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https://www.nationthailand.com/business/econ/40019380

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Dubbed as the largest gathering of “the Verse”, some 4,000 attendees got a taste of “metaverse experiences” for the first time

Thailand Metaverse Expo 2022 (TME) has successfully helped drive Thailand into the Web3 era. More than 50 CEOs of leading companies and gurus of the industry unveiled their visions and the event offered new business opportunities to many of the 4,000 attendees.

The three-day event was held for the first time in Thailand, from August 19-21, 2022, @centralwOrld Live. TME received an overwhelming response that exceeded expectations.

Throughout the three-day event, more than 30 companies and startups from the metaverse and related industries joined the booths. Three stages showcased fresh ideas to illustrate the state-of-the-art power of the new virtual world that will seamlessly connect with the physical world.

The Nation, under Nation Group, joined forces with partners “Block Mountain”, one of the largest blockchain and digital asset exhibitions in Thailand, and Metaverse XR, a metaverse tech startup, to organise this landmark event in Thailand and open it to the public for free.

At the event, attendees witnessed the real world of non-fungible tokens (NFTs), Sports Metaverse and startups, while finding new business and business-matching opportunities from local and international experts.

During the event, Multiverse Expert was announced as the 4th Thai unicorn and the first Thai Metaverse Unicorn.

Pongwut Praipaisalkit, CEO of Multiverse Expert

Multiverse Expert, under the MiGroup, received investment from Power-All Networks, a subsidiary of Foxconn. They were set to receive $120 million earn-out procurement, or 10 per cent of its $1.2-billion valuation.

The organisers took the opportunity to congratulate Pongwut Praipaisalkit, the CEO of Multiverse Expert.

Adisak Limparungpatanakit, Executive Vice President of Nation Group, said: “The Nation, as a media that has been with Thai society for more than half a century, must be an intermediary in bringing Thai society forward into the era of Metaverse and Web3.”

Adisak Limparungpatanakit, Executive Vice President of Nation Group

Natee Theppot, co-founder of Om Platform

Natee Theppot, co-founder of Om Platform, said that on behalf of the co-organiser Block Mountain and partners, he would like to thank all teams and supporters of the event.

“Thailand Metaverse Expo is part of the spark that made us realise the importance of technology, especially the metaverse, and just be open to learning. Opportunity is always there when you are open,” he said.

Parin Sathianpagilanagorn, Managing Director, Multi Technology Expert and co-founder of Metaverse Thailand

Parin Sathianpagilanagorn, Managing Director, Multi Technology Expert and co-founder of Metaverse Thailand, said: “Metaverse is no longer a matter of fundraising. What will keep it alive is productivity within their own community to create mass adoption.”

“Metaverse is not a pure virtual world because we are currently living a real life. So we need services and partners to connect real life to Metaverse,” said Nuttapong Tungdajahirun, CEO, Sabuy Digital.

“Metaverse is borderless and D.OASIS wants to be the largest community of Thai people in The Sandbox, giving Thailand access to a global community while the world community is able to access Thailand,” said Sirikiat Bunworaset, CEO of D.OASIS

“To build a sustainable metaverse model, you have to keep providing features that enable and empower creators. Let them own and monetise their content,” said Sebastien Borget, Chief Operating Officer, The Sandbox

Jirayut Srupsrisopa, the CEO and founder of Bitkub Capital Group Holdings, said: “Thailand can become the digital economy hub of Asean.”

“Metaverse is a global trend. Thailand is at the stage where all stakeholders are beginning to explore, then search for business-appropriate concepts,” said Sanjay Popli, Cryptomind Advisory’s co-founder and Chief Executive Officer

The event also hosted two other stages — Showcase and Workshop — where insights into the metaverse were well-known, and up-and-coming NFT artists and communities were introduced. Some of the well-known NFT artists were Play Isreyah, MaArt Studio, Eveden, Warden, Atevada, Latte Latte, Coconut Sunday, ARCHIVERSE, Taitern, Maxyverse, CHANGLAND, Frontyr Studio, etc.

Thitiphan Thapthong, better known as Taitern, said: “If we can make something invisible to be recognisable, then we have no fear of losing our identity.”

Orchaporn “Jean” Warasirikul, owner of Latte Latte, said: “Latte is coffee. Latte, latte, is like offering happiness. Born of love, dream and bonding together, it has become an inspiration to create each piece that wants to make those who see it smile.”

“NFT is the future, good experience at your fingertips There’s no such thing as late if you’re thinking of starting. The world can be changed by our own hands.”

