Bricklet: New property platform allows investors to spend as little as $21k on a property


Rhys Richards invested 23,000 dollars into Bricklet. Picture: David Swift


Good intentioned investors keen to hack the housing market can now start their portfolio for the price of a new small car, while simultaneously supporting the affordable housing sector.

Lakeba fragmented property platform, Bricklet, which gives buyers the opportunity to buy a share of an individual property, has partnered with Evolve Housing in an effort to increase investment in affordable accommodation for low-income earners. The partnership will launch with an 18-townhouse project in Rydalmere where each home consists of “bricklets” at $21,400.

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Buyers camp out for two days to secure a home

First-time buyer Rhys Richards said Bricklet investing was a way to get onto the property ladder sooner, rather than later. “I’ve always been interested in property, but saving for a deposit has just been getting harder,” the 39-year-old said.

The 18-townhouse project in Rydalmere where each home consists of bricklets at $21,400.


“This is my first step into the market and it seemed like a good way to put my money into something and have the property managed by someone else. It would have been another five years or so of saving if I’d bought the traditional way.”

While such micro-investing platforms are open to all investors, Bricklet CEO Darren Younger said it particularly appealed to first-time purchasers.

“If you look at where interest rates are and where they’re going to be over the next 12 months, it actually creates a negative position for someone trying to save a deposit,” he said. “When your money is in the bank instead of in property then it’s the capital growth you miss out on.

It appeals to first-time buyers.


If the market goes up 10 per cent during the time you’re trying to save, where does that leave you? Whereas, if you’ve got the first $20,000 saved up and the opportunity to use it, then you can start building a portfolio of Bricklets until that portfolio is big enough to act as your deposit on a home,” he said.

Mr Richards said the social aspect of buying into the Rydalmere development appealed to him. “I liked the idea that this project would be used for affordable housing because I know there will be that long-term security of having a tenant. It might not be getting the highest of rents for that particular property, but potentially having someone in there for the long haul means I won’t have to worry,” he said.

Property investor who spend $23k

It was Mr Richard’s first step into the market. Picture: David Swift


Mr Younger said the prospect of long-term tenancy was a drawcard for Sydney investors who might have been spooked by recent reports of soaring vacancy rates.

“Post-covid, occupancy rates are becoming more important than the rent. Also, affordable housing has waiting lists, which means you’re close to 100 per cent occupancy the whole time. If someone moves out there’s a good chance there are people waiting to move straight in. And they’re new properties that are well looked after. Nobody wants to get kicked out and have to get back on the wait list,” he said.

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NSE turns to Safaricom platform to boost stock trades


Capital Markets

NSE turns to Safaricom platform to boost stock trades


Nairobi Securities Exchange CEO Geoffrey Odundo. PHOTO | NMG

Safaricom’s #ticker:SCOM internet plan will save stockbrokers nearly a third of their costs and offer a secure network for traders.

The Nairobi Securities Exchange #ticker:NSE has tapped the telco as it upgrades its trading platform to provide a virtual network software that links it, the Central Depository and Settlement Corporation (CDSC) and traders.

NSE is replacing the Multi-Protocol Label Switching network that has been used since 2011 with the Software-defined Wide Area Network (SD-WAN) supported by Safaricom.

“The network interconnects the NSE, the Central Depository and Settlement Corporation and all the trading participants in the market to offer higher trading platform availability,” NSE CEO Geoffrey Odundo said on Friday.

“The SD-WAN will be transformational for the market as it will reduce connectivity costs to the brokers by approximately 30 per cent, ensure higher uptime and performance and increase network security,” he added.

NSE is keen on increasing market activity to spur the bourse which has suffered a multiyear decline due to the impact of coronavirus pandemic.

The sharp decline in the stocks market has been pushed by foreign investors who rushed to sell off their exposures in emerging markets wiping out billions of paper wealth by Kenyan investors.

According to the Capital Markets Authority quarterly bulletin, volumes traded decreased by 24.85 per cent to 969.57 million in the three months to December 2020 compared to 1,290.12 million in quarter four 2019.

“Equity turnover for quarter four of 2020 stood at Sh27.51 billion, compared to Sh45.01 billion registered in quarter four of 2019; a 38.88 per cent decrease confirming a decrease in investor participation at the bourse,” CMA Director, Regulatory Policy & Strategy Luke Ombara said.

End month market capitalisation recorded an eight per cent decrease to Sh2.3 trillion registered in December last year from Sh2.5 trillion at the end of 2019.

