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True Digital Park launches new academy
Thailand to get new data centre worth THB700 million
A leader in digital banking and one of Thailand’s largest banks and a Singapore-based financial consultant, a subsidiary of China’s leading technology-empowered personal financial services platform, recently announced the launch of FinVest, an online wealth management platform.
The new digital investment platform is aimed to help retail investors in Thailand gain access to a full spectrum of onshore and offshore investment products at a low minimum investment amount through the extensive network and relationships brought by the two parties.
FinVest aims to provide personalised investment solutions for retail investors. The online investment platform that has been built in partnership between the two entities caters to digitally savvy investors, providing access to more than 600 funds from 15 Asset Management Companies in Thailand.
Additionally, FinVest offers a curated client experience, including an enhanced design as well as user-friendly and mobile-friendly screen flows. In designing the mobile app, the entities prioritise the needs of retail investors. These include the ability to make informed investment decisions and the access to relevant investment knowledge provided by the firm and the bank in collaboration with a wealth-tech and investment specialist and investment solutions provider in Thailand. The ultimate goal of this collaboration is to make sure of the best investment journey to all investors.
The CEO of an online Internet finance marketplace stated that Thailand is one of the fastest-growing markets in Southeast Asia and continues to see rapid wealth growth and economic development. Partnerships and the sharing of technological know-how are defining the financial industry across the region, making significant improvements to the quality of service and offerings to clients. Through this collaboration, investors now have access to international investment opportunities that have previously only been available to a select few.
The CEO of the consulting firm noted that digital technology is rapidly changing the way investors use financial services. They are increasingly using digital channels to purchase financial products and invest. FinVest offers clients the convenience, efficiency, intelligence, and ease of use through a personalised online wealth management platform that will help Thailand and its economy stay at the forefront of the digital financial revolution taking place across the region.
An executive of the bank stated that in 2020, Thailand’s total outstanding capital market value is worth around THB44 trillion. Of this amount, investment in mutual funds totals THB4.8 trillion or around 10%. Of late, the younger generation has shown increasing interest in mutual funds, preferring to conduct transactions via digital channels and seeking products related to Thai and foreign equity instruments.
Moreover, open-architecture investment is growing every year. Development of the FinVest digital platform will help enhance investment potential for Thai retail investors, allowing them to directly invest in global mutual funds via FinVest.
FinVest marks a cooperative effort towards digital technology development; the bank which has extensive digital banking expertise; the Singapore-based company (under the online Internet finance marketplace) and the wealth-tech firm, ensuring that the FinVest platform is in alignment with the Thai capital market under the supervision of the Securities and Exchange Commission, Thailand.
This cooperation also reinforces the bank’s status as a complete banking service provider, based on a combination of its own digital banking expertise and that of the world’s leading partners and fintech experts.
FinVest seamlessly caters to local investors with round-the-clock digital access to comprehensive information about their accounts, market insights and intelligence relevant to their portfolio, while opening the door to premium onshore and offshore wealth management products. The platform also adopts strict Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an Anti-Money Laundering (AML) and an anti-fraud system, to meet regulatory requirements.
A multinational technology company recently held its annual “Seeds for the Future 2020” event in Bangkok to offer talented and motivated university students the opportunity to enhance their digital skills through a hands-on training program with leading ICT experts.
A group of 15 students from Chulalongkorn University (CU), Kasetsart University (KU), King Mongkut’s Institute of Technology Ladkrabang (KMITL) and King Mongkut’s University of Technology Thonburi (KMUTT), were selected to participate in an exclusive five-day ICT course covering the fields of 5G, Artificial Intelligence (AI), Internet of Things (IoT), Cloud and the firm’s mobile services (HMS) centre.
Initiated in Bangkok in 2008, the Seeds for the Future program aims to help cultivate young talent, ensuring that the digitally-resilient young people have the skills and mindset needed to compete in the future work landscape. Every year over the past decade, 10 qualified Thai students were given a chance to go on a two-week ICT study trip to China, where they meet fellow students from 125 countries and explore first-hand Huawei’s state-of-the-art learning centres and facilities in Shenzhen and Beijing.
Due to the global pandemic, this year’s event was held locally at the Thailand branch head’s office. The intensive week-long program included ICT courses live-streamed from the tech’s headquarters, an extensive culture workshop, offline courses held exclusively at the office and a comprehensive tour of Thailand 5G Ecosystem Innovation Centre (5G EIC) and Customer Solution Innovation and Integration Experience Center.
