Metaverse pioneer: SMEs can now reach out and touch global consumers

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https://www.nationthailand.com/tech/ed-tech/40019148


The metaverse has opened a path to the global market for small businesses, a developer told the “Thailand Metaverse Expo 2022” in Bangkok on Saturday.

Metaverse pioneer: SMEs can now reach out and touch global consumers

Phantabat Santimakorn, business development chief for Tree Roots Entertainment Group, said in the new internet era, our real world and the virtual world would blend in a seamless experience. This new hybrid reality would surpass current internet platforms of communication by offering people full sensory interactions, he added. 

Speaking at a seminar titled “Bridging Virtual and Physical Experience through the Metaverse”, he said the platform was the next step in the revolution from radio to television to interactive media. And like all these previous steps, the metaverse would spur dramatic changes in people’s behaviour that brought huge new business opportunities.

Tree Roots Entertainment has teamed up with property giant MQDC as Thai businesses make early inroads into the metaverse.

Phantabat noted that the new virtual universe offered multi-sense experiences while also removing barriers between people and businesses.

But he cautioned that the immersive nature of early-stage virtual reality also carried risks and should be balanced with time spent in the non-virtual world.

He also addressed practical uses of the new platform.

“The metaverse can be used to construct prototypes of ideas or things that you want to build [in the real world].”

In a few years, he added, we would see the metaverse develop into far more than just a game. In the meantime, his role is to nurture people’s ideas and dreams by building a community to support creativity on the platform.

He also believes in equality of access to the metaverse, which is why his company is not limiting development to a single interface or device.

He said that although business is about making profit, it should also include long-term targets. In his case, these include providing value to others because “the metaverse is a long game”.

Phantabat noted that the number of metaverse users is still limited as the devices used to access the platform are not widely distributed while public awareness was still low. He advised removing these barriers to boost users.

He added that the metaverse offers young-gen buyers, for example, a new and virtual gateway to the real estate market.

Among other business sectors that will see benefits from the platform are small and medium-size enterprises (SMEs).

Thai SMEs should think about how they can enter the metaverse so they can gain greater access to global market, he said.

Although the virtual platform was still in its infancy, experience from early-adopter companies would help accelerate use of metaverse, Phantabat added.

Metaverse pioneer: SMEs can now reach out and touch global consumers

Parut Penpayap, project director of the MQDC Metaverse, explained the metaverse was similar to the Internet of Places as users of both perform transactions in a certain place with goods or digital assets.

The real estate developer is creating the Translucia metaverse of virtual worlds as a way to engage customers in Thailand and overseas.

So, what is the biggest challenge in creating a metaverse?

Parut identified two things: what to design and how to shape users’ experience.

Right now, MQDC customers can use Translucia as a bridge between the virtual and real worlds, walking around their metaverse property before being handed the keys to its bricks-and-mortar counterpart.

But to make the metaverse sustainable, it would have to encompass the economy and society, not just business, Parut said. Hence it was necessary to integrate the commercial with the social aspect.

Parut cited a study estimating the metaverse market in 2030 will grow to US$8 trillion and another projecting it would extend to every business sector.

He explained that emerging metaverse era would last until 2025 as sectors and businesses trialled the platform.

The advanced metaverse period from 2025 to 2030 would see more complete technologies and business models.

After 2030, the mature metaverse will be a self-sustaining virtual world.

However, he urged companies and SMEs to exploit first-mover advantage by jumping into metaverse business.

“Thailand Metaverse Expo 2022” is organised by Nation Group and runs at CentralWorld in Bangkok until Sunday (August 21).

Published : August 20, 2022

By : THE NATION

Direct democracy ‘now possible’ in Thailand as new internet era dawns

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https://www.nationthailand.com/tech/ed-tech/40019147


The dawning metaverse era will boost “people power” by enabling the public to directly participate in politics, three politicians told the “Thailand Metaverse Expo 2022” in Bangkok on Saturday.

