What's new in business news: October 3, 2014

Thailand Mobile Expo 2014 features all the new mobile phone models & first ever law regulating debt collection passed by NLA.

Wichai Pornpratang, vice-president for telecommunications business at Thai Samsung Electronics, and actress Janie Tienphosuwan show the Galaxy Note 4 at Thailand Mobile Expo 2014. SOMCHAI POOMLARD

SMARTPHONES

Thailand Mobile Expo 2014 features all the new mobile phone models 

Why is this important? Much of our daily life is converging to our mobile phone (or phones) nowadays. This includes socialising and keeping in touch with friends as well as daily media consumption, from reading books, newspapers or magazines to watching TV. More powerful devices with bigger high resolution screens, more storage and faster CPUs have the power to streamline our lives, adding efficiencies, here and there, while managing our scarce time better. Thailand Mobile Expo 2014 brings together all the available options for our perusal.

The Thailand Mobile Expo 2014 runs through Sunday at the Queen Sirikit National Convention Center. Phones with big 5.5-inch screens equipped with "group selfie" capability are grabbing the most attention. Phones with five-inch-plus screens rose to 17.8% of smartphone sales this year. New entrants to the Thai market were also a highlight of the show including China's Xiaomi, Wiko of France and Hong Kong's iMI. 

Samsung yesterday launched its much-anticipated Galaxy Note 4 at the show with Thailand the second launch country for the Note 4 after South Korea. Samsung brought nearly a thousand Galaxy Note 4 handsets to sell at the expo for 24,900 baht each. After next Friday's commercial launch, the Note 4 will retail for 25,900 baht.
 
Interest in cheap smartphones priced at 5,000 to 10,000 baht is gaining momentum and mid-level phones priced at 10,000 to 15,000 baht are a fast-growing segment. Smartphones priced at 10,000 baht or more are expected to account for 30% of fourth-quarter sales in the Thai market compared with 20% in the first three quarters. Apple's iPhone and Samsung's Galaxy lead in the market segment of phones priced at 20,000 baht or more. Microsoft is introducing a new smartphone, the Nokia Lumia 830, for 13,900 baht (the Lumia 820 was 18,990 baht) as well as the Nokia Lumia 730 for 8,790 baht to compete in the mid-level market.

The release of Apple's iPhone 6 and iPhone 6 Plus in Thailand is approaching and international brands are experiencing price pressure from mobile operators dumping the  iPhone 4S and 5S at a discount of up to 10,000 baht each as they prepare for this month's launch of the iPhone 6. Global brands have less pricing power nowadays as more Asian brands are offering competitive phones in the mid-range market of 6,000 to 15,000 baht.
 
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DEBT COLLECTION

First ever law regulating debt collection passed by NLA

Why is this important? Debt collectors, especially those working for illegal loan sharks, have been known to use all means available to them to collect loans, from threats to intimidation, humiliation and even violence, so it should be a welcome sign that the government is taking steps to bring these activities under the rule of law and freeing them from the gangsters they are sometimes entrusted to.

The first-ever bill to regulate the debt collection sector, passed the third and final reading (reading of a bill in parliament to pass a bill into law) in the National Legislative Assembly (NLA) on Thursday, passed by a vote of 199-2 with four abstentions. The legislation comes into force once it receives royal approval and is then published in the Royal Gazette.

The new law outlaws the use of verbal or physical coercion by debt collectors working for creditors.  The legislation makes it illegal for bill collectors or creditors to take advantage of or intimidate debtors or their guarantors. It covers the entire informal lending system (informal debts, sometimes with loan shark lending money) and sets down rules on how debts are collected. Violators are liable to a jail term of up to five years and/or a maximum 500,000 baht fine under the provisions. An amendment was also made so that the new law has retroactive effect on loan agreements made prior to its enactment.

The key provisions prohibit a creditor from seeking damages from a defaulting borrower at an extent beyond the value of the collateral, or demanding money from a guarantor at the same or more than the amount borrowed. They must also give a guarantor six months to find a runaway borrower before forcing the guarantor to settle the debt. Section 9 of the legislation prohibits debt collectors from threatening, using violence, causing bodily harm or damaging the reputation or assets of a debtor or others. They are also barred from disclosing information about the debt to a third party. Section 3 defines debt collectors as lenders or those who are authorised by creditors to collect debts. They are required to contact debtors only between 9am to 8pm and must identify themselves to the debtor as well as provide written proof from the creditor authorising them to collect the debt.

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