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Google opens paid-for Australian platform in drive to undercut Government’s proposed content payment laws


Google has launched a platform in Australia offering news it has paid for after striking its own content deals with publishers.

It’s part of a drive to show that world-first legislation proposed by the Federal Government to enforce payments is unnecessary.

Only rolled out previously in Brazil and Germany, the News Showcase platform was originally slated for launch last June.

But Alphabet-owned Google delayed plans when the Government moved to make it a legal requirement for Google and Facebook to pay Australian media companies for content.

The tech giant, still lobbying the Australian Government in private meetings, has previously said was the legislation was “unworkable” and would force it to pull out of the country altogether if implemented.

With the legislation now before a parliamentary inquiry, the launch of News Showcase in Australia will see it pay seven domestic outlets, including the Canberra Times, to use their content.

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The Federal Government says it won’t back down on media ownership reform.

Financial details of the content deals weren’t disclosed, and Canberra Times publisher, Australian Community Media, did not immediately respond to a request for comment.

Google said it looked forward to striking agreements with more Australian publishers, whose position has been bolstered by Canberra’s aggressive push back against Facebook and Google.

“This provides an alternative to the model put forward by the Australian Government,” said Derek Wilding, a professor at the University of Technology Sydney’s Centre for Media Transition.

Last month Reuters said it had signed a deal with Google to be the first global news provider to Google News Showcase. Reuters is owned by news and information provider Thomson Reuters Corp.

Google declined to add a further comment when contacted by Reuters.

Last month, Google and a French publishers’ lobby agreed to a copyright framework for the tech firm to pay news publishers for content online, in a first for Europe.

Under the proposed legislation in Australia, Google and Facebook would have to pay publishers and broadcasters for content included in search results or news feeds as well.

If they failed to strike a deal with publishers, a government-appointed arbitrator would decide the price.

While Google’s public stance on potentially leaving the country remains firm, Australia’s Treasurer Josh Frydenberg said Google’s approach had been “constructive” in recent days during private meetings.

“The Prime Minister [Scott Morrison] and myself and [Communications Minister] Paul Fletcher had a very constructive discussion with the head of Google just yesterday,” Mr Frydenberg said.

“In that discussion … they re-committed to Australia, we re-committed [to the legislation].”

Reuters/ABC

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Xinja seeks shareholder support for plan to relaunch as US share trading platform


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“Obviously any return will be a long, multi-year path back for Xinja,” the letter said. “If shareholders are willing to support it, the business may be able to reset and rebuild shareholder value.”

Xinja shocked shareholders and customers when it announced plans to close all customer accounts and return its banking licence, 15 months after obtaining the licence and promising to shake-up the industry.

Mr Wilson told shareholders the company’s vision was always to provide “a new, better, ethical place for 25 to 45-year-olds to meet their financial need” and outlined a series of business ideas for the future.

“The most obvious is our US share trading platform, but we also have a personal lending product we have spent considerable time and effort on, as well as our platform that can integrate new and third party products swiftly.

“With your support I would like to try and rebuild our business over the next few years into a wealth platform on app and net, where customers in our target demographic can go to build their wealth through various assets, get great value loans and get access to everything they need to look after their money.”

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Mr Wilson said the company would need to obtain financial services licences through the Australian Securities and Investments Commission, rather than APRA, which would reduce the level of capital required to operate legally.

“Our cost of regulation and compliance, while still material, as a non-bank financial institutional will be materially less than that of a bank,” he said.

Xinja’s auditors had previously warned the neobank was at risk of breaching its legal obligation to maintain a capital buffer within APRA’s requirements, as the company offered customers high-interest savings accounts but had no revenue-generating products to counter the outflows.

Mr Wilson told shareholders the company could now build new products from scratch, white label others or offer customers products through a “hybrid” model, before pledging to work without salary for six months.

“I don’t wish to sugar coat this. It will be a long and difficult journey with considerable risk. We will be starting with a small team and limited capital. It will require further capital.”

The other option, Mr Wilson said, is to wind up the company. “This would crystallise a substantial loss for all shareholders, but it would ensure at least a very small level of return.”

Xinja told shareholders the return could be between zero and 5 per cent of any original investment.

Shareholders will vote on the two options through a series of “non-binding polls” at an online meeting to be held on February 17. “These decisions of course rest with the board, but the directors want to seriously consider the wishes of shareholders,” Mr Wilson said in the letter.