Coconut Sunday, a Thai band that performed on Metaverse in the Decentraland System, showed up live at Thailand Metaverse Expo 2022. One of its band members said, “Metaverse and NFT have opened doors that were previously closed for us to meet new friends, new fans around the world. It is a warm community and the hope of our music journey.”

In addition, there was also a significant development in the Thai sports industry with the “Sport Metaverse Challenge #1,” an idea competition to find talents. The teams presented their ideas on developing athletes’ potential through the virtual world with the mentors of the metaverse industry closely mentoring each other, whether it’s Khun Sanjay Popli, CEO of Cyptomind, or Pongwut Praipaisalkit, CEO of Multiverse Expert, Thailand’s fourth unicorn.

The winning team this first year was SKiVERSE, a group of young students from Chulalongkorn University, inspired by skiing that could only be held in winter cities. But virtual reality technology could break all barriers to pave the way for the sport on the metaverse.

SKiVERSE won the judges’ nod and grabbed the first prize of 100,000 baht. The runner-up was BS — Muay Thai — which received 30,000 baht; third-placed AS2P — table tennis — got 25,000 baht; and the Dragon Boat sports team received 20,000 baht for finishing fourth.

Preedok Thongwandee, president of the event’s sponsor, B-Lay Plus Co Ltd

Preedok Thongwandee, president of the event’s sponsor, B-Lay Plus Co Ltd, the official supporter of Sport Metaverse Challenge #1, said: “Congratulations to the youngsters who came to show their ideas on developing athletes’ potential. I believe that this is a very good extension.”

Media activities aimed at helping develop Thai journalism at Thailand Metaverse Expo 2022, involved two parts: the presentation of AI Reporters in collaboration with deus.works, and the second event was the press conference on “Developing news stations on Metaworld with OK Nation, Metaverse Thailand, and Erectus, which were believed to be the starting point for media outlets in Thailand to fully enter the Metaverse world.

Also making major contributions towards the success of the event were the main sponsors: Metaverse Association of Thailand, B-Healthy, Bitkub, Healthverse Island, PRX Metaverse, 9 Cat Digital, Multiverse Expert (MiGroup), Sabuy Digital, Kantana, along with B-Lay Plus (Sport. Metaverse), MQDC, Translucia, D.OASIS, and AIS.

Other sponsors included True, Thai Smile, Puff & Pie, and Mind Pixels.

Participating brands included Block Mountain, Bitkub, Metaverse Association of Thailand, Chiangmai Crypto City, Thonburi Group, Art Story to The Moon Project (NFT booth for autistic kids), MetaverseXR, Merkel Capital, Erectrus, Spatial, Thai Metaverse Association, 63Buildcybertech, Grafity, Blue Ocean. Technology, deus.works, Om Platform, B-Healthy, Healthverse Island, PRX Metaverse, Multiverse Expert (MiGroup), Sabuy Digital, Kantana, and Pro-toys.

For more information:

https://www.thailandmetaverseexpo.asia/

Main FB Page: Metaverse Thailand Expo 2022

https://www.facebook.com/ThailandMetaverseExpo

FB Page for Sport Metaverse: https://www.facebook.com/sportmetaverse/

Published : August 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019371

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The baht opened at 35.82 to the US dollar on Friday, unchanged from Thursday’s closing rate.

The currency is expected to move between 35.70 and 36 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He explained that the baht is still swinging sideways ahead of the US Federal Reserve chair’s statement.

Jerome Powell is scheduled to deliver a speech at 10am US time and is expected to reiterate the central bank’s commitment to fighting inflation.

He added that the baht has not weakened much because foreign investors have continued buying Thai stocks. Foreigners have spent 10 billion baht on Thai stocks in the past four days.

The strategist has advised investors to use hedging tools like options to manage risks in a highly volatile currency market.

Published : August 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019363

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Thailand’s sovereign credit rating has been retained at “A-” with a “stable outlook” by Japan’s Rating and Investment Information Inc (R&I), according to a senior Thai official.

Patricia Mongkhonvanit, director-general of the Ministry of Finance’s Public Debt Management Office, said on Thursday that although Thailand’s economy was severely impacted by the Covid-19 pandemic, R&I expected a recovery, particularly in the tourism sector, which is a key engine driving the Thai economy.

Also, R&I expressed confidence in its latest evaluation of Thailand that the government could maintain financial stability while carefully dealing with the country’s public debt burden.

She said the financial affairs had been managed carefully and state funds had been gathered sufficiently despite the budget deficit and the high ratio of public debt to GDP — 61 per cent.

R&I expected Thailand to still suffer from a current account deficit this year due to decreased revenue from the tourism industry, higher transportation costs, a shortage of semiconductors, and China’s new round of Covid-19 lockdowns.

