Samart readies crypto, NFT venture
SET-listed tech and ICT solution provider Samart Corporation is set to foray into cryptocurrency and non-fungible token (NFT) businesses through a new company in collaboration with partners in the second quarter.
This new startup will be set up by Samart Digital Company (SDC), a subsidiary of Samart that spearheads the group's digital lifestyle services.
Watchai Vilailuck, executive vice-chairman of Samart, said the new firm will move towards the emerging business and SDC is in the process of proposing the new venture's business plan to investors.
The firm will be unveiled in the second quarter, he said, adding: "It will accelerate the recovery of Samart group under an 'alert, adapt and achieve' business model."
Mr Watchai did not elaborate on the details of the crypto and NFT business model which will be carried out by the new firm, saying more time is needed to conclude it.
Samart expects business recovery this year with a projected revenue growth of 60% year-on-year, thanks to various positive factors, such as the promotion of e-government services, the recovery of tourism and the development of national infrastructure projects.
SDC recently launched the latest horoscope app offering one-stop astrology services and a new online platform that allows merit makers to pay respect to the Buddha, make donations, redeem vows, take fortune sticks and worship sacred objects at temples and holy places at any time.
These two platforms will become the firm's flagships for its digital lifestyle features. Other services related to sports, healthcare, dining and beverages, travel and pets are also be on the cards.
Mr Watchai said Samart has 22 billion baht worth of projects in its backlog and the group aims to participate in the bidding for new projects worth at least 12 billion baht this year.
The firm set a target of reaching revenue of 14 billion baht this year, up 60% year-on-year.
The government's policy to accelerate e-government service development will be a boon for its ICT solution unit Samart Telcoms (SAMTEL) Plc, which will handle outsourced tasks from government agencies.
SAMTEL has a backlog worth 7.2 billion baht in total and it aims to land new projects worth 11 billion this year.
With the recovery of travel and tourism after the pandemic, Cambodia Air Traffic Services (CATS), which provides air traffic and navigation services in Cambodia under Samart's subsidiary Samart U-Trans, is likely to show revenue growth this year, said Mr Watchai.
In November 2021, Cambodia announced the reopening strategy to allow departures and arrivals through all three international airports, resulting in an increase in the number of flights, especially from China and Vietnam.
Cambodia also plans to open three new international airports to serve a large number of passengers.
With this development, Samart is confident that CATS will have positive business growth in years to come.
Samart U-Trans is also studying the potential of the alternative and clean energy sector for further investment.
Mr Watchai indicated as the government continues to focus on infrastructure development on energy and utilities, this will create business opportunities for Samart's subsidiary Teda, which handles utility and transportation businesses, especially the construction of power stations and installation of power transmission lines.
Teda now has a backlog worth 3.3 billion baht and it hopes to gain more projects worth 1 billion baht this year.