singaporeans ‘ risk aversion and preference to maintain harmony may stifle their creativity along the” Big C “domain or in other types of creativity, including artistic creativity” .&nbsp,

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Officers face action over lost vessels

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PUBLISHED: 2 Jul 2024 at 05: 02

Officers face action over lost vessels
Three oil-smuggling ships that have vanished from the Port of Songkhla are escorted by a sea police ship. Next month, they were spotted close to Malaysian waters. ( Photo: Assawin Pakkawan )

Three coastal police officers will face disciplinary actions for failing to follow up the three oil-smuggling vessels that were seized on June 11 and later vanished from a marine authorities pier in Chon Buri’s Sattahip area.

Following a meeting on Monday, the deputy commissioner of the Central Investigation Bureau ( CIB ), Pol Maj Gen Charoonkiat Pankaew, announced that a deal had been reached to impose severe disciplinary measures against the officers.

The three soldiers ‘ names were not made public by Pol Maj Gen Charoonkiat.

When the situation is settled, he said, damages compensation may be taken into account.

In terms of action permitted by Section 157 of the Criminal Code, the meeting authorized the marine police to file a complaint with the Anti-Corruption Division (ACD ) against two non-commissioned officers for dereliction of duty because they were away from their posts when the vessels vanished.

Additionally, it was determined that a second police inspector had never violated Section 157.

Nevertheless, the CIB may also consider whether to dismiss him from responsibility.

Furthermore, nine mobile apps belonging to those involved, including a director, were seized for evaluation.

Pol Maj Gen Charoonkiat confirmed the integrity of a leaked conversation between some soldiers and an oil-smuggling leader known as” Joe Namman Thuen” or” Joe Pattani.”

Additionally, it was confirmed that the list of other people mentioned in the conversation was real, including a man dubbed” Number Phetchaburi,” who is the provincial administrative organization’s chair and a Joe Pattani kin.

Before attempting to assault Joe Pattani, who is apparently hiding in Cambodia, for his alleged lying, authorities will immediately provide information to the Economic Crime Suppression Division.

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Bill targets adverts in bid to improve children”s diet

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PUBLISHED : 2 Jul 2024 at 04:46

Bill targets adverts in bid to improve children's diet

A bill aimed at better protecting children against modern marketing tactics intended to get young people hooked on unhealthy snacks and drinks is now ready to be forwarded to legislators, the Department of Health says.

Overconsumption of unhealthy foods is mainly to blame for the high rate of obesity among Thai children, which has more than doubled in the past two decades, said Dr Pongpol Vorapani, deputy director-general of the department, speaking recently at the final public hearing on the bill.

The Food and Non-alcoholic Beverages Marketing Control bill would build awareness among children and their parents about these tactics, including the use of AI to ensure more children are exposed to advertisements designed to boost their cravings for unhealthy foods and drinks, he said.

Obesity and other non-communicable diseases are considered a major health threat to young Thais and a leading cause of premature death, Dr Pongpol said.

“The rate of obesity has largely stemmed from unhealthy dietary choices, including eating too much sweet, fatty and salty food and drinking sweetened beverages such sodas and carbonated fizzy drinks,” he said.

The marketing strategies adopted by the makers of these products are among the main culprits when it comes to influencing youngsters to make poor choices regarding their daily diet, he said.

Meanwhile, Nongnuch Jindarattanaporn, a lecturer at the Institute for Population and Social Research, Mahidol University, said that more than 50% of Thai children are exposed to such tactics.

Ms Nongnuch referred to a crunchy snack packaged with famous cartoon characters and fizzy drinks glamourised in adverts by celebrities or social media influencers. Social media like YouTube, Instagram, TikTok and X is the top choice to attract young people’s attention to junk food, she said.

“These marketing strategies have raised the target age groups’ cravings for these products by about 45%.”

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Marriage equality brings joy

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Since the Senate approved Thailand’s Marriage Equality Bill two weeks ago, the same-sex lovers have been cheering it up.

They claim they have been calmly awaiting this moment for a while, and that they may apply for a marriage license when the bill becomes law.

As long as they are committed to the beliefs that keep them up, the law is important to them because it helps maintain a happy and healthy marriage.

The Senate gave the Union Equality Bill its ultimate checking on June 18th.

The same-sex people ‘ unions are permitted to file their marriage under the same laws that apply to heterosexual lovers, with the same laws governing their union.

Thailand is expected to become one of 37 countries in the world and the first Southeast Asian nation to legalize same-sex unions by the end of this year. The act is expected to be rules and be effective by then.

A lengthy battle

Purachai Piamsoon, the then-interior secretary, first proposed the idea to let same-sex unions in 2001. But, it was shot down by Thaksin Shinawatra, prime minister at the time.

