PwC Thailand unveils strategy to help clients on COVID-19 recovery

Stocks and Financial Services Press Releases Wednesday September 23, 2020 11:43
Bangkok--23 Sep--PwC Thailand
Seeks to stay Thailand’s most trusted advisor with focus on quality and helping clients through tough times
PwC Thailand said it will focus on helping clients manage the financial impacts from COVID-19 as they plot a path to recovery, as well as continue to invest both in key technologies and its people.

Chanchai Chaiprasit, CEO for PwC Thailand, said that he sees a challenging year for business as clients face adversity in the wake of the pandemic. The Bank of Thailand predicts the Thai economy will contract 8.1% this year before gradually recovering in 2021.

“Our strategic focus will be on helping our clients manage the financial impacts so that they can recover as quickly as possible,” Chanchai said. “Reaching out to clients and listening to their pain points in dealing with the pandemic will be crucial as they look to restart operations.”

“Advice on issues such as liquidity management, cost controls and utilising existing assets in the most effective manner can help businesses return to a near-normal level within 12-18 months,” Chanchai said.

Even though the economic outlook remains highly uncertain, Chanchai said it’s important for PwC Thailand to continue investing in technology.

“The lockdown period has proven that our technological investments during the past one to three years have paid off,” he said. “We were able to adapt to the situation quickly, allowing our people to operate remotely without a hitch while still maintaining high-quality services for our clients.”

“Putting quality at the heart of our business, clients and stakeholders can rest assured that we’ll always strive to be the number one trusted advisor in this aspect.”
Chanchai revealed that PwC Thailand will focus on five key priorities for FY21 business operations (1 July 2020 - 30 June 2021) including:

Reach out to clients: Proactively engaging early to support clients on issues that matter most to them as they deal with the COVID-19 aftermath. This also aligns with PwC’s purpose, which is to build trust in society and solve important problems.Safety and Wellbeing: People are the most valuable asset of PwC. Since COVID-19 hit, we’ve been putting processes and essential technologies in place to protect our people in line with relevant safety protocols. This also means supporting and facilitating all our employees, whose personal and working lives have been challenged by the crisis.Quality: The economic impact from the outbreak has placed an even greater significance on issues such as building trust with clients, data management and transparency. PwC is committed to delivering quality in all the services it provides.Innovation: Continuing to drive investments in key technologies and aligning with the PwC Network strategy to scale up innovation, as well as develop new products and services. This includes advising our clients to construct sustainable businesses and preparing them for any major disruptions brought by future crises.Upskilling: Upskilling our employees across the firm, especially regarding digital skills, to ensure they receive an equal opportunity to develop and learn the skills needed to prepare themselves for the future of work.

In August, PwC firms around the world reported gross revenues (for the 12 months ending 30 June 2020) of US$43 billion (around THB1.34 trillion ), or up 3% in local currency and 1.4% in US dollars.

During the first nine months of FY20 (1 July 2019 - 31 March 2020) revenues grew by nearly 7% over the same period last year, with increases across all lines of business (comprising Assurance, Advisory and Tax and Legal Services) and in every major market. From April to June, the lockdown and pandemic-induced economic slowdown weighed heavily on revenues, which dropped by 6% compared with the same three months in 2019.

“As we move forward, it’s clear that PwC Thailand will have to monitor the economic situation very closely,” Chanchai said. “This year won’t be any easier for us or other business operators across the country, many of whom are our clients.”

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