Direct democracy ‘now possible’ in Thailand as new internet era dawns

Thuntee Sukchotrat, Thai Sang Thai Party’s Digital Transformation chief, explained in a seminar titled “How the Metaverse will Redefine Politics and Governments” that direct democracy is now possible thanks to new technology.

He pointed out that people’s power under representative or indirect democracy was limited to elections as representatives don’t always fulfil their promises.

However, under direct democracy they would have to listen to the people. He gave the recent example of the D-vote website, where the public participated in a parallel no-confidence vote against the government.

Thuntee also mentioned that his party is using augmented reality (AR) technology as a promotion tool. Thai Sang Thai is setting up an office in the metaverse to offer everyone 24-hour access to the party.

More significantly, new technologies could be adapted to increase government sector efficiency with strong policies that boost people’s income and reduce their living costs.

“Political technology will create a politics where people will maximise participation and their power,” he added.

Direct democracy ‘now possible’ in Thailand as new internet era dawns

Olarn Weranond, Sarng Anakot Thai Party executive and CEO/co-founder of incubator DurianCorp, said the metaverse will soon become the core of our digital lives.

Just as people now can no longer imagine life without the internet, in 10 years, life without the metaverse will be unthinkable, he predicted.

“Whether we like it or not, the metaverse will come.”

However, he noted that only 0.7 per cent of the Thai government’s annual 3-trillion-baht budget goes to metaverse-related ministries – Digital Economy and Society (MDES), Culture, and Tourism and Sports.

This indicates the government does not understand the importance of the metaverse, Olarn said. He added that less than 3 billion baht of MDES’s 6.8 billion baht budget allocation will be used for metaverse development next year.

He also had advice for people seeking to get to know the metaverse better. All they had to do was use it for their favourite pastimes, such as watching movies, playing video games, or listening to music.

He gave two examples where digital technology has already had a huge impact on politics. The first was the Cambridge Analytica/Facebook scandal blamed for altering the course of the 2016 US presidential election while the second was the 2011 Arab Spring uprising where populations used Twitter to push for change.

Direct democracy ‘now possible’ in Thailand as new internet era dawns

Parit Wacharasindhu, Move Forward Party’s communications and policy manager, spoke via video to explain how new tech has potential to improve the country in three ways.

Comparing society and the economy to a cake that we all share, he said advances like the metaverse could be used to:

1. Make the cake bigger, or increase economic growth by using technologies to improve efficiency;

2. Divide it more equally, or reduce inequality in society by giving underprivileged and rural people access to the internet and digital learning;

3. Make it “delicious” by allowing people to help decide the country’s future via direct democracy and voting on policies and plans.

He gave two concrete examples of how the metaverse could improve people’s participation in democracy.

First, it will allow people to watch and get involved in live meetings.

Second, it will give people a better understanding of issues in the public hearings process.

He added that technology could also improve issuance of government documents and licences while combating corruption.

But he cautioned that technological advances should be viewed as a precious tool, not an obstacle. He added that new laws and regulations would be needed to allow people to participate in setting the country’s direction via tools like the metaverse.

Published : August 20, 2022

By : THE NATION

NationTV bags Mani Mekhala awards for best news channel, best news show

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https://www.nationthailand.com/life/entertainment/40019160


NationTV won two Mani Mekhala awards this year – one for best news channel and one for “Komchadluek” as the best news show.

NationTV bags Mani Mekhala awards for best news channel, best news show

The event, organised annually by the Association Reporter of Entertainment Thailand, was held on Saturday at Bangkok’s Show DC department store.

The yearly event, held since 1980, aims to encourage staff in the entertainment and mass media business to continue producing top-notch work.

NationTV, Thailand’s first 24-hour news channel, was launched 22 years ago and prides itself in providing high-quality, unbiased reports to the general public.

NationTV, Thailand’s first 24-hour news channel, was launched 22 years ago and prides itself in providing high-quality, unbiased reports to the general public.