‘Lost my trust’

In an online community, a small group of shareholders voted on three options, with 61 per cent voting for “I won’t trust Xinja to be a customer of them again”.

Thirty one per cent of the poll, which sampled 47 shareholders, voted to launch the share trading platform and 6 per cent supported returning whatever value is left to shareholders. Xinja secured 46 new wholesale investors at its most recent capital raising and has more than 2500 retail shareholders in total.

Shareholder Will Rosewarne said he will be voting in favour of winding up. “Eric [Wilson] lost my trust long ago and that they think their US share trading platform is the best way to launch a wealth business shows they don’t get it,” he said. “I’d rather get something back.”

Max Powah, a 32-year-old web designer, invested $20,000 in Xinja’s early capital raises, the maximum amount possible as a retail investor, and said he won’t be investing more but he doesn’t want to see the company go into liquidation.

“It doesn’t sound worthwhile them wounding it up and giving money back,” he said. “The minimum investment was $250 during the retail round. So if you’re talking about only paying back 5 per cent, does anyone really want to get $12.50 back?

“It’s just not worth it, you may as well leave it and if they can push these products out by the end of the year.”

Mr Powah said he would continue to monitor Xinja’s product development, but has been left frustrated by delays and hoped the directors had learnt lessons from the failed banking experiment.

“We have to see whether they can do something with Dabble, the share trading platform. But they’ve missed the big spike with everything going on in America at the moment,” he said, referring to the historic rally in GameStop shares last week.

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Malaysian Buy-Now-Pay-Later fintech platform Split generates US$2.48mil revenue for businesses “in a matter of months”


  • 500 Startups-backed platform has signed more than 250 Malaysian brands
  • Allows shoppers to access interest-free instalment payments; isn’t tied to any bank

Malaysia’s first channel-agnostic “Buy Now Pay Later” (BNPL) fintech platform, Pay with Split (Split), has been successful at generating US$2.48 million (RM10 million) in revenue for Malaysian businesses “in a matter of months”.

Split works by enabling merchants to offer up to three interest-free instalments to their customers, which customers can repay using any debit or credit card from any local bank (hence “buy now, pay later”). The platform guarantees a transparent shopping experience without hidden costs or budget constraints.

Since April 2020, Split has signed more than 250 Malaysian brands, including merchants the likes of Dyson, Switch, Lorna Jane and Gamers Hideout. Being channel-agnostic, Split can be used on e-commerce platforms and offline stores, but also on social media platforms, chat applications and live streams.

The platform is backed by Silicon Valley-based 500 Startups and global talent investor Entrepreneur First.

“We created Split to provide a win-win solution to both merchants and their customers. During this difficult time, we want to financially empower consumers to worry less about affordability and instead shop with confidence,” says Split cofounder Dylan Tan.

“As our platform also allows shoppers to make purchases with debit cards, Split opens up to merchants a massive untapped segment of consumers who can now access instalment payments for the first time. We want to disrupt the traditional credit card model by offering consumers an alternative that is accessible, interest-free and does not charge them penalties for having an outstanding balance. Malaysians will find that our model is very consumer-friendly and that’s entirely by design.”

Tan adds that Split isn’t tied to specific banks. Just by connecting to Split, merchants can immediately offer their BNPL instalments from all local banks. “Ultimately, we aim to broaden the reach of our merchants, connecting them to as many shoppers as possible and vice versa,” he adds.

First.  “We created Split to provide a win-win solution to both merchants and their customers.

Adding flexibility

Split touts easy-to-use features. Online customers are able to shop and finalise their purchase as they normally would. During the virtual checkout, they will be given the option to pay with Split. The platform would automatically divide a payment into as many as 3 monthly instalments, as well as provide customers with step-by-step instructions on how to complete their first payment.

Split works offline as well – users can opt for offline payment plans via uniquely-generated QR codes at physical stores. Merchants without a storefront can use Split’s dashboard to generate a payment link to send to their customers on any social media, chat applications or on their live streams.

For merchants, Split works by paying them upfront and in full for every order made, as well as assuming the risk of non-payments and fraud. It also serves as a lead generation tool. Through independent marketing initiatives, Split gathers potential customers and redirects them for free to merchants, which in theory creates constant influx of prospects to its merchant partners.

The platform claims that, to date, it has generated more than 20,000 monthly referrals on behalf of businesses directly from its website.

