New TPC president has ambitious plans to revive Thailand Elite card
Thailand Privilege Card Co (TPC) is moving ahead with its plan to revive the Thailand Elite card next year now that it has a new president to spearhead the controversial operation.
Apisit Chucenchompoo, 50, was chosen for the top post after the operation had been in limbo for three and half years. During that period, it was the responsibility of the Tourism Authority of Thailand. The TAT owns 100 per cent of TPC.
A luxury Thailand Elite card costs Bt2 million, which offers a five-year visa exemption and other nationwide privileges. However, cardholders have to renew their visa every year. It was the brainchild of Thaksin Shinawatra while he was prime minister. For years the company has faced controversy, especially over political interference and discontinuous management, which led to its failure to meet its business ambitions.
Currently, there are 1,540 foreign members.
Apisit said it would be a big challenge to put TPC back on a business track. Aggressive plans will be launched to bring in new members next year, with a target of at least 1,300. He urged all stakeholders in the operation to make a joint effort to promote the Elite card successfully.
“This work is for our nation. The business still has more opportunity. We have to work together and have a clear direction via a strategic promotional policy. This will help revitalise our economy as well,” he said.
He plans to modernise the company’s operation, along with looking for ways to increase revenue. More important, more than Bt90 million in debts will be cleared next year.
The company will no longer depend on revenue from card sales, but will also earn commission fees from business partners joining the TPC service network.
He projected that over the next five years, revenue would come equally from card sales and commission fees. Spa, fashion and shopping outlets are on the list of potential business partners. Many Elite cardholders are businesspeople who invest here, and undertake various economic activities via local service providers.
To increase the number of members, Apisit plans to appoint more sales agents, up from six currently. Besides other Southeast Asian nations, overseas markets in his focus include India, Japan and South Korea.
The firm now has Bt30 million for cash flow to run the operation. At present, its fixed costs per month total Bt10 million. To run the business more strategically, the firm needs Bt200 million in new funding.