NationTV bags Mani Mekhala awards for best news channel, best news show
NationTV bags Mani Mekhala awards for best news channel, best news show
NationTV bags Mani Mekhala awards for best news channel, best news show
NationTV bags Mani Mekhala awards for best news channel, best news show

Published : August 21, 2022

By : THE NATION

4th Thailand Mixed to Introduce Stableford Format

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https://www.nationthailand.com/life/sport/40019162


The fourth Bt3million Thailand Mixed hosted by TrustGolf will feature the stableford format for the first time as the best female player will receive a slot into the Women’s Australian Open in December.

4th Thailand Mixed to Introduce Stableford Format

The fourth meet of the men-versus-women golf event is due between August 25 and 28 at Thana City Country Club which measures 7,008 yards off the men’s tee and 6,281 off the women’s.
 

Unlike all previous Thailand Mixed series, the stableford format will be introduced in this latest circuit for the first time. In comparison to the stroke play event, in a stableford pattern, players score points based on the number of strokes taken on each hole: albatross = + 8, eagle = + 5, birdie = + 2, par = 0, bogey = – 1 and – 2 for a double bogey and more.

After 36 holes, top 60 and ties will proceed into the weekend rounds. After four days and 72 holes, a player with the highest number of points wins the tournament 
In addition, a female player with the best score (but must finish in the top five on the leaders’ board) will be granted a wildcard into the Women’s Australian Open, an ALPGA event, in December. Another slot will be given to a Thai female player on the same condition in the final Thailand Mixed next month.

4th Thailand Mixed to Introduce Stableford Format

 The Thailand Mixed is organised by TrustGolf, an indoor training center with advanced technology. It is supported by the Sports Authority of Thailand, the National Sports Development Fund, the Ministry of Tourism and Sports, Bangkok Bank, B.Grimm Company, Bond Holdings, AISPLAY, Bridgestone, Trust Pharmacy, Trust Live Streaming, Adidas Golf,  the Center for Covid-19 Situation Administration and Thana City Country Club.

Fans can watch live coverage of the third Thailand Mixed either on AIS Play APP and TrustGolf Facebook and Youtube.
 

4th Thailand Mixed to Introduce Stableford Format
4th Thailand Mixed to Introduce Stableford Format

Published : August 21, 2022

By : THE NATION

KPB recommends investment in alternative assets which are attractive

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https://www.nationthailand.com/business/corporate/40019165


KBank Private Banking (KPB) has announced its investment strategies, focusing on five alternative assets in order to “Increase Options for Survival” in an era of economic volatility wherein conventional investment may not be the right answer.

KPB recommends investment in alternative assets which are attractive

KPB showcased its success as evidenced by its stellar performance with a return on investment of around 11-19 per cent p.a. This achievement reinforces KPB’s status as Thailand’s top-notch investment and wealth management advisory service provider.    

Triphon Phumiwasana, Senior Managing Director, Private Banking Business Head, Kasikornbank (KBank), noted, “Amid highly uncertain economic circumstances, traditional asset classes may no longer provide satisfactory returns.

Investors have therefore switched to new forms of investment as alternative vehicles for risk diversification and long-term stable returns. To survive market volatility, global investors have invested in alternative assets thanks to their highly flexible investment management strategies.

Given that prices of private assets are not tied to capital market movements, therefore they reflect real fundamentals of each asset class. As a leading investment and wealth management advisory service provider, KPB has recommended that our clients invest in alternative assets since 2021 to capitalize on their growth potential while also guarding against market volatility.” 

KBank Private Banking recommends the five following asset classes, comprising three types of private assets and two types of public assets with flexible investment strategies. They are, i.e.,  

KPB recommends investment in alternative assets which are attractive

1. Private Equity  

Private Equity (PE) is typically an investment fund which is not listed on a public stock exchange. Private equity funds mainly invest in companies with high growth potential seeking to raise funds for business expansion. Unlike public stock markets which tend to fluctuate out of emotion-driven market sentiment, PE prices are not quoted on a daily basis, and their returns typically reflect real fundamentals of the companies they are invested in. Given this, private equity potentially provides attractive returns with relatively low price fluctuations over the short-term period.

