Business

New scheme allows using credit card points to invest in mutual funds

THE Stock Exchange of Thailand (SET) unveiled its “Point to Invest” project whereby investors can use their credit card points to invest in mutual funds with this increasing opportunities to create wealth, Thai Rath newspaper reported today (Nov. 15, 2020).

Dr. Pakorn Peetathawatchai, SET’s president, said making investment easily accessible to the general public as part of their daily life is a key mechanism for accessing capital markets and building financial stability.

Thailand currently has more than 24 million credit card holder accounts, and last year total credit card spending reached over 2.2 trillion baht with accumulated points being worth more than 8 billion baht.

SET therefore cooperated with commercial banks, credit card companies and fund management companies to organize its Point to Invest project as a new option of converting rewards points into mutual fund units.

The following banks are SET’s participating partners:

– Bangkok Bank Plc,
– Kasikorn Bank Plc,
– TMB Bank Plc,
– The Siam Commercial Bank Plc,
– Thanachart Bank Plc,
– Krungthai Card Plc or KTC,
– Krungsri Ayudhya Card Co., Ltd.,
– Ayudhya Capital Services Co., Ltd.

Asset management companies that have joined the scheme are as follows:

– Krungthai Asset Management Plc,
– Krungsri Asset Management Co., Ltd,
– Kasikorn Asset Management Co., Ltd,
– Thai Military Asset Management Co., Ltd,
– Siam Commercial Asset Management Co., Ltd,
– Thanachart Asset Management Co., Ltd,
– Bualuang Asset Management Co., Ltd,
– Bangkok Capital Asset Management Co.,Ltd.

Mrs. Chawinda Hanratanakul, CEO Krung Thai Asset Management Plc, said Point to Invest is a good project helping people to save and grow their money.

In the era of cashless society more people will be getting points from their credit cards but may not have the time to take advantage of them.

Therefore switching points to invest in mutual funds is considered a great extension of savings for all investors.

CAPTION:

A woman checking her credit card bills. Photo: Thai Rath

 

 

Nina
I am veteran journalist and part of ThaiNewsroom.com’s editorial team. We are working hard at making this news site a success and value the support of each and every reader
https://thainewsroom.com/

Leave a Reply