However, the current account deficit situation was expected to improve next year as the tourism sector was recovering and energy costs were declining.

Thailand’s external finance sector has remained strong due to the country’s large foreign exchange reserves and high liquidity.

However, R&I voiced concern over the country’s political uncertainty that could affect its economic policies.

Published : August 25, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019360

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Mega infrastructure development projects, coupled with accelerated growth of the electric vehicle (EV) industry, will position Southeast Asia as a bright spot for the metal and steel industries, said German trade fair organiser and convention centre Messe Düsseldorf.

Speaking during a special group interview, Messe Düsseldorf Asia (MDA) managing director Gernot Ringling said many countries were investing in a variety of projects, both public and private, to create comprehensive infrastructure to support border reopenings.

Transportation and logistics, including the use of renewable energy and EVs, and connectivity between nations are all part of the investments, he noted.

Southeast Asia is the seventh largest economic bloc in the world and witnessing fast growth, a MDA study showed.

By 2030, urbanisation will encompass 45 per cent and the demand for infrastructure development, including wires, cables, tubes, pipes, foundry and metallurgy and steel production will also grow, it said.

Overall, finished-steel global consumption reached 1.77 billion tonnes, of which 73 per cent went to Asia.

Furthermore, the total value of the wire and cable market in Thailand currently totals more than 55 billion baht, projected to grow at a compound annual growth rate of 6.1 per cent through to 2026.

According to a MDA evaluation, the Asean highway network, which is currently under construction, is a key project accelerating the growth of the wires, cables, pipes and conduit cables market.

The network aims to connect all ten Asean countries over a distance of 38,400 kilometres.

Another important project is the Asean Power Grid, which will cost US$5.9 billion (212.7 billion baht) and connect electrical networks to form a comprehensive regional grid.

To reinforce the growth potential and value of investing in Asean infrastructure, MDA decided to organise four mega-events – the International Wire & Cable Trade Fair for Southeast Asia; the International Tube & Pipe Trade Fair for Southeast Asia; the International Foundry Trade Fair and Forum for Southeast Asia; and the International Metallurgical Trade Fair and Forum for Southeast Asia.

Ringling said the events would showcase innovations in the production of wires, cables, tubes, pipes, foundry and metallurgy in Thailand.
 

Thirty countries around the world will showcase more than 200 products to display the latest technologies and innovations relating to industrial and infrastructure investments.

The events are expected to provide an opportunity for the public and private sectors that plan to invest in megaprojects to learn about industrial innovations from leading companies including those in Germany, Italy, United Kingdom and the United States.

Furthermore, the events will also increase international investor exposure for Thailand’s various projects, such as railway construction, development of the Eastern Economic Corridor, construction of motorways to connect and support city expansion, and development of piers in industrial cities.

Ringling said one of the most significant current investments in Thailand’s basic infrastructure is the development of drainage and sewage systems, with the goal of increasing the Southeast Asian pipes market to $24.8 billion by 2028.

“Thailand is also becoming a regional leader in EV production,” Ringling pointed out. “So the events will provide a great foundation for industrial development as well as a great opportunity for the growth of the telecommunications industry and power development plan.”

The mega-events, to be held from October 5 to 7 at Bitec, Bang Na, is expected to draw at least 6,500 local and international visitors.

Published : August 25, 2022

By : Nongluck Ajanapanya

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019357

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SCBX Pcl, the “mothership” company of SCB Group, on Thursday announced that the group and Bitkub Capital Group Holdings had reached a mutual agreement to terminate their proposed investment of 17.85 billion baht in Bitkub Online.

Under a deal announced in November last year, SCBX’s subsidiary SCB Securities Co Ltd (SCBS) was to enter into a share purchase agreement for a 51 per cent stake in Bitkub Online Co Ltd from Bitkub Capital Group Holdings Co Ltd, with the total transaction valued at around 17.85 billion baht.

Under the deal, SCBS was to work with Bitkub as business partner to build a digital asset ecosystem that would include a digital asset exchange as one of the infrastructures at national level.

In the statement issued on Thursday, SCBX said: “During the due diligence exercise, the company and SCBS recognised the potential and talents of Bitkub group as well as foresaw many opportunities for cooperation in various areas in order to develop and improve the business operations of Bitkub.

“Whilst the results of the due diligence exercise did not reveal any significant abnormal issues which are irremediable, Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission of Thailand, which are uncertain in terms of timeframe in resolving those issues. As a result, the buyer and the seller have agreed to terminate the transaction.