However, investors may have to measure this advantage against the need for a lengthy investment period, mostly depending on the growing stage of the invested companies. Therefore, private equity is suitable for long-term investors who can hold their investment for at least seven to nine years.  

2. Private Debt 

Private Debt is like a loan provided outside the capital market as an alternative form of fund mobilization for companies wishing to expand their businesses. However these companies are unable to gain access to funds per the normal course of business such as loans provided by banks, or for companies wishing to quickly mobilize funds.

Therefore Investors will enjoy higher returns amid the current upward trend in interest rates, although they may have to trade that off for relatively low liquidity compared to investment in government bonds or debentures that are typically traded in the capital market. This asset class is suitable for investors who can invest over at least five to seven years.    

3. Private Real Estate 

Investment in Private Real Estate or basic infrastructure that is not listed on a public stock market such as office buildings, and electricity and telecommunication projects, can help diversify risks in a volatile market, as well.

Properties with high rental rates offer investors a greater opportunity to enjoy steady returns. Investment in Private Real Estate is ideal for present investment conditions as it offers investors stable cash flows. Long-term investment of at least three years is recommended.  

4. Quantitative Hedge Fund 

Quantitative Hedge Fund is an alternative fund with greater flexibility in investment strategy. Trust must be placed primarily on the skills of fund managers as they anticipate positive returns regardless of any market conditions.

Quantitative Hedge Fund can invest in a diverse range of asset classes and typically uses a short-selling strategy to make profits during market downturns by borrowing assets to sell first before repurchasing them later at a lesser value or using derivatives to boost the leverage rate or other more complicated strategies, based on mathematical and quantitative statistical methods.

Overall, a quantitative hedge fund can serve as a tool to add new dimensions to investment portfolios in terms of returns and risk diversification.  

5. Structured Note 

Structured Note is a financial instrument combining the key features of debentures and derivatives. Its investment mechanism is based on asset prices or factors related to market changes in various forms such as stock index, foreign exchange rate, etc.

For instance Structured Note products that are preferred among Thai investors are knock-in knock-out (KIKO) structured notes with Thai or foreign stocks as underlying assets. They will offer good returns at a time when the market is moving in a narrow range, and can provide regular returns in the form of monthly interest. 

Subsequently, each asset class is outstanding and can well meet the different needs of investors. Interested investors should study and understand investment details thoroughly or consult professionals for advice on appropriate investment portfolio allocation. In normal practice, alternative assets make up no more than 10 per cent of a total portfolio, as their main purpose is risk diversification. 

In closing, Triphon noted, “According to operating results of last year, our alternative asset investment product with outstanding performance and satisfactory returns amid market volatility was K-GPE19A-UI fund, a private equity fund, which offered an average return of up to 19 per cent per annum. Throughout the second half of this year, KBank Private Banking is determined to continually introduce additional alternative investment products both domestically and internationally, and in alignment with investment themes of the future, namely Global Private Debt, Global Private Equity, Global and Local Private Real Estate, Quantitative Hedge Fund Strategy and Exotic Structured Note, as investment options.”  

Published : August 21, 2022

Foxconn’s stake makes Multiverse Expert first Thai metaverse unicorn

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https://www.nationthailand.com/business/corporate/40019161


A local digital start-up has become Thailand’s fourth unicorn and its first metaverse unicorn after its shares were acquired by a subsidiary of Taiwan’s tech giant Foxconn.

Foxconn’s stake makes Multiverse Expert first Thai metaverse unicorn

The acquisition of shares in MiGroup’s Multiverse Expert by Power-All Networks was reported by Bloomberg and Digital Journal, as well as confirmed by the Digital Economy Promotion Agency (Depa).

According to reports, Power-All Networks acquired a 10 per cent stake in Multiverse Expert on July 10 this year with a US$120 million cash earn-out potential. The deal is directly aligned with Power-All’s drive in the pan-metaverse and metaverse product space in China and the global market.

Becoming a “unicorn” means a start-up can be valued at more than $1 billion. Thailand’s other three unicorns are Flash Group, Ascend Money and newcomer Bitkub.

