Thailand: Intouch Holdings considering fintech investments

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Somprasong Boonyachai (left) and Philip Chen Chong Tan (right).
Somprasong Boonyachai (left) and Philip Chen Chong Tan (right).

Thailand-listed Intouch Holdings is considering the investment in four projects, related to e-payment and e-wallet businesses this year, its chief executive officer Philip Tan said.

It plans to invest around 500 million to 1 billion baht to co-invest in each project and expects to wrap up the deals by the end of this year, he added.

“We focus on investing in new financial innovation, not just bringing banks’ existing services to mobile platform, to provide more convenience to customers and differentiate the services from competitors,” Tab said.

Tan has worked in finance, banking and payment services for more than 20 years, before joining Intouch Holdings as president in November last year and then took over as its CEO in March this year.

Intouch Holdings is the parent company of the country’s leading telecommunication firm Advance Info Service and the satellite service provider ThaiCom.

Tan said AIS was a well-run company after its recent acquisition of licences on the 1,800- and 900-megahertz spectra.

He said InTouch, the holding company was investing in good companies that could give good value to shareholders and offer good solutions to customers. It has also invested in startups through its venture capital unit InVent.

The company reported the net profit of 7.7 billion baht ($221.6 million) in the second quarter, up 89 per cent from the same quarter last year and 123 per cent from the first quarter.

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