“SCBX and SCBS remain committed to their strategic plans to expand into businesses relating to blockchain technology and digital assets, which will play an important role in Thailand’s economy and financial industry,” said the statement, signed by SCBX CEO Arthid Nanthawithaya.

On November 3 last year, after the deal was announced, Arthid had said investment in Bitkub Online would enable SCBX to create new value that can expand in the long term within the new world of digital asset exchange, and would help the company become a leading financial technology group in the region in the next 3-5 years.

Published : August 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019356

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Thai household debt has exceeded 500,000 baht this year, fuelled by the higher cost of living, according to results of a survey by the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting.

Assoc Prof Thanavath Phonvichai, the university’s president and the centre’s chief adviser, said on Thursday that Thailand’s household debt on average stood at 501,711 baht this year, a 3.7 per cent increase from last year.

He said the debt per household was the highest since the centre began its annual survey on Thai household debt 13 years ago.

Thanavath blamed the increase on higher prices of food and consumer products caused by higher fuel prices, as the country’s economy is yet to fully recover from the Covid-19 pandemic.

“People’s incomes do not match their expenditures, as the economy has not seen a full recovery,” he said.

The academic also said that of all the debts, 78.9 per cent were borrowed from financial institutions while the remaining 21.1 per cent were from lenders outside the banking system.

“If the economy recovers, people will be more capable of paying back their debts,” he said.

Thanavath suggested that the government focus next year on encouraging investments, both from the public and private sectors, to help distribute incomes to rural areas.

Investments in infrastructure could ensure the country’s economic recovery in the long run, he said. It was better than economic stimulus measures, he said.

This will likely stimulate spending by the middle class who have earned more income, according to Thanavath.

Published : August 25, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019343

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The central bank forecasts the gross domestic product will expand by 3 per cent this year thanks mainly to an expected increase of foreign tourists, its governor said.

Bank of Thailand (BoT) governor Sethaput Suthiwartnarueput made the remark while speaking at the annual investment conference “Thailand Focus 2022: the New Hope” held by the Stock Exchange of Thailand on Wednesday.

Sethaput said the BoT is optimistic that the number of foreign arrivals would rise to around 8 million this year, compared to the initial projection of 6 million.

He noted that 3.2 million foreign tourists have already visited the country in the first half of 2022, so it would not be hard to see 8 million for the whole year.

“For this reason, the central bank expects GDP growth to be 3 per cent this year and 4.3 per cent next year,” Sethaput said.

Tourism revenue constituted about 12 per cent of GDP and the employment of tourism workers constituted about 20 per cent of overall employment, so tourism was a key factor driving the Thai economy, he pointed out.

Sethaput however admitted that geopolitics and new possible Covid variants could be negative factors that might cause the country to miss its tourism target.

The BoT governor also admitted that the ratio of household debt was worrying as it had risen to 30 per cent of GDP. He noted that this debt increased by 10 per cent during the Covid crisis.

Sethaput said it would take time to address the issue of household debt because economically vulnerable groups would slowly improve their financial situation.

The central bank would have to ensure that rising inflation does not affect vulnerable groups, he added.

The bank has come up with some measures to help debtors, including a plan to hold a debt settlement fair on September 26, the BoT governor said.

He made it clear that the bank would not be hawkish in raising the policy interest rate, but the rate would be gradually increased to minimise the impact on SMEs and household debtors.

On August 10, the central bank’s Monetary Policy Committee raised the policy rate by 0.25 percentage point from 0.50 to 0.75 per cent.

Sethaput said the BoT would gradually employ monetary measures to ensure a smooth takeoff of the economy.

He acknowledged that the baht is now fluctuating but the situation would improve once the US Federal Reserve sends clear signals on its monetary policy.

Sethaput said there were signs of baht speculation, with about 48 billion baht of foreign funds sweeping into the country since the beginning of the year.

“The central bank does not want to see the baht fluctuating, but a weakening baht was caused partly by the strong US dollar, which we cannot control. So we have to let it move in accordance with the market,” he added.

Published : August 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019334

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Most investors are still confident in Thailand’s economic growth, especially financial stability, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

He made the remark during the discourse “Thailand Economic Reopening and Enhancing Competitive Advantage” at the Thailand Focus 2022 event at Grand Hyatt Erawan Bangkok Hotel.

The event, organised by the Stock Exchange of Thailand, will continue until Friday.

Arkhom said Thailand’s gross domestic product (GDP) would expand by up to 3.5 per cent depending on exports and tourism.

“We believe tourism and exports will help support our GDP growth in the second half of the year,” he said, adding that the Thai National Shippers’ Council had promised to do its best to boost exports.

