‘No Thailand Elite Cards were sold to Chinese criminals’

The company plans to increase sales of the cards to wealthy foreign nationals.

It will double the number of cards sold from the current 24,000 to 50,000 by the start of fiscal year 2025, which begins on October 1, 2024, Manatase said.

About 38% of existing cardholders are Chinese nationals, followed by Japanese (8%), American (6%), and British nationals (6%), he said.

The company targets increasing the number of cardholders to 30,000 this fiscal year, Manatase said. The fiscal year ends on September 30.

More cards will be sold to Russian nationals, Manatase said, explaining that Thailand has become a refuge for people fleeing economic turmoil and conflict.

Manatase expects sales of Thailand Elite Cards to generate 6 billion to 7 billion baht in revenue this fiscal year, as well as an additional 3 billion baht in spending by card holders.