Experts on 5G, Cloud, Artificial Intelligent (AI), Internet of Things (IoT) and HMS shared industry insights as well as their personal experience in helping the country’s transformation using advanced technologies. The company also invited the team from the Electronic Transactions Development Agency (ETDA) which under the Ministry of Digital Economy and Society. During this special session, the students listened to a presentation on the role of ICT technology in developing solutions and services for the e-commerce sector in Thailand.
The presence of the Ministry of Digital Economy and Society Permanent Secretary confirmed the firm’s alliance and commitment with the public sector. Because of its relevance and importance to Thai progress, the program has had the support of the Ministry for several years.
It was noted that the DES Ministry believes that ICT skills development is critical for today’s digital economy. Practical training programs will enhance the students’ ICT capabilities and broaden their horizon. The tech firm’s long-term mission to incubate young talent and unlock opportunities for sustainable growth is in line with the governments. The Seeds for the Future program contributes to Thailand’s digitalization that will drive the country towards Thailand 4.0, the Permanent Secretary said.
During his opening address, the CEO of the firm’s Thailand branch stated that the company is proud to be part of Thailand’s development. With the mission of ‘Grow in Thailand, Contribute to Thailand,’ they stress their commitment to helping Thailand become a digital hub in the Asia Pacific region. Their implementation of the Seeds for the Future Program is proof of their commitment to helping promising, young ICT talent gain knowledge and skills about new technologies, and boost their career paths.
As a prominent enabler and accelerator of digital transformation, the tech giant has been investing heavily in cultivating ICT professionals and concentrating its efforts on supporting the development of the ICT ecosystem in Thailand. Over the past two decades, several government agencies have partnered with the tech giant to create effective ICT development models that bring benefits to society for decades to come.
Through talent promotion programs such as the Seeds for the Future initiative, the company seeks to close the gap between knowledge learned in the classroom and the skills required by the industry. The government intends to continue to support and collaborate with the firm to enable sustainable economic and social development in Thailand.
The Digital Economy Promotion Agency (Depa) announced plans to officially announce the first batch of four smart cities designated under its development scheme at Thailand Smart City Week scheduled for mid-October 2020.
These four smart cities have met five categories for smart city transformation. They are given two years for development to become smart cities. The Depa president and chief executive stated that if these four designated cities fail to meet the smart city requirements within two years, they would have their smart city certificates revoked.
There are five categories for smart city consideration. First, they must have a clear geographical boundary. Second, they need to have infrastructure investment and development plans. Third, they have to design an open and secure city data platform. Fourth, they must have a sustainable management model. Finally, they need to come up with smart city solutions in any or all of seven dimensions: economy, mobility, energy, living, people, governance; and environment.
The Depa President stated that the smart city development project is part of the government’s 20-year national development strategy to create liveable cities with an eco-friendly landscape. The government wants to see 100 smart cities by 2024, he said.
The Depa collaborated with partners to hold Thailand Smart City Week 2020 showcasing digital technologies to steer people-centric smart city development from 16 to 22 October. The event, which was held in both online and offline formats, aimed to attract 50,000 participants for the virtual event and 200,000 for offline showcases.
The physical event was held at True Digital Park, Samyan Mitrtown and the Depa office. The online content from the event will be kept on the websites for a year.
The event offered space for business negotiation, while activities included Smart City Plays, which demonstrated digital technology and innovation adoption. Meanwhile, at Smart City Learns, experts shared knowledge and ideas about smart cities. The Smart City Week also hosted a hackathon for people seeking the right digital solutions. Another activity is Smart City Meets, which exhibits advanced digital technologies and innovations created to accelerate smart city development.
Several cities in seven provinces have been committed to pursuing smart city development. They are in Phuket, Chiang Mai, Khon Kaen, Chon Buri, Rayong, Bangkok and Chachoengsao.
According to another article, the Chairman of the Board of Commissioners at Digital Economy Promotion Agency (depa), presided over the opening of Thailand Smart City Week 2020, stated that Thailand Smart City Week 2020 aims to move Thailand forward to become a world-class smart city as well as driving the development of smart cities in Thailand and abroad.
The event serves as the bridge to connect people in general with the advanced technologies and innovations to facilitate the smart urbanization, technological adoptions and digital transformations. The ultimate goal is to enhance economic and social development sustainably.
