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https://www.nationthailand.com/business/corporate/40023607

Bangkok Bank promotes world class technology research for Thais in the MIT Media Lab Southeast Asia Forum

SATURDAY, DECEMBER 31, 2022

Bangkok Bank recently co-hosted the MIT Media Lab Southeast Asia Forum to give tech enthusiasts the opportunity to learn from the MIT Media Lab, the research lab at the Massachusetts Institute of Technology (MIT), said Executive Director Charamporn Jotikasthira.

Under the mission to create a space to share state-of-the-art research and the use of emerging technologies to solve problems and build positive social impact, the forum was hosted for the first time in the ASEAN region and Thailand was chosen to hold the event with an aim to become an innovation hub of ASEAN.

The key focus of this seminar was to take a macro view of situations or challenges in the future where technological evolution will play a role and have a wide impact such as extended intelligence, hybrid realities, augmented creativity, cyborg health, smart materials, digital currency, space exploration and sustainability.

The forum was organized around the theme of ‘Beyond the Elephant in the Room’ to address issues that are challenging for humanity yet often ignored. This event was a collaboration between Bangkok Bank, KBTG, MIT Alumni Association in Thailand, MQDC, True, Thaicom, SCG and MIT Media Lab. There were 13 professors and PhD candidates along with seven executives from leading organizations in the public and private sectors, who shared their vision and knowledge. In addition, eight executives from various Thai organizations took the role of moderators throughout the 3-day event. The forum attracted the attention of more than 850 attendants per day including business executives, professionals in various fields and the education sector, ranging from teachers, university students and high school students.

The Bank is delighted to be involved in this important event as it is a good opportunity for Thailand and Thai people to listen to world-class thinking and technological research, as well as establishing a collaborative network with leading researchers from the MIT Media Lab, which is considered an important research institute and provides world-leading research insights. The innovation created from such research will play an important role in driving Thailand and regional economies forward in the future. This is in line with Bangkok Bank’s vision that we strive to offer quality financial services to meet the needs of our customers by applying modern technology and working systems to support our goal as a leading regional bank, said Mr. Charamporn.

Bangkok Bank Executive Director Dr. Pichet Durongkaveroj also joined the event as the local keynote speaker. He suggested six standout cultural highlights in Thailand including Tom Yum Kung – a famous spicy soup which is served in various places from fine dining to street food restaurants, Fah Talai Jone – a Thai herb certified in the alternative medicine system with properties to reduce inflammation and infection and that Thai public health service has used to treat Covid-19 symptoms, and Suda – an elephant at the Maetaeng Elephant Park & Clinic in Chiang Mai province that can paint beautifully, reflecting Thai elephants’ amazing learning and skills.

Further, the Darunsikkhalai School of Innovative Learning is an elementary and secondary school under the supervision of King Mongkut’s University of Technology Thonburi. The school partners with Massachusetts Institute of Technology (MIT) Media Laboratory to fully implement the Constructionism learning method developed by Professor Seymour Papert from the MIT Media Lab. Another highlight is the Mini satellite (CanSat) – a small satellite the size of a soda can built by Assumption College students that won the global championship in the Annual CanSat Competition 2022 in the United States.

The last highlight showcased a design that blends social and cultural dimensions with Samsen Street Hotel as an example. The hotel changed from an old-style motel to an architecturally new hotel presenting the Thai ways of life in the hotel area for guests to experience including a temple fair, outdoor movies, luk thung concerts, street food and others where the community participates and earns extra income. The design is modernized but still perfectly retains the famous charms of Thai culture.

Furthermore, the event also held a forum titled Creativity Across Scales: Co-Creation Communities of Possibilities moderated by Bangkok Bank Innovation Department Manager Dr. Pao Sriprasertsuk. The forum discussed the development of creativity which needs to start at a young age with parents as key supporters. Using creativity at work and utilizing advanced technology such as generative AI, which can create paintings, make videos, write novels and more, is very interesting because it is beginning to bleed into traditional human roles, many of which are about to change due to technological advancement. 

A panel discussion titled ‘Interest of Values: Digital Currency, Web3, and Trustworthy Networks’ moderated by Bangkok Bank Executive Director Charamporn Jotikasthira covered topics related to decentralization which enables users to be part of a system to create direct value on the basis of mutualism. This provides users with confidence as there is no intermediary to control or regulate the system, which will be a key element of social media in the future. Currently, social media is under the control of a few major corporate giants who set rules and regulations for the access of certain content for each group of users. This can lead to misinformation and unpredictable social biases. The discussion also touched on blockchain technology, a result of MIT Media Lab research, which can be applied to data privacy with high efficiency and fast processing speed no different from a centralized system. Blockchain technology is an innovation that can be applied to a wide range of industries. For Thailand, the pilot of the Central Bank Digital Currency (CBDC) in the form of digital baht used for cross-border payments for businesses is an example of how modern technology can solve pain points in a sustainable way.