The plan was brought up in 2019 during Prime Minister Prayut Chan- o- cha’s management. The wedding justice policy was approved, but it was later dropped as a result of the dissolution of parliament.

The Marriage Equality Bill was finally approved by the Lower House on March 27, and 84 days afterward, the Upper House announced its ultimate decision to support it with a vote of 130:4.

Following imperial approval, the legislation will become effective 120 days after its publication in the Royal Gazette.

After fighting for their privileges for more than 20 years, the Thai LGBTQ group considers this victory.

The Bangkok Post just sat down with some residents of the neighborhood to ask what their thoughts were on the much-anticipated rules.

Room to improve

Prinn Vadhanavira, 44, and Chakkrit Vadhanavira, 49, are among those looking to tie the knot, despite having been up in a relationship for 22 times.

Due to the lack of legal recognition for same-sex couples in the past, Mr. Prinn claimed that the pair faced numerous difficulties, particularly when trying to buy real estate, obtain a mortgage jointly, or list each other as insurance beneficiaries.

In order for Mr. Prinn’s parents to adopt him as a son, they were finally able to resolve these issues by granting them legal support as lawful siblings.

The pair stated that they would declare their union as soon as the law became law, adding that they had already consulted legal professionals and looked into the changes to their legal status from adoptive siblings to spouses.

Prinn Vadhanavira, left, and Chakkrit Vadhanavira.

The legislation is also expected to reduce critical problems for Sirorat Kanjanasumranwong, 38, and her companion Palita Areeras, 30. The pair has been dating for three times.

We were often bothered by the fact that we were unable to sign medical authorization for each other because we were not legally related. We are then relieved that the problem will be resolved quickly, Ms. Sirorat said.

While the law allows identical- sex couples to enroll their marriage, some sections need to be improved, particularly regarding gender- certain status, which may lead to the misgendering of some LGBTQ people, particularly trans people.

Palita Areeras, left, and Sirorat Kanjanasumranwong.

Nachale Boonyapisomparn, vice chairman of the Foundation of Transgender Alliance for Human Rights, said that she, as a transgender woman, would like to be a family while her companion, a transman, would like to be a parents if they decided to file their marriage.

Essentially, they can record their marriage as a homosexual couple. Nevertheless, they have come to the conclusion that their sex identity is different from their biological sex.

However, the law also uses “father” and “mother”, referring to natural males and females. For terms could lead to misgendering in trans relationships.

” Thailand has come way. However, some things are left destroyed, such as the problem of constitutional guardianship and sexual health”, Ms Nachale said.

” Also, we still need to adapt our]education, welfare, justice and labour ] system to the legal changes. Additionally, we must concentrate on preventing bias and shame.

The Marriage Equality Bill demonstrates that Thailand is change, but we also need to make sure Thai society also changes, she continued.

Nachale Boonyapisomparn, straight, and her lover.

‘ Pink business ‘

According to Lee Badgett, professor of economics at the University of Massachusetts Amherst and chief economist at Koppa LGBTI Economic Power Lab, specific world demographic and socioeconomic changes will benefit Thailand once the identical relationship bill is passed.

She noted that the LGBTQ market has been expanding rapidly as more young people identify as LGBTQ , particularly among millennials ( born between 1981 and 1996 ) and Generation Z ( born between 1997 and 2012 ).

She pointed out that from 2021 until 2023, when Gallup, an American analysis and expert business, surveyed people in the United States, about one in 10 teenagers and about one in five Generation Z individuals identified as LGBTQ .

She added that one in five Gen Z and one in ten millennials identified as LGBTQ after Ipsos, a global market research and consulting company, conducted study in 30 nations.

This is a remarkably regular style throughout the world. But obviously, the world is changing drastically in terms of demography,” she added.

She noted that businesses may benefit from a demographic shift because more Thai people will get LGBTQ .

LGBTQ people are looking for products that represent them, and these consumers are expected to spend about US$ 4 trillion ( 146.7 trillion baht ) around the world a year.

” ]For Thailand], more employees, business owners and buyers will be LGBTQ . But, demographics will actually drive this major economic wave over time as young generations move forwards, in particular,” she added.

However, Prof Badgett pointed out that there are also almost about 65 countries around the world which criminalise sexuality or LGBTQ names.

She said,” This is clearly the best course of action for Thailand to benefit from the pink economy.”

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A crowning moment for traditional pageantry

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Reliving the year 1972 when Ananta Samakhom Throne Hall declared HRH Prince Vajiralongkorn the Crown Prince of Thailand.

PUBLISHED: 2 Jul 2024 at 04: 46

A crowning moment for traditional pageantry

On December 28, 1972, Ananta Samakhom Throne Hall celebrated the crowning of Thailand’s Crown Prince with the rebirth of Prince Vajiralongkorn.