Smart city development is regarded as a global agenda that people around the world are greatly interested in as it is fundamental for economic and social development. Smart city development will be driven by the collaboration between state agencies, officials and local people in each designated area, particularly the public and private sectors.
The aim is to achieve the same ambitious goal to develop a more liveable, modern city with a commitment to helping people have a better quality of life. The Depa has always prioritized and carried out a smart city development policy in alignment with the 20-year national development strategy.
Meanwhile, the MDES laid out the highly-efficient digital infrastructure across the country as part of the roadmap to Thailand 4.0 model. Therefore, smart city development is the government’s core mechanism initiated to help narrow society disparities as well as helping to promote a fairly distributed growth and prosperities in each region across the country, he added.
The COVID-19 pandemic and the upcoming rollout of 5G are expected to drive up the number of gamers in Thailand. However, economic difficulties still weigh on their spending per person, according to the promoters of Thailand Game Show 2020, scheduled for next month.
The Managing Director for Digital and Media Platform Online Station under one of the core businesses of Thailand’s fully-integrated digital service providers, which is a key supporter of the show, stated that the pandemic ushers in positive aspects and challenges in the game industry.
The global number of gamers has surged 36.9% since the outbreak, helping the home entertainment business, while game downloads have jumped 20%. While there is no official data on the segment in Thailand, it is likely to follow the global trend.
This is a challenging year for the country’s game industry, as gamers’ per-person spending is likely to fall in line with the economic woes. It is expected that the whole gaming market in Thailand to rise as the industry takes a smaller hit from the economic impact than other sectors.
Thailand has 27.8 million gamers or 41% of the population of 69 million. The industry’s market value is expected to reach THB27 billion in 2020, up 15% from 2019. In the worst-case scenario, the gaming industry would grow 10% following the postponement of the launches of new PC and console games.
Thai gamers spend an average of THB940 per person per year. Gamers aged 25-34 are the most willing to pay for games. In Thailand, mobile games account for 71% of the gaming industry’s revenue, followed by PC (22%) and console (7%). At the global level, mobile games represent 49%, trailed by console (28%) and PC (23%).
It was noted that mobile games are expected to increase momentum due to rising smartphone penetration, while console games will also thrive due to the upcoming launch of new game consoles. Cloud-based games are also projected to gather steam in the next few years.
The Thailand Game Show 2020 will be held as a hybrid offline and online event from 14 to 15 November 2020 at Siam Paragon’s Paragon Hall. The space will be divided into two zones: one for a stage show with a THB100 ticket for entry and another for 24 booths of game accessories vendors. The show lets gamers meet game idols, casters and cosplayers.
OpenGov Asia recently reported that Deputy Director-General of the Digital Economy Promotion Agency (Depa) announced a collaboration with Thailand’s largest GSM mobile phone operator and the leading source of all tech and business news in Thailand and Southeast Asia to launch an online seminar which will feature a comprehensive overview of the gaming and e-sports industry.
The parties will come together to develop a new path for the game industry in Thailand. The partnership aims to increase the number of industry opportunities in the esports, a sector which many people still as lacking potential. Moreover, a case studies of the successful implementation of esports industry initiatives will be done and the results will determine the measures needed to apply them to the gaming industry in Thailand.
Across the world, people are turning to gaming platforms to view virtual concerts, for messaging, gambling, dating and even virtual celebrations of weddings and birthdays in an increasing number, the company found. They predict that the global consumer gaming industry will reach a value of $198 billion by 2024, not including sales from hardware and devices, augmented reality, virtual reality and advertising.
The industry is turning from selling individual games to offering subscription services, with several tech giants offering gaming subscriptions and competing with major players. Moreover, the firm found that 58% of gamers use or intend to use gaming subscription services, while 38% use or intend to use cloud gaming services. About 22% of people who bought their first virtual-reality headsets this year did so during the virus outbreak, the firm reported, with most users intending them for videogames.
The Deputy Director-General of the Digital Economy Promotion Agency (Depa) in collaboration with Thailand’s largest GSM mobile phone operator and the leading source of all tech and business news in Thailand and Southeast Asia organised an online seminar Esports Summit – Pre-Event LIVE which featured a comprehensive overview of the gaming and e-sports industry.
The Deputy Director-General joined hands with the President of the E-Sports Association of Thailand (TEF) and the CEO of the mobile phone operator. The parties will come together to develop a new path for the game industry in Thailand. The partnership aims to increase the number of industry opportunities in the esports, a sector which many people still as lacking potential. Moreover, a case studies of the successful implementation of esports industry initiatives will be done and the results will determine the measures needed to apply them to the gaming industry in Thailand.