Split notes that its channel-agnostic feature allows the platform to cater to financing needs of a larger network of businesses across multiple platforms, beyond that of e-commerce. It monetises through a small success fee percentage with every successful transaction, as part of its partnership with each of its merchants.

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YouTube is the latest online platform to suspend Donald Trump over violence concerns



Google-owned YouTube has temporarily suspended US President Donald Trump’s channel and removed a video for violating its policy against inciting violence, joining other social media platforms in banning his accounts after last week’s Capitol riot.

Mr Trump’s access to the social media platforms he has used as a megaphone during his presidency has been largely cut off since a violent mob of his supporters stormed the Capitol in Washington DC last week.

Operators say the embittered leader could use his accounts to foment more unrest in the run-up to President-elect Joe Biden’s inauguration.

“In light of concerns about the ongoing potential for violence, we removed new content uploaded to Donald J. Trump’s channel for violating our policies,” YouTube said in a statement on Tuesday local time.

The channel is now “temporarily prevented from uploading new content for a ‘minimum’ of 7 days,” the statement read.

The video-sharing platform also said it will be “indefinitely disabling comments” on Mr Trump’s channel because of safety concerns.

Facebook last week suspended Mr Trump’s Facebook and Instagram accounts following the violent invasion of the US Capitol, which temporarily disrupted the certification of Mr Biden’s election victory.

In announcing the suspension last week, Facebook chief Mark Zuckerberg said Mr Trump used the platform to incite violent and was concerned he would continue to do so. 

Twitter went a step further by deleting Mr Trump’s account, depriving him of his favorite platform. It was already marking his tweets disputing the election outcome with warnings.

The company also deleted more than 70,000 accounts linked to the baseless QAnon conspiracy theory, which claims, without any evidence, that Mr Trump is waging a secret war against a global cabal of satanist liberals.

Mr Trump also was hit with suspensions by services like Snapchat and Twitch. 

The US president’s YouTube account has amassed 2.77 million subscribers. 

The home page of the Trump channel featured a month-old video of Mr Trump casting doubt on the voting process in November’s presidential election, and had logged some 5.8 million views.

On Tuesday, an activist group called on YouTube to join other platforms in dumping Mr Trump’s accounts, threatening an advertising boycott campaign.

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Lifestyle social commerce platform Poptron secures US$1mil seed funding


  • Funding to be used to develop version 2,0, expand team, begin Singapore ops
  • Aims to capture US$1.6 billion of market share with 600K microbrands

Poptron, a Malaysia-headquartered lifestyle social commerce platform, has announced a US$1 million (RM4 million) funding from a NASDAQ listed company.

[Ed: An earlier version gave the conversion into Malaysian Ringgit.]

This strategic investment will enable Poptron to scale its operations and technology toward being a key regional social commerce platform. Poptron is planning to fundraise a further US$375,000 (RM1.5 million) on pitchIN, an equity crowdfunding platform, in Q1 2021.

These investments will be used to develop the platform’s version 2.0, expected to be up in January 2021, as well as expand the team and begin operations in Singapore by Q1 2021.

The curated e-commerce site was launched on 4th September 2020 to offer microbrands selling high quality, natural and eco-friendly products or artisanal goods a platform to connect with like-minded global users. 

Over 100 microbrands with more than 700 different types of product listings have since come on board, ranging from personal care, fashion items, arts and crafts, to pets necessities and home and living products.

Lifestyle social commerce platform Poptron secures US$1mil seed funding Poptron helps sellers overcome key pain points in customer acquisition, business management and regional growth by using a single platform to handle everything from enquiries to shipping. Users will also be able to discover, follow and shop through a practical and intuitive user interface while tracking each delivery straight to their doorstep.

“Before the movement control order (MCO), I used to frequent local arts bazaars and discovered a lot of interesting, high-quality products from small brands and businesses. Due to the pandemic, bazaars came to a halt, so these brands are depending on online sales, usually gathered from various social media platforms like Facebook & Instagram,” explains Poptron founder Brian Johnson Lowe (pic).

“Online demand generation became a critical area of focus, and it became quite evident that securing new customers online isn’t as easy as it seems,” he says.

According to Lowe, there are almost 2.2 million microbrands globally in 2020, with the Total Available Market of US$7.6 billion. Out of this, the Serviceable Available Market for Poptron is worth US$3.8 billion, which counts for 1.5 million out of the expected 3.79 million global microbrand market in 2025.