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https://www.nationthailand.com/business/corporate/40023600

Line Shopping lines up new tools to help e-commerce players cope with competition

FRIDAY, DECEMBER 30, 2022

Nongluck Ajanapanya

Line Shopping Thailand is introducing more new features next year to help entrepreneurs in the fiercely competitive online marketplace.

All social commerce players will face a new level of competition next year, with more funding and investment for marketing no longer guaranteeing revenue and profit success, said Lertad Supadhiloke, director of e-commerce, Line Thailand, in an exclusive interview with The Nation.

He explained that almost all players, particularly the major ones, have realised that price strategy cannot win buyers’ loyalty. Hence, they must devise new strategies. Some of them have already done so this year. Despite losing market share, some of the big players are increasing their profits.

“The competition in social commerce next year would be fun because business owners, large and small, would have to creatively innovate their own marketing strategy for their specific target group,” Lertad said.

He added that some players will pay closer attention to budget management with specific target audiences.

In view of this situation, Line Shopping will provide more tools and features to assist business owners, particularly small and medium-sized enterprises, in competing on the platform on an equal footing, he said.

He demonstrated a new tool — Live features — which will be available in the first quarter of 2023. This new feature will allow business owners to connect with their customers in real time while also enabling them to discover new potential customers.

Users will notice differences between the platform and other live features platforms, he said.

“Our main objective is to be the tool that enables business owners to run their operations smoothly online. Our priority is their company’s success. According to a recent Line Shopping study, owners who use our tools can increase their sales by at least 20 per cent. We will maintain and even improve on that figure,” he stated.

He also predicted that with online technology allowing businesses to achieve their targets with a small budget, small business owners would have an equal opportunity to grow and compete with large corporations.

Therefore, small owners will have a chance to roar in 2023.

Aside from new features, he revealed that Line Shopping will expand collaboration with new partners in order to provide their customers, both business owners and shoppers, with unique experiences.

His announcement came just a few days after the company launched two new features called “Send Gift” and “Share&Earn” under the “RelationShop” concept. The two features will enable business clients to have more enjoyable shopping experiences with their friends or community members via Line platform.

He emphasised that Line Shopping is a social commerce platform that has always prioritised the relationship between merchants and customers. Therefore, the development of new features must take into account the importance of maintaining positive relationships with the goal of creating enjoyable shopping experiences.

“We will continue to be a space that provides businesses with the tools to increase their competitiveness while also providing more fun experiences for shoppers to shop with their friends,” Lertad promised.

Line Shopping currently has over 450,000 social shops on its platform, covering all product categories, and has over 12 million active users.

Thailand’s e-commerce market is expected to grow from 817 billion baht today to over 4 trillion baht in 2025, according to the Thai e-Commerce Association. Online shopping is the most important driver of the Thai e-commerce market, which is expected to grow by more than 128 per cent to 120 billion baht by 2025.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023588

Siam Yacht Club – Bangkok’s new unique riverside hangout venue

FRIDAY, DECEMBER 30, 2022

Nongluck Ajanapanya

Now that Thailand has opened up to foreign tourists, Sheraton Hotels and Resorts is jumping on the bandwagon by offering a new attraction in Bangkok – the Siam Yacht Club.

Michael Schlueter, general manager of Royal Orchid Sheraton Hotel and Tower, told the press earlier this week that the aim is to turn Siam Yacht Club into a signature brand of the hotel.

With its unique menu and drinks created by master chefs and mixologists, as well as an astounding view of the Chao Phraya River, Schlueter reckons the Siam Yacht Club will soon become a key Bangkok attraction. He said it will also serve as a new gathering place for like-minded Bangkokians.

The restaurant, which is set to open in January, has proved to be popular since its soft launch this month, with most tables being reserved daily.

Schlueter said he believes 2023 will be very promising for the tourism and hotel industry, especially with more Indian and Saudi Arabian tourists arriving.

“Siam Yacht Club is a new place to provoke all the senses. It is what it says here: Get ready for a culinary and social experience like no other in Bangkok,” Schlueter said.

Sheraton Hotels & Resorts is part of Marriott Bonvoy’s portfolio of hotels in metropolises worldwide.

Siam Yacht Club is part of Sheraton’s new aim to offer everything from public space and food and beverage to flexible meeting spaces.

The restaurant is being opened in time to meet a surge in foreign tourists, especially now that China has decided to lift all travel restrictions and reopen its borders.