The Summit will take place on 28 October 2020 at Samyan Mitrtown, and will include a variety of e-sports-related seminars including those titled ‘How To Drive, Develop and Engage Global Branded Customers with eSports’, ‘Tips from the Developer of a World-Class Streaming Platform’, ‘Bachelor’s Degree of Gaming: Advice For Parents About E-Sports and more.
Propelling e-sports in Thailand
In August 2020, it was reported that mobile phone operator launched the AIS e-sports studio to support Thais training to compete at competitions around Southeast Asia.
Winners of competitions hosted by the operator will be able to practice e-sports at the studio. The studio brings together high-speed internet networks and equipment to support e-sports, primarily for training in preparation for the next regional competition.
AIS uses a caster and production zone with modern production techniques and full equipment to organise live events on high-speed internet networks for e-sports fans.
The company plans to organise two more e-sports tournaments this year beginning with its e-sports Thailand Campus Championship 2020 Season 2, and its e-sports Thailand Open Championship for players of all levels.
More recently, the Co-Founder and Chief Executive of a consulting firm stated that gaming is set to emerge as the next dominant technology platform much the way search engines, mobile phones and social networks redefined industries in previous decades.
Some games are transforming into digital hubs that offer people an array of services once only possible in real life. The coronavirus pandemic has accelerated gaming’s popularity, with overall time spent gaming rising by 29% during the outbreak, according to the firm.
People are increasingly using gaming platforms to view virtual concerts, for messaging, gambling, dating and even virtual celebrations of weddings and birthdays, the company found. The firm predicts the consumer gaming industry will reach a value of $198 billion by 2024, not including sales from hardware and devices, augmented reality, virtual reality and advertising.
The industry is turning from selling individual games to offering subscription services, with several tech giants offering gaming subscriptions and competing with major players. The consulting firm found that 58% of gamers use or intend to use gaming subscription services, while 38% use or intend to use cloud gaming services.
A wave of mergers and acquisitions involving gaming and tech companies has been predicted. Gaming will also connect industries, the expert said.
About 22% of people who bought their first virtual-reality headsets this year did so during the virus outbreak, the firm reported, with most users intending them for videogames.
As the world moves towards the digitisation of the economy, the adverse impact of financial crime in banks and other financial institutions is accelerating rapidly. The shift to a work-from-home system as a result of the pandemic has increased the vulnerability of remote financial sector employees whose devices lack adequate security.
There is so much fraud that goes unidentified and cannot be accounted for. As a result, fraud prevention is one of the top areas of concern for the financial sector industry today.
To understand and alleviate the relevant pain points of digital executives from the financial sector industry in Thailand, OpenGov Asia hosted an OpenGovLive! Virtual Breakfast Insight that explored how Advanced Analytics, AI and Machine Learning can power the next-generation of compliance.
The full house of delegates at this event was a testimony to the relevance and importance of this topic among financial sector executives from Thailand.
Bad actors in the digital space are getting harder to identify as they are using the same technology as us
The event began promptly with Mohit Sagar, Group Managing Director and Editor-in-Chief, OpenGov Asia introducing participants and laying the ground for the discussion ahead.
Mohit emphasized the increased risk of fraud and money laundering in the financial sector industry in the current atmosphere. Bad actors in the digital space are leveraging the same advanced technology as legitimate organisations with a destructive mindset – and no restrictions of regulation and compliance.
This makes it imperative for financial sector institutions to augment and bolster their existing fraud protection through Advanced Analytics, AI and Machine Learning.
Mohit shed to light on the importance of sound leadership in these trying times and urged all to think as responsibly as leaders do.
He left the audience with advice to partner with experts who excel at utilising technology to strengthen compliance and fraud protection rather than losing this valuable time in understanding and enabling it themselves.
Innovation, adoption, and maturity: three phases of AI and ML adoption cycle in financial institutions
Ahmed: Other stakeholders in the industry recognizing and supporting the use of AI and ML in anti-money laundering initiatives
After Mohit’s opening, Ahmed Drissi, Anti-Money Laundering Lead, APAC, SAS elaborated on the detailed features of SAS’s money laundering solution. Ahmed spoke about the challenges in using traditional AML solutions and how SAS solutions overcome these shortcomings.