Poptron aims to capture US$1.6 billion of the market share with 600,000 microbrands generating Poptrons global revenue in 2025.

“With Poptron, we hope to gather all these brands in one place for consumers to discover, our idea is to prove the value of this unique platform and increase the business returns of our merchants first,” adds Lowe.

“Being able to make the strides that we have during the course of this year is a testament to the drive and passion of the team. We are also greatly appreciative of the support we have received from our investor and our legal advisers, Shin Associates.”

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iPORTAL Live, MDEC launch Global Knowledge Platform for US$2 trillion Islamic Economy


  • Portal to offer one-stop avenue for consolidated knowledge of Islamic Economy
  • Aims to be digital meeting place for education, consumption, investment, business

The Malaysia Digital Economy Corporation (MDEC) and iPORTAL Live Sdn Bhd signed an MOU on 18 Nov and launched a new Islamic Economy Knowledge Portal that will further enhance the ease-of-access to information and knowledge of the Islamic Economy to users, as well as facilitate connection and encourage collaboration by industry users dispersed globally.

As the leading hub of Southeast Asia’s Islamic Digital economy, Malaysia has the resources and depth of knowledge that makes it the perfect location for iPORTAL to launch its platform.

Through its partnership with MDEC, iPORTAL Live will bring in global expertise and knowledge transfer in the area of Islamic Digital Economy into Malaysia. This will elevate Malaysia’s position as a global Islamic Digital Economy hub, and further strengthen the country as the Heart of Digital ASEAN.

The launch of the new knowledge portal comes amidst significant growth in the Islamic Digital Economy according to the latest State of Global Islamic Economy Report. It is estimated that Muslims spent US$2.02 trillion (RM8.18 trillion) in 2019 including the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which are impacted by Islamic faith-inspired ethical consumption needs.

This spending reflects a 3.2% year-on-year growth from 2018. In addition, Islamic finance assets were estimated to have reached US$2.88 trillion (RM11.7 trillion) in 2019.

The issue is that while there is significant growth in the Islamic economy, the information and data for consumers, products, insights and research is dispersed globally. The challenge then is placing all this information in one place for easy access and reference.

iPORTAL Live aims to address this issue with the launch of its Islamic Digital Economy knowledge portal at www.iPORTAL.live. The portal is a global platform that will showcase the 10 sectors of the Islamic Economy all in one easy to access place. It will start the users’ journey with knowledge, under Academy, which will then continue to Entrepreneurship, Insights, Waqf Economy, Research, Marketplace and a Job Board.

The new portal will also provide digital pathways for inclusion and connectivity for all sectors. For example, through the portal, Islamic Financial services can connect to players of modest fashion or Muslim media for funding opportunities; the halal industry can connect with the Takaful industry for matters of insurance; or social impact startups can showcase their innovative suggestions for the Islamic economy verticals.

“Malaysia has been a pioneering leader in Islamic finance and remains the biggest Islamic finance market in Southeast Asia. Backed by our strong regulatory framework and an expanding Islamic finance ecosystem that includes Sukuk, Takaful and Syariah-compliant funds, Malaysia is on track to reach the central bank’s target of 40% share of total financing by the end of 2020. We believe the launch of iPORTAL’s global Islamic Economy platform, will enable many more global stakeholders to learn and adopt from Malaysia’s decades of experience and contribute towards the global growth of the Islamic digital industry,” says Saifuddin Abdullah, Malaysia’s Minister of Communications and Multimedia.

“Malaysia has been at the forefront of championing Islamic banking and finance for the last three decades. The Malaysian government, through MDEC, has started serious work to embed the Islamic digital economy in the grand design of the Malaysian blueprint of the digital economy. Through the launch of iPORTAL Live, the information will be readily available and accessible for the interested masses, contributing to the creation of an inclusive Fintech hub while firmly establishing Malaysia as the heart of digital ASEAN,” added Dr Rais Hussin Mohammed Ariff, MDEC’s chairman.

Dr Rushdi Siddiqui cofounder/CEO iPORTAL Live said, “The launch of iPORTAL Live could not have happened without the hard work of Malaysia, UAE, Indonesia, Saudi Arabia, Turkey, Bahrain, Pakistan, UK and others in raising the profile of the 10 sector US$3 trillion Islamic Economy. iPORTAL Live has 74 introductory courses, 50% are free. Meanwhile, on the verticals of the Islamic economy, it has more than 400 social impact startups, including women owned, from 12 countries that get updated monthly, it has Islamic banking regulations from 14 countries in one place with opportunity for public comment, it has Waqf research and projects from 8 countries, it has job board with 250 openings, it has 26 members on its advisory board and 27 partnerships, etc.”

