traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic

sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition

Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2017 1 1.2 Banking Industry and Competition 2 1.3 Regulatory Changes 3 2. Risk

fragile, others remained mired in uncertainty in terms of new modes of competition, a broader marketplace within the ASEAN Economic Community (AEC) and the digital age, along with external changes

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

of digital technology, which has shaped a new trend of consumption amid intensified borderless business competition via digital channel. To brace for these numerous challenges, KBank prioritizes the

passenger yield dropped from 4.91 baht per passenger-kilometers to 4.79 baht per passenger- kilometers or by 2.3 percent as a consequence of intense competition within the industry. Regarding the airport

from 4.91 baht per passenger-kilometers to 4.79 baht per passenger- kilometers or by 2.3 percent as a consequence of intense competition within the industry. Regarding the airport-related businesses, the

quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant