The business sector in Thailand has begun to awaken and expand its reach to the international stage regarding technology seriously and continuously. Over the past 2-3 years, there has been significant development and expansion into various industries.

           China is another country that is quietly yet rapidly advancing in this region, surpassing nearly every technology company in the internet sector. With various factors at play, China is committed to investing heavily in this region and is well-prepared for such investments. It is predicted that a massive influx of capital will flow into Southeast Asia.

            In 2022, Singapore is another country to watch as it plans to introduce driverless buses to address the shortage of drivers and the limited space on the island. Pilot projects are being launched in three areas with low traffic congestion.

            In Thailand, the real estate sector is not only focusing on developing Construction Tech and Property Tech but is also starting to support various startups. For example, the Ananda Group is evolving into a tech company that understands and will incorporate FinTech to facilitate home loans, Health Tech to improve health management at home, and IoT Tech to enhance convenience in daily living, ultimately leading to UrbanTech that paves the way for innovative technological success in their businesses.

            Pushing for “Technology Investment” in 2018 is another technology gaining attention: the enhancement of the technology ecosystem, or Tech Ecosystem, both in Thailand and globally. An example of a Tech Ecosystem Builder in Europe is Station F, known as ‘The World’s Biggest Startup Campus,’ located in Paris, France. It is a significant startup hub in Europe, covering over 34,000 square meters, featuring private offices, over 3,000 workstations, 60 meeting rooms, and 8 event spaces, along with restaurants, cafes, and showers, operating 24 hours a day.

            By the end of 2018, Thailand will witness a new technological phenomenon in the digital and startup sectors through the Digital Park project, which will be the first and largest Digital Hub in Thailand and Southeast Asia. Spanning 77,000 square meters on Sukhumvit Road 101, this project is more than just a co-working space; it is a Digital Hub with a complete ecosystem supporting digital businesses and initiatives at all levels, both domestically and internationally, serving as a central location for organizations and a source of knowledge and experience beneficial for new startups.

            The Application of “Financial Technology” in Thailand involves integrating technology into the financial system to create convenience, enhance operations, and open up various business opportunities beyond just financial matters. This includes FinTech for transactions such as money transfers, bill payments, withdrawals, online transactions, and Cryptocurrency, which is designed to facilitate digital transactions, as well as Blockchain, which transforms business practices and daily life in currency exchange using technology, offering cost savings, high security, and reliability.

            This is evident from the launch of international money transfer services via Blockchain by financial businesses, showcasing the vibrant landscape of investors and startups in Thailand. For instance, Siam Commercial Bank has introduced real-time international money transfer services using Blockchain technology, with plans to expand services across the Americas, Europe, and Southeast Asia in the future.

            Krungsri Bank is another Thai bank collaborating with organizations both domestically and internationally to support the use of Blockchain’s Interledger for international money transfers within the BOT Regulatory Sandbox, in partnership with Mitsubishi UFJ Financial Group (MUFG), the largest financial institution in Japan and one of the top five globally, to develop global network connectivity alongside six other leading banks.

            Thailand has been alert to technological advancements for several years, witnessing the emergence of various technologies such as Incubators, Accelerators, and Corporate Venture Capital (investors from organizations), both directly and indirectly in the tech sector, stemming from collaborations among various parties and organizations.

            In 2021, Thailand will have the opportunity to use high-speed rail services, a joint venture between Thailand and China, covering the route from Bangkok to Nakhon Ratchasima, spanning 253 kilometers with a budget of 179,413 million baht. There will be six elevated stations, including Bang Sue, Don Mueang, Ayutthaya, Saraburi, Pak Chong, and Korat, with confirmation from the Thai government that Thai citizens will indeed be able to ride the train! The fare will be affordable, and we should all follow the progress of Thailand as it strives to reach global standards. ---TerraBKK

Article by: TerraBKK Investment Tips
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