Power-All announced that the move combines the strength of three companies – Multiverse Expert’s “metaverse” technology and innovative applications; CTG’s EDTech platform that has access to over 400,000 financial trading instruments and expertise in online financial trading; and Power-All’s own global reach, numerous patents, research in inter-cloud computing blockchain and pioneering efforts in the pan metaverse.

The company said this combination will give access to a massive worldwide market by offering new user experiences and setting up a global de facto standard with the highest number of platforms. All these platforms will offer people lifetime access to knowledge and abilities in building a new economy in the metaverse, financial knowhow, investment skills or professions that can continue beyond the retirement age.

Multiverse Expert specialises in providing advice, designing, developing and managing solutions in either private, public or hybrid blockchain projects.

It has also designed a Tokeconomics system deployed via Mainnet – an independent blockchain running its own network with its own technology and protocol. The company also provides the service of source code verification to its clients and provides advice on the development of applications both on the net and on mobile phones.

Congratulating Multiverse Expert for becoming Thailand’s first metaverse “unicorn”, Depa also pointed out that it was behind the success of two metaverse projects – Veleverse and Chiangmai Crypto City Metaverse.

Multiverse Expert has also developed two games in which players can earn crypto coins, namely Bitkub Verify Project: 3Kingdom-heroes NFT and Bitkub Register Project: BitMonster.

Depa noted that blockchain and metaverse are key digital technologies that can create new opportunities for the Thai economy. It pointed out that having unicorns in the two technologies boosts Thailand’s competitiveness and will help draw investments and a workforce with top-digital skills. This will also help Thailand achieve Web 3.0, a new iteration of the World Wide Web that incorporates concepts like decentralisation, blockchain technologies and token-based economics.

Published : August 21, 2022

By : THE NATION

AIS turning U-tapao into ‘smart airport’ with face-recognition tech

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https://www.nationthailand.com/business/corporate/40019146


U-tapao Rayong Pattaya International Airport is being upgraded with the addition of a “smart” passenger terminal powered by 5G technology.

AIS turning U-tapao into ‘smart airport’ with face-recognition tech

The construction of Terminal 3 is being conducted in collaboration with Thailand’s largest mobile services operator, Advanced Info Service (AIS).

AIS senior executive Saran Phaloprakarn said the goal was to turn U-Tapao, which is run by the Royal Thai Navy, into a modern commercial airport.

U-Tapao will become the third commercial airport serving Bangkok after Suvarnabhumi and Don Mueang. A high-speed train route will link all three airports and the Eastern Economic Corridor development zone.

Currently, U-Tapao serves mainly foreign tourists visiting the resort city of Pattaya on the eastern seaboard.

AIS signed a memorandum of understanding with the airport on August 10, extending their collaboration on digital tech adoption.

Saran said the MOU allows AIS to work on 5G “use cases” at the airport for three more years, in time for the opening of Terminal 3.

Digitalisation at U-Tapao began in 2018 and was upgraded to 5G after AIS launched fifth-generation technology for broadband cellular networks in Thailand two years ago.

Saran said the U-Tapao’s 5G tech will be used to analyse video from closed-circuit cameras for increased safety, relying on artificial intelligence, big data and face-recognition technologies.

AIS is providing the 5G services at U-Tapao free of charge as it is trialling the technology at the airport.

Saran said results from the study may also be used to expand AIS’s business at the airport in future, including the sale of SIMs to tourists.

The smart tech would also help keep passenger queues short, he added. “5G and AI can help you predict the concentration of passengers at the airport,” he said.

Published : August 20, 2022

Thais begin voting on whether PM Prayut’s term ends on Wednesday

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https://www.nationthailand.com/in-focus/politics/40019141


The public on Saturday began voting on whether Prime Minister Prayut Chan-o-cha should stay on in office after August 24.

Thais begin voting on whether PM Prayut’s term ends on Wednesday

The “People’s Voice”, a network of academics and media outlets, is holding the mobile phone vote amid a dispute over Prayut’s term limit.

Voting started at 6am on Saturday and will end at midnight on Sunday. The result will be released on Monday.