He further shared in detail of other the recognition and support for AI and ML in anti-money laundering initiatives by stakeholders in other industries.
Ahmed expounded on the three phases of AI and ML adoption cycle that include innovation, adoption, and maturity as demonstrated by various global and regional banks.
He shed some more light on the various AI/ML use cases in AML. These include entity resolution, customer segmentation, post alert scoring, model detection, tuning and optimisation. Being an expert in the field, he was able to articulately and authoritatively share details of the above-mentioned use cases with the delegates.
Banks and financial institutions must focus on simplifying and strengthening compliance
After Ahmed’s information-rich presentation, Viswanathan Namasivayam, Advisor for Data Science Enterprise Architecture, Data and AI Group at UnionBank Philippines gave his insights and opinions on the topic.
An advocate of simplification of compliance for banks and financial institutions, Viswanathan bases his conviction on the dramatic rise in fraud and hacking incidents he has observed.
He also believes in the power of advanced technology like AI/ML to mitigate these risks as it offers institutions the ability to go beyond a single representation of an individual or an entity, rendering a better understanding of the fraud risk.
Viswanathan shared a recent case study from Germany with the delegates to bring home the point that using AI in technology and security is inevitable in today’s world of increased cyber risk. The case study is a classic example of the consequences of failing to manage the risk associated with fintech companies. He also cautioned the audience that incidents like these would trigger more stringent and tighter regulations.
He completely agreed with Ahmed’s opinion about regulators and supervisors in the industry who also see a lot of value in using technology in this space.
Viswanathan concluded his presentation by pointing to the fundamental shift in financial institution’s approach in the handling of fraud incidences – moving from being reactive to proactive.
None the less, Vishwanathan ended on an optimistic note – acknowledging that this fundamental shift in institutions of becoming more proactive is a significant step for them in their journey towards a having a robust fraud and risk management system.
After these two insightful presentations, the event moved into the more participatory part of the session: polling and discussions.
On the question about the extent to which your organisation is incorporating AI/ML learning capabilities in your risk and compliance programmes, a majority of the delegates voted that they are using AI/ML across risk and compliance, including financial crime – watchlist filtering, sanction screening, and/or transaction monitoring (63%).
A senior delegate from a major bank shared that they are using AI and ML for other functions like data prediction and collection, sales, and contacting their customers but are still evaluating the advantages of AI to be implemented across all risk and compliance programmes.
On the next question about conducting or the need to conduct proper investigations on suspicious transactions and the availability of a sufficient platform to help with the investigation process, most delegates indicated that they have a platform providing these capabilities (63%).
Ahmed was happy to know about this trend and it was in keeping in with their expectation that most banks in Thailand have the proper platform and investigation tools in place.
On the final question about having a real-time fraud detection, prevention, and monitoring solution that is working together with an AML solution, the delegates overwhelmingly voted that they have a fraud system but it is separate from the AML solution (76%).
Another senior executive from a major bank shared that he voted for the above as they have two different departments taking care of fraud monitoring and anti-money laundering n their organisation. In the same vein, he shared that it would be good to have an integrated system over time.
After the polling session Nutapone Apiluktoyanunt, Managing Director, SAS Thailand came forward to close the session. He thanked all the delegates for taking the time to participate in the session and share their invaluable insights.
He also encouraged the delegates to reach out to team SAS if they have any questions or want to get more clarity on the solutions shared during the presentations.
South Korea’s largest telecommunications company plans to enter the Thai data centre market by building a hyperscale facility with a Thailand-based telecommunication services company. The facility will be built by both the two telecoms’ subsidiary Jasmine Telecom Systems (JTS). When built, the data centre will be rolled into a new Internet Data Center (IDC) business.
The Head of the Korean telecom noted that the IDC business partnership with the Thai firm is a great opportunity to prove its business capability in the global market. The telecom’s team is ready to expand its outreach to global markets through this endeavour in Southeast Asia, which is a newly emerging IDC market.
In March this year, the Korean signed a $19 million contract with the Thai group’s other affiliate, 3BB TV Co, to provide commercial IPTV (Internet Protocol TV) services in Thailand. The President and Director of the Thai firm stated that the hyperscale data centre and cloud service business will be a foundation to add value to the Group’s network business. Through the joint development of the IDC business, the company looks forward to long-term cooperation with the Korean telecom giant.
The rise of data centres
Asia Pacific data centre and cloud providers are among the fastest-growing in the world, with cloud revenue far outstripping data centre revenue, a new study by specialists in data centre research reportedly notes.