The Tourism Authority of Thailand believes Thailand will see more than 18 million tourists next year, generating some 970 billion baht in revenue. This estimate was declared before China announced it was lifting travel restrictions.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023584

Nation Group eyes at least THB730m from rights issue to support expansion

FRIDAY, DECEMBER 30, 2022

Nation Group (Thailand) Plc’s board of directors has approved a rights offering of 10,847,920,965 shares at 0.53 baht each, the Stock Exchange of Thailand (SET) was informed on Friday.

Nation Group is aiming to raise at least 730 million baht from this capital increase, to be used as a revolving fund supporting future business expansion under the One Nation strategy.

The company also notified the SET that its board had approved the purchase of all 20,074,998 shares of Thansettakij Multimedia Company Limited (TMM) from News Network Corporation (NEWS) at 11.96 baht per share in a deal totalling 240 million baht. The decision was made earlier in late November.

The acquisition of Thansettakij secures Nation Group’s ownership of TMM’s print and online media, TV programmes, and events and seminars business.

Nation Group CEO Shine Bunnag said the board approved the capital increase and purchase of Thansettakij’s shares to strengthen the media group, as Thansettakij is acknowledged as a leading media entity in the country.

Nation Group is currently among Thailand’s strongest media organisations with a comprehensive stable of brands including Krungthep Turakij, Nation TV, Post Today, Nation Online, Kom Chad Luek, Spring Online, The Nation, OK Nation, Khob Sanam, The People, and Thansettakij, he said.

“The One Nation strategy highlights the strength of Nation Group. All media are synergized across all aspects: administration, personnel management, content management, and the use of innovation and new technology to produce high-quality news and knowledge to serve the public while adhering tightly to professional journalistic ethics,” said Shine.

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Nation Group’s board approves acquisition of Thansettakij for THB240 million

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https://www.nationthailand.com/business/corporate/40023504

NRF adjusting business, and changing strategy to support future growth

FRIDAY, DECEMBER 30, 2022

NR Instant Produce Public Company Limited (NRF) is a leading global manufacturer of sustainably produced foods and operates as a manufacturer and distributer of food seasonings, ready-to-cook foods, ready-to-eat foods and beverages, and plant-based proteins with products ranging over 2,000 SKUs and 500 recipes.

NRF was one of the first manufacturers to receive a certification for food manufacturing quality from the British Retail Consortium (BRC) and has also passed many quality inspections from regulators such as IFS Food, GMP and the FDA. Moreover, NRF distributes products to more than 30 countries around the world, such as the United States of America and many European countries.

In 2017, Mr. Dan Pathomvanich acquired the Company, and set a policy to make the Company become a leading manufacturer of future foods and investor in food innovations to create a sustainable food ecosystem. This October is the two-year anniversary of NRF being a public company and the company has adjusted its business strategy to 3 main businesses that all fall under the purpose of making food that regenerates the planet.  

Business Group 1: Specialty foods; This business group emphasizes diverse product offerings. The Company offers food products under NRF’s brand that have unique flavors that are according to the consumer’s taste for traditional flavors such as those under the Por Kwan brand and for modern flavors and packaging, such as those under the brands Thai Delight and Sabzu with quality raw materials and production processes that meet international standard. Botany Petcare will focus on plant-based pet food products and market its product under its own brand and become an original equipment manufacturer (OEM) for exports to countries in ASEAN and beyond.  Botany Petcare started production in August 2022 following production standards from the Department of Livestock Development.

Business Group 2: E-commerce and Food tech; NRF seeks to increase the Company’s product on online channels due to dramatic changes in consumer behavior after the Covid epidemic. Furthermore, NRF saw opportunities to expand our products through investments in businesses that are popular with online consumers. NRF has acquired Intellectual Prime Labs, WellPath, and SOL Trading which are best selling products on Amazon. Moreover, in Thailand NRF is collaborating with Winnergy Medical Public Company Limited as a strategic partner to be a distributor of products to leading online platforms in Thailand to support the growth of in demand products in an Aging Society.

Business Group 3: Climate Action Food Group: Food transformation; NRF aims to develop food businesses that reduce emissions as the vision of the company is to be a Clean Food Tech Company. This means that NRF will invest and develop into novel food industries that are a part of the fight against climate change such as plant-based foods. NRF has assigned Nove foods, a wholly owned plant-based food subsidiary, to enter a joint venture with Innobic (Asia) in order to launch “alt. Eatery” a plant-based restaurant, café and Mini supermarket at Sukhumvit road. In addition, following the mutual commitment of these two companies to fight climate change, the construction of a jointly invested factory to produce plant-based meat at a capacity of 3000 tons per year is continuing as planned. Moreover, NRF has signed a Moratorium of Understanding (MOU) with PTTOR to further expand the presence of “alt. Eatery”’ in Thailand in 2023.