People can vote by scanning a QR code from participating media outlets. The QR code links to the voting website, where members of the public can vote on whether Gen Prayut “should” or “should not” serve as prime minister longer than eight years.

Critics are demanding that PM Prayut, who also doubles as defence minister, step down before August 24 (Wednesday), when they say his eight-year term as stipulated in the Constitution expires.

Opposition MPs have submitted a petition for the Constitutional Court to rule on when Prayut’s eight-year tenure should expire.

Article 158 of the Constitution states that: “The prime minister shall not hold office for more than eight years in total, whether or not consecutively.”

However, the start date for Prayut’s eight-year tenure is disputed.

Many people insist the eight-year term started when Prayut first assumed the premiership on August 24, 2014 – following the military coup he led in May that year.

Others say his tenure began when the current Constitution came into force on April 6, 2017. A third group views that it should be counted from when Prayut assumed the premiership on June 9, 2019, following the general election in March that year.

The People’s Voice network is composed of academics from eight universities — Thammasat, National Institute of Development Administration (Nida), Srinakharinwirot, Rangsit, Burapha, Chiang Mai, Prince of Songkla, and Ubon Ratchathani University — plus eight online media outlets including Thai Rath TV, Workpoint News, PPTV, The Standard, The Matter, The Momentum, and The Reporters.

Published : August 20, 2022

Bangkok’s notorious No 8 bus service not quite tamed yet

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https://www.nationthailand.com/in-focus/national/40019157


The brand-new electric bus No 2-38 replacing the notorious No 8 service crashed against a Euro II bus No 509 at Victory Monument on Saturday.

Bangkok’s notorious No 8 bus service not quite tamed yet

The incident took place just one day after the service was resurrected. The accident resulted in the bus’s left side mirror being bent. Nobody was injured.

The operator, Thai Smile Bus Co Ltd, said the driver was not speeding or being reckless when the accident took place. The driver also has no record of reckless driving, it said.

“The company has warned the driver and instructed him to undergo training on safe driving again,” the statement said.

The resurrection of the No 8 service – once notorious for reckless driving, road accidents and bad-tempered staff – is part of electrified restructuring conducted by the Land Transport Department.

Earlier, Transport Minister Saksayam Chidchob had said that electric buses for Line No 2-38 from Memorial Bridge to Happy Land were equipped with technology to detect speed and staff behaviour to ensure passengers’ safety.

He believes more than 1,300 electric buses will be deployed in Bangkok’s 122 routes this year.

Bangkok’s notorious No 8 bus service not quite tamed yet
Bangkok’s notorious No 8 bus service not quite tamed yet
Bangkok’s notorious No 8 bus service not quite tamed yet
Bangkok’s notorious No 8 bus service not quite tamed yet

Published : August 21, 2022

By : THE NATION

27 suffer injuries as they slip down BTS escalator in rain

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https://www.nationthailand.com/in-focus/national/40019155


As many as 27 people sustained injuries from losing their balance and falling down an escalator at the Surasak BTS station in Bangkok on Saturday evening.

27 suffer injuries as they slip down BTS escalator in rain

The incident took place at about 6pm as they scrambled up the escalator to get out of the rain. They were apparently returning from a concert at the Bangkok Christian College.

Rescue volunteers immediately took the injured – two men and 25 women – to nearby hospitals. Their belongings are being kept at the Yannawa Police Station to be picked up later.

27 suffer injuries as they slip down BTS escalator in rain

Bangkok Governor Chadchart Sittipunt, who also rushed to the scene, urged people to be careful and not rush up escalators, especially if it is raining.

27 suffer injuries as they slip down BTS escalator in rain

“Getting wet from rain is better than putting your life at risk,” he said.

27 suffer injuries as they slip down BTS escalator in rain

BTS issued a statement on Sunday saying the escalator at the Surasak station was not malfunctioning and that the company will do its best to take care of all victims.

27 suffer injuries as they slip down BTS escalator in rain
27 suffer injuries as they slip down BTS escalator in rain

Published : August 21, 2022

By : THE NATION