Hours prior to the ancient service, a large group started gathering around the Royal Plaza, while at other locations, individuals sat glued to their televisions and waited patiently for the ceremony to begin.

A police vehicle and motorcycle bodyguard swept into the courtyard, and the excitement was on the way. These were followed by the imperial vehicles, which proceeded to the Throne Hall, where over 300 members of the Royal Family, senior government officials, representatives and diplomats were waiting.

The shield of honor’s performance of the King’s Anthem, which the royal parade was soaring into the Throne Hall place shortly after noon, was played by the guard of honor.

In the Ananta Samakhom Throne Hall, where spiritual services were held, His Majesty the King and Her Majesty the Queen, both of whom were wearing a golden-colored traditional Thai clothing, followed HRH Princess Sirindhorn, HRH Princess Chulabhorn, and HRH Prince Vajiralongkorn.

Prince Vajiralongkorn firmly brushed three spiritual dried leaves on the straight side of his body and three more on the left before Phra Rajkhru Wamathepmuni poured lustrous water on the Prince’s arms after the Chief Bhramin, Phra Rajkhru Wamathepmuni, poured lustral liquid on him.

The Royal Party moved to the main hall, where His Majesty had set up a beautiful curtain to separate them from the golden crown, where over 300 people were waiting in front of it.

Prince Vajiralongkorn stepped down from the king in front of the King’s Anthem and traditional music of honor after the beautiful curtain was removed. A Royal Command naming him the Crown Prince was read out by a member of the Prime Minister’s Office.

His Majesty the King poured sacred water on the Crown Prince and anointed his head at the designated period of 12.23pm, as instructed by the Royal Astrologer.

At the same moment, the ensemble restarted the King’s Anthem, and a 21- weapon welcome was fired. In hundreds of temples all over the nation, monks chanted prayers and held church bells.

His Majesty the King presented a silver plate bearing the Crown Prince’s title, the mythical cover, the golden sword, decorations, and position emblems to the Heir to the Throne.

In the evening, the Royal Party once left Chitrlada Palace for the Temple of the Emerald Buddha, arriving at 3.30pm.

After Their Majesties and the Crown Prince paid their respects to the Triple Gem, Phra Rajkhru Wamathepmuni prayed over the wonderful waters before squirting the royal bow and sword into it.

The Chief Bhramin presented him with the wonderful water after taking the ceremonial oath of allegiance.

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Cabinet set to review Land Bridge bill “in September”

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Project’s blueprint undergoing changes

PUBLISHED : 2 Jul 2024 at 04:46

Cabinet set to review Land Bridge bill 'in September'
The Land Bridge project is intended to connect the Andaman Sea and the Gulf of Thailand via Ranong and Chumphon provinces as a transit hub. (Photo: Government House)

A draft of the Southern Economic Corridor (SEC) bill is expected to be ready for submission to the cabinet by the end of September, as the government is keen to start the construction of the one-trillion-baht Land Bridge megaproject in 2026, according to Transport Minister Suriya Jungrungreangkit.

Mr Suriya said on Monday that the project’s blueprint is currently undergoing some readjustments to meet the expectations of foreign investors and local residents.

The process is expected to be completed within the third quarter, he said.

The Office of Transport and Traffic Policy and Planning (OTP) has sent the draft to the ministry for consideration, after which the draft will be sent to the Special Economic Zone policy committee for further deliberation.

It’s expected the cabinet will review the bill in September before it reaches parliament for endorsement in April next year.

The megaproject’s environmental impact assessment (EIA), which will form the basis for the seaports’ development plan, is expected to be completed and submitted to the Office of Natural Resources and Environmental Policy and Planning (ONEP) sometime next year.

A Request for Proposal (RFP) to get investors to join the bidding process is also being drafted. The list of approved investors will be finalised by the third quarter of next year.

The contract signing is expected to take place in early 2026, Mr Suriya said.

Construction will be divided into three phases: the first phase is expected to start in 2026 and finish by the end of 2030; the second is to start in 2031 and finish by 2034; and the last phase is to start in 2035 and finish in 2036.

It is estimated the project will cost about 1 trillion baht — with 330 billion baht allocated for the construction of Ranong Port, 305 billion baht for Chumphon Port and 358 billion baht for supporting logistical infrastructure, including interconnecting railways and motorways.

The financial internal rate of return (FIRR) for investors is estimated at 8.62%, Mr Suriya said.

According to OTP’s report, which cited figures from the National Economic and Social Development Council (NESDC), the project will boost the country’s gross domestic product (GDP) annual growth rate from 4% to 5.5%.

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