Saha Group, one of Thailand leading consumer goods conglomerates, is diversifying into the gold business.
The company, through Saha Pathana Inter-Holding (SPI), on Thursday signed a memorandum of understanding (MoU) with MTS Gold Group, one of the country's largest bullion traders, to co-develop a digital gold-savings platform for both Thais and foreigners. The platform is scheduled to be launched next year.
The MoU came after the group last month opened its first gold shop in front of its head office in Sathu Pradit Soi 58.
The gold shop is operated by TK Primary Co under the supervision of Thitipoom Chokwatana, the third son of the group's chairman.
Based on an overwhelmingly positive response to the first gold shop, the company plans to open a second gold shop later this year, followed by the launch of two more gold shops in 2024, located on Sathu Pradit and Rama III roads.
"We have been considering digital gold savings for the past five years and believe that now is an ideal time to venture into this business. The advancements in technology during this digital era, combined with our partner's expertise, make it a suitable and secure savings option amidst the current inflationary environment," said Boonsithi Chokwatana, the group's chairman.
According to Mr Boonsithi, during the first phase, lasting six months to one year, the service would be available to 100,000 employees of 200 companies within the Saha Group to test the system.
In the subsequent phase, the service would be expanded to include Saha Group's suppliers, customers and others.
"Our new business will increase opportunities for Thais to engage in gold trading within Thailand and abroad. Digital gold saving is not an alternative investment but rather a method of saving," he said.
Kritcharat Hirunyasiri, chairman of MTS Gold Group, said the collaboration with Saha Group will benefit both companies. Customers would be able to allocate a minimum of 100 baht a day to the digital gold savings scheme and are subsequently able to redeem their savings in the form of gold.
"This is the first time we are offering digital gold savings to corporate organisations. It provides an effective means of saving and offers better returns on investment compared to bank deposits," said Mr Kritcharat.
In addition to Thailand, MTS Gold Group has established a presence in Singapore as a gold bullion house for several years, which brings valuable experience and knowledge of global trends to the implementation of digital gold savings in Thailand, adhering to international standards, Mr Kritcharat said.
In a related development, the group yesterday launched the 27th Saha Group Fair which will run until July 2 at Bitec Bangna. The fair offers a wide selection of affordable foods and consumer products from a variety of brands.
The event will also showcase innovations and offer numerous special activities. Influencers from Thailand, China, Vietnam and Malaysia were invited to provide live product reviews. This opens up opportunities for people from different provinces and countries to easily enjoy shopping opportunities.
