DISRUPTIVE TECHNOLOGIES ON BUSINESS LANDSCAPE IN ASEAN: OPPORTUNITIES AND CHALLENGES
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1 DISRUPTIVE TECHNOLOGIES ON BUSINESS LANDSCAPE IN ASEAN: OPPORTUNITIES AND CHALLENGES 27 JULY 2018 Supawat Srirungruang Partner R&T Asia (Thailand) Limited
2 PARTNER S PROFILE E: supawat.s@rajahtann.com T: SUPAWAT SRIRUNGRUANG Partner, R&T Asia (Thailand) Limited Supawat graduated with a Bachelor of Laws (with Honours) from Thammasat University in Thailand, Master of Laws from California Western School of Law in the USA and University of Sydney in Australia. He is a member of the Thai Bar Association, the Federation of Thai Industries, the Thai Chamber of Commerce, and the Lawyer Council of Thailand. Prior to joining Rajah & Tann, Supawat spent many years working for leading American and Australian based international law firms in Thailand. He regularly advises foreign and Thai multinational clients on regulatory compliance in their business operations. Supawat is particularly well-known for his regulatory expertise in the area of Technology, Media & Telecommunications. He regularly represents and advises leading telecoms and technology-related companies in Thailand on their business operations and administrative court disputes against state enterprises and/or government authorities. 2
3 OVERVIEW OF RAJAH & TANN ASIA REGIONAL OFFICES AND ASSOCIATE FIRMS Cambodia China Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Vietnam SOUTH ASIA LAOS MYANMAR VIETNAM CAMBODIA THAILAND MALAYSIA SINGAPORE INDONESIA CHINA PHILIPPINES JAPAN REGIONAL DESKS Japan South Asia 3
4 DISRUPTIVE TECHNOLOGIES: CHALLENGES FOR BANKS Payment Service Business Peer-to-Peer (P2P) Lending Cryptocurrency 4
5 PAYMENT SERVICE BUSINESS: BANK USER 1 BANK 1 BANK 2 USER 2 USER 1 BANK 1 BANK 2 USER 2 5
6 PAYMENT SERVICE BUSINESS: PROMPTPAY BANK 3 BANK 4 BANK 5 BANK 6 PROMPTPAY SYSTEM BANK 1 BANK 2 USER 1 USER 2 6
7 PAYMENT SERVICE PROVIDERS Alipay Rabbit LINE Pay Asiapay TrueMoney Apple Pay Samsung Pay Etc. Photo Photo by Sharon by Jonas McCutcheon Leupe Unsplash on Unsplash Other Financial Services Banking Agent (e.g. 7-11) 7
8 P2P LENDING VS TRADITIONAL BANKING Traditional Banking P2P Lending Deposit Matching Interest Depositor Bank Lender Non-bank (Platform) Borrower Borrower 8
9 P2P LENDING VS TRADITIONAL BANKING Online services, lower overhead costs Lower loan interest rates Higher interest rates for Lenders (compare to savings interest rate offered by banks) Normally, Lenders bear the risk of default P2P Lending service providers bear (no) risks from oversupply of deposits 9
10 CRYPTOCURRENTCY Sender s wallet Verify Blockchain Cryptocurrency Transfer virtual money (cryptocurrency) without a need of intermediary (bank). Relying on blockchain technology to verify transactions. Usually faster than traditional money transfer. Prices of cryptocurrencies are still highly volatile. Recipient s wallet Estimated time to verify a cryptocurrency transaction: Bitcoin - 60 minutes Ether - 6 minutes Ripple - near-instant 10
11 BANKS BUSINESS RESTRICTIONS E- Comme rce Social Media Banks Businesses Teleco mmuni cations Retailers 11
12 BANKS BUSINESS RESTRICTIONS In order to help banks survive, the regulator may: 1. Impose restrictions on non-bank in conducting banks businesses; or 2. Relax the restrictions imposed on banks. 12
13 TOM YAM KUNG CRISIS: FACTORS Inefficiency in policy implementation Current account deficit External Debt Over-investment and real estate bubble Performance of financial institutions Attack on Thai Baht 13
14 DISCLAIMER The material in this presentation is prepared for general information only and is not intended to be a full analysis of the points discussed. This presentation is also not intended to constitute, and should not be taken as, legal, tax or financial advice by Rajah & Tann. The structures, transactions and illustrations which form the subject of this presentation may not be applicable or suitable for your specific circumstances or needs and you should seek separate advice for your specific situation. Any reference to any specific local law or practice has been compiled or arrived at from sources believed to be reliable and Rajah & Tann does not make any representation as to the accuracy, reliability or completeness of such information. 14
15 THANK YOU SUPAWAT SRIRUNGRUANG R&T Asia (Thailand) Limited 973 President Tower 12 th Floor, Unit 12A-12F, Ploenchit Road, Pathumwan, Bangkok Thailand T: F: th.rajahtann.com 15
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