In particular, forecasts by the firm pegged cloud revenue in the region at four times more than data centre revenue over the four years to the beginning of 2025, with cloud revenue projected to increase by 87 percent and data centre revenue by 22 percent.
Fast growth
The new report looked at the market landscape for data centres and cloud services in the region, namely Southeast Asia countries such as Indonesia, Malaysia, Singapore, Thailand, and Vietnam, as well as Australia, China (and Hong Kong), Japan South Korea, and Taiwan.
According to the report, there is one sq m of data centre space for every 522 people in the Asia Pacific region, with hubs such as Australia, Hong Kong, and Singapore having a notably higher data centre floor space “per head” than the rest of Asia.
China has the largest data centre space in the APAC (and second-largest globally), accounting for 43 percent of data centre space in the region with 1.7 million sq m of space forecast for 2021. Elsewhere, the next largest data centre market in APAC is Australia and Japan with 11 percent each, with Singapore in fourth place with 10 percent. Singapore is understood to be under a moratorium on new data centres that could last until 2021, though it is unclear if it is still in effect.
Smaller data centre markets are poised for further growth – with South Korea, Taiwan, Thailand, and Vietnam forecast to have the highest increase.
Thailand Ministry of Digital Economy and Society (MDES), Digital Economy Promotion Agency (depa) and a Chinese multinational technology company announced the launch of the Thailand 5G Ecosystem Innovation Center (5G EIC) in Bangkok, the aim is to accelerate 5G innovation through ecosystem collaboration and boost the digital economy.
The centre will serve as a sandbox for the development of digital innovations for 5G applications and services across various industries in Thailand. These innovations will create new business opportunities for SMEs, start-ups and educational institutions, enabling Thailand to become a digital hub of the ASEAN region.
On behalf of Prime Minister, the Minister of Digital Economy and Society delivered the keynote speech themed “Incubating 5G Ecosystem to Support the Digital Transformation of Thailand 4.0” at the opening ceremony.
He noted that Thailand is taking a crucial step toward moving into a new socio-economic era. It is among the first countries in ASEAN to be on track to adopt 5G technology, which not only offers innovative services and seamless experiences but is also reshaping all industries toward digitalization.
According to the minister, the Ministry of Digital Economy and Society has come up with the ‘Action Plan to Leverage 5G Technology’ as a guideline and mechanism to ensure that 5G can be most effectively utilized in all aspects.
Thailand’s 5G EIC is empowered by the Chinese tech giant with their global leading technologies, experiences and know-how. The Minister noted that 5G EIC is a milestone that will inspire the adoption of 5G technology in Thailand. This crucial step will urge digital transformation in all industries, paving the way to achieve Thailand 4.0, creating new value and opportunities, while also enhancing Thailand’s potential as a leader in digital development in the region.
Thailand 5G EIC, located at the Digital Economy Promotion Agency (depa), provided a testbed for use cases such as 5G Medical Care, 5G Smart Agriculture, 5G Port, 5G Remote Education and 5G Smart Security, and more. It is designed to accelerate the 5G ecosystem and incubate local digital SMEs and start-ups to embrace technologies such as Cloud, AI, and IoT in the digital transformation. The 5G EIC will also cultivate Thailand ICT talent and upgrade digital skills to meet global standards.
During the ceremony, depa also announced the “Thailand 5G Ecosystem Partnership Alliance.”
The President and CEO of depa noted that the agency aims to drive Thailand towards the digital economy. Thailand 5G EIC will bring together an international alliance network to drive Thailand digital innovations in the long run. Therefore, the collaboration between depa and global leading companies like the Chinese tech firm in establishing 5G EIC will greatly enrich the ecosystem.
At the ceremony, the Chinese tech giant revealed its THB475 million plan for 5G EIC, which will include its leading 5G equipment and solutions, and worldwide partners to Thailand. The tech company vowed to incubate over 100 local SMEs and start-ups annually to adopt 5G solutions for different vertical industries in three years.
The 5G EIC will be firstly launched in Thailand among ASEAN countries, it marks an important milestone for the 5G development in the country and even in the region, the CEO of the firm’s Thailand branch noted. He added that it is a great honour to be one of the initiators and the main partner of the visionary project. The firm is fully committed to nurturing the 5G ecosystem and support the Thailand 4.0 initiative with the global leading experiences and resources.
