Metaverse technology is one of the hottest topics discussed worldwide, including in Thailand. To reflect the many opportunities that can be reaped from it, the Ministry of Digital Economy and Society (DES), together with executives of leading private companies, joined the Bangkok Post Tech Conference 2022, held on June 30, 2022, at the Centara Grand at CentralWorld from 12.30-16.30 hours. The event was simultaneously streamed online via the Bangkok Post Facebook page.
The assembled experts shared their visions and ideas on how Thailand can be an early adopter of metaverse technology to drive its digital economy and overcome unforeseen challenges like Covid-19 while also making the country less reliant on tourism.
Taking “Metaverse Gold Rush: An opportunity to Reshape the World” as its theme, the event was launched by Mr Worachai Bhicharnchitr, Vice Chairman of Bangkok Post Plc, who spoke of the great opportunities the metaverse represents. These opportunities including extended reality (XR) technology and 5G adoption are deemed crucial elements to support new-tech development and drive Thailand’s digital economy, he said.
The event was sponsored by Bangkok Post Group, Huawei Technologies (Thailand) Co Ltd, Thonburi Healthcare Group, Translucia, Krungthai Bank and Kasikorn Bank.
According to Digital Economy and Society, about 70% of the Thai public currently uses the internet. The country’s advantages include IT infrastructure development, applications developed by public and private sectors, and average fixed broadband internet download speeds of 308.35 megawatts per second (Mbps), ranking third globally. Moreover, businesses and individuals have fast-adopted digital platforms especially via ultra-fast, low-latency 5G networks.
Digital Economy and Society (DES) Minister Chaiwut Thanakamanusorn said: “The government has developed wireless broadband to drive the country forward so it can benefit from the advent of virtual reality, metaverse technology and the next evolution of the digital economy.”
“The Personal Data Protection Act (PDPA) has been enforced since June 1 to strengthen the country’s cybersecurity and protect people’s privacy,” he continued. “The government is working hard on the PDPA and related cybersecurity scheme which are crucial given the growing adoption of digital services, especially in the metaverse era.”
Mr Chawapol Jariyawiroj, president of Huawei Technologies (Thailand) also shared his vision of the metaverse. “In the near future, we won’t only enter the digital world through mobile phones but many other devices as well,” he said. “Metaverse technology will create virtual spaces that are more immersive and realistic than ever before, providing people unique ways to connect across work, home and play.”
“As the next generation of the internet, the metaverse represents a big opportunity for Thailand,” said Mr Nattasate Trithipcharoenchai, chief executive of Brandverse, the developer of T-Verse metaverse under the marketing tech firm Jenosize Digital Group. “It is a digital world where people can live with a new identity or avatar. People can connect with each other, build new communities and enjoy immersive experiences such as socialising, shopping, working and studying. We believe it is a real business opportunity and a new S-curve industry.”
Mr Monvalee Phathanothai, chief executive of Thonburi Health Technology, a unit of Thonburi healthcare Group (THG), said, “Despite being in its early stages of development, the metaverse promises new business opportunities for the healthcare industry and it is a digital innovation hospitals cannot afford to ignore.”
Mr. Phantabat Santimakorn, chief of business development and strategy at Translucia Metaverse, a metaverse project under T&B Media Global (Thailand), said, “With a large number of crypto users and traders speeding mass adoption and future development of the metaverse, meta societies are booming.”
Last but not least, the founder and CEO of Bitkub Capital Group Holdings, Jirayut Srupsrisopa, recommended that Thailand look beyond tourism and make the transition to a digital economy to generate more revenue for the country.
“Some 40% of all income in China and about one third in Ukraine comes from the digital economy sector,” said the CEO of Bitkub. “Thailand should make the shift and invest in the digital economy as many other countries have. The digital economy will drive growth in the years and decades to come.”