The public debt-to-GDP ratio is 60 per cent. This debt will drop further if the government can generate more revenue, he noted.

Arkhom went on to say that the economy is expected to grow because of four factors – tourism, exports, domestic expense and investment.

He pointed out that the number of foreign visitors had increased over the past eight years, and expected 8 million to 10 million visitors this year.

However, the minister noted, it depends on each country’s policies. For example, he said, Chinese tourists are facing difficulties in travelling to Thailand due to strict government policy.

Regarding exports, Arkhom said they have gained positive sentiment from a weakening baht – compared to the previous year – and demand for consumer goods, especially food and agricultural products.

As for domestic expenses, he believed these would increase once the economy recovered. He also expected inflation to hit a peak in the third quarter before falling in the fourth.

Meanwhile, the government has launched the fifth phase of the “Khon La Khrueng” (Let’s Go Halves) shopping subsidy scheme in a bid to boost domestic expenses as the economy starts to recover, Arkhom said.

“The scheme will benefit the grass-roots economy, such as food outlets and fresh markets,” he said, adding that there are also measures to mitigate the impact of rising energy prices.

Concerning investment, the minister said the budget bill for fiscal year 2023 would come into effect on October 1 this year.

He also said the Comptroller-General’s Department has done away with measures to assist entrepreneurs and contractors on procurement, so they must speed up their work to be ready for new projects next year.

“The budget for fiscal year 2023 would be allocated in the fourth quarter this year,” he said, adding that the Interior Ministry will speed up allocation of money to other provinces.

Published : August 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019328

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The baht opened at 36.07 to the US dollar on Thursday, strengthening from Wednesday’s close of 36.13.

The currency is expected to move between 35.85 and 36.15 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht could swing sideways until the results of a key US Federal Reserve meeting at Jackson Hole as investors might adjust their asset possessions and this could cause even the dollar to swing sideways.

Poon believes political tensions here might ease in the short term and influence foreign investors to purchase Thai stocks, but this will not cause the baht to strengthen much because the investors will still offload Thai bonds.

The strategist advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : August 25, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40019319

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Finance Minister Arkhom Termpittayapaisith said that the country can still achieve its growth target of 3.5 per cent, but government agencies must start budget spending for fiscal 2023 in October.

Speaking to reporters after making a speech at “Thailand Focus 2022” business forum on Wednesday, Arkhom said economic growth of 3.5 per cent was achievable depending on four factors: tourism, exports, domestic spending by consumers, and investments, especially by government agencies.

Arkhom said the fiscal 2023 budget bill has cleared the House of Representatives, so he has instructed government agencies to start making preparations to spend the budget for the first quarter — from October to December — of fiscal 2023. The budget bill is expected to be endorsed by the Senate soon.

“I’ve told government agencies to speed up spending on small investment projects by calling bids for construction or purchasing projects while waiting for the budget bill to take effect,” Arkhom said.

He said early invitations for bids would ensure that the contracts for such projects could be signed in time by October so that the budget would be injected into the economy as soon as possible, instead of being concentrated in the last quarter of the fiscal year like what happened in the past.

Arkhom said he had set a target that 25 per cent of the budget for fiscal 2023 should be spent within the first quarter.

Arkhom said the government would speed up investment projects in the Eastern Economic Corridor after the administration had signed contracts for several projects.

The finance minister said about 8 to 10 million foreign tourists would visit Thailand this year, or about one-fourth of the pre-Covid pandemic level.

He said the country’s exports expanded by 12 per cent during the first six months of this year, which was higher than the target thanks in part to the weakening baht. He said the government had earlier set the export target growth at 10 per cent.

He added that the government has tried to stimulate consumer spending by approving the fifth phase of the Kon La Khrueng co-payment scheme, Arkhom added.

Arkhom said he and the Bank of Thailand governor had assured investors during the business forum that the country still enjoyed financial stability.

He said the country’s public debt was within the ceiling of 70 per cent of GDP. Currently, public debt stood at 61 per cent of GDP but once the economic figures improved late this year, the ratio of the country’s public debt to GDP would decline, Arkhom added.

He said public debt based on foreign loans was only 1.79 per cent of all public debt although the law allowed the ratio to be 10 per cent.

Speaking to reporters before the Constitutional Court suspended Prime Minister Prayut Chan-o-cha from duty pending deliberations on the constitutional limit on the PM’s tenure, Arkhom said the court ruling would not affect the country’s credibility in the eyes of foreign investors.

He explained that all major investment projects have been started and committed in the span of several budget years so the country’s development and growth would continue with stability.

Published : August 24, 2022