Thus, iPORTAL Live is a B2C2B platform that is part Google (search on Islamic economy), part Amazon (content by third parties) and part Wikipedia (contribution to the Islamic economy). It’s about reducing friction and user journey for connecting to the global Islamic economy community with content, commerce and opportunity to collaborate.

“The Islamic Economy is open for business for all in the new normal, and iPORTAL Live is the digital meeting place for values aligned education, consumption, investment, funding and business,” adds Rushdi.



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New broadcast platform for AFL rebuild


AFL boss Gillon McLachlan says the competition can rebuild its coronavirus-hit balance sheet within four years after completing a bumper extension to its broadcast rights agreement.

On Wednesday, the league confirmed two-year extensions to its deals with pay TV provider Foxtel and telecommunications giant Telstra, covering the 2023-24 seasons.

The length of the deals match that signed by free-to-air broadcaster Seven West Media in June.

The extensions will earn the league a total windfall of $946 million, which comes on the back of a year of financial turmoil and league-wide cost-cutting as a result of the COVID-19 pandemic.

The AFL initially feared it would lose up to $1 billion this year, and a number of clubs have reported losses, but McLachlan has confirmed the hit to the industry in 2020 would be “under $100 million”.

McLachlan conceded financial uncertainty would continue into 2021, but said locking in free-to-air, digital and pay-TV broadcast deals for the next four years would help the AFL and clubs recover.

It will also enable the AFL to review its funding models, collective bargaining agreements with players and football department spending caps.

“The uncertainty around COVID we believe will be around next year and this deal is a show of faith from our broadcast partners and a show of strength for our product,” McLachlan said.

“What it will enable us to do is to work with our clubs – those in trouble and the stronger ones – with a four-year funding envelope.

“I feel very, very confident that we will rebuild the balance sheet of all our clubs and of the industry by the end of this agreement by working hand-in-glove with the clubs.

“Even if next year continues to be uncertain, we’ll make sure we make the prudent decisions for the long-term strength of clubs and the game.”

The AFL signed a seven-year, $2.5 billion broadcast deal with Seven West Media, Foxtel and Telstra in 2015.

The deal was revised in June, with a reduction on the 2020 payments based on a shortened 153-game home-and-away season plus finals.

At that time, Seven West Media signed a two-year extension to the end of 2024.

The parties declined to confirm the breakdown of payments in the $946 million extension.

“After a challenging and at times uncertain 2020, this is a massive vote of confidence in our game at all levels,” McLachlan said.

“It provides greater financial certainty in the years ahead, and ensures our fans continue to have the ability to watch men’s and women’s footy wherever they are.

“The extended partnerships ensure that we’re not only able to rebuild our game, but take it to more and more people.”

As part of the new deal, all AFL and AFLW matches will be broadcast live on various platforms.

Telstra will partner with the AFL to upgrade technology at Marvel Stadium and enhance the fan experience at the league-owned venue.





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Online intellectual property dispute platform to go live next year — Business


BANGKOK (NNT) – The Department of Intellectual Property has introduced its online dispute settlement services covering intellectual property cases that it developed with the Thai Arbitration Institute.

The brand new service will be officially in operation from January 2021.

The online dispute settlement platform for intellectual property cases will assist with cases related to copyright, patents, and trademark infringements using digital technology.

The new system will allow cases to be filed online, enabling settlement sessions via online chats and video conferences, and allowing fully online formal settlement processes to achieve faster, more convenient agreements with less chance of confrontation between the two sides, and at a lower cost.

When settling disputes on the online system, the parties involved will have to agree to a mutual confidentiality agreement that forbids facts and evidence from being shared during the process and from being used in a court filing.

Deputy Prime Minister and Minister of Commerce, Jurin Laksanawisit said today the settlement service will help reduce the burden on all parties from legal challenges.

Since 2002, there have so far been 621 disputes, with 331 cases successfully settled; recorded as more than half the disputes at 54%.

The new online settlement service will be available from January 2021 on the website www.thac.or.th

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Reporter : Tanakorn Sangiam
Rewriter : Rodney McNeil
National News Bureau & Public Relations : http://thainews.prd.go.th



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