Industry chiefs upbeat on outlook Post forum examines trends after Covid

Asia's Tech News Daily
Industry chiefs upbeat on outlook  Post forum examines trends after Covid

“In the next year, a lot of ATMs will disappear as they will be replaced by a cashless payment system on apps. A cashless society is coming faster than ever,” said Jirayut Srupsrisopa, founder and group chief executive of Bitkub Capital Group. (Photo: Varuth Hirunyatheb)

Business leaders are optimistic about opportunities after the pandemic is controlled, with digital technology, online transactions, environmental concerns and Covid-19 driving new trends.

Jirayut Srupsrisopa, founder and group chief executive of Bitkub Capital Group, Isao Sekiguchi, president of Nissan Motor (Thailand), and Jackie Chang, president of Delta Electronics (Thailand), shared business lessons from the pandemic and looked ahead at the Bangkok Post International Forum 2021, with the theme “Unleashing the Future: A Glimpse into 2022 and Beyond”.


Mr Jirayut said the Thai financial market needs to adapt to the digital world.

The technology 3.0 era will come with the metaverse, and traditional financial institutions will gradually be replaced by decentralised finance, while digital currencies will play a greater role in exchange of goods and services in the digital economy, he said.

Mr Jirayut said although the Bank of Thailand does not yet support the use of cryptocurrencies for payment, it has no authority to govern cryptocurrencies because the law is from 1932 and does not cover digital currencies.

He said the tech 3.0 era will bring about new financial platform protocols to support the digital economy and the metaverse.

“In the next year, a lot of ATMs will disappear as they will be replaced by a cashless payment system on apps. A cashless society is coming faster than ever,” Mr Jirayut said.

He said the rise of cryptocurrencies is in line with the 3.0 trend because it works on a blockchain platform. If Thailand continues to block its use, it will waste an opportunity to develop the digital economy, said Mr Jirayut.

He said Thai firms are losing market share in many industries to foreign firms through modern app platforms, such as Lazada and Shopee in retail, Grab in the food delivery, and Facebook on social media.

Finance is probably the only major local industry that is largely owned by Thais, said Mr Jirayut. However, they may lose out to foreign firms with more technological prowess if they don’t adapt to the changing financial technology.

Facebook is developing a blockchain for the metaverse next year, which could bring big changes to the global financial industry, such as the birth of Meta Bank, the first virtual bank on the metaverse.

Facebook’s capacity to reach 3.3 billion people gives the company the power to build a massive customer base for its metaverse’s world of economy and finance, he said.

Given this digital disruption, Thai financial institutions should adjust their business models, said Mr Jirayut. If they adopt new technologies now, they still have a chance to make the industry “a national champion,” he said.

As for the digital asset industry, he said there is still a lot of room for growth with the proliferation of the metaverse.

However, he admitted the digital asset industry is highly volatile as its market size is small compared with other assets. If the market increases, volatility can be reduced, said Mr Jirayut.

Regarding the risk of quantum computing undermining the safety of the cryptocurrency blockchain, he said it is a potential risk. However, Mr Jirayut believes quantum computing’s disruption will not happen anytime soon because the blockchain system is thought of as complex and highly secure.

Crypto makers and blockchain experts are not underestimating the threat and are devising intense defensive measures right now, he said.


Covid-19 gave the industrial sector an opportunity to think of novel business plans, adjusting to new lifestyles and people’s growing concern for environmental protection, said Mr Sekiguchi.

“We should not just talk about the negative side of the pandemic. There were positive aspects too,” he said.

The past two years provided time to contemplate new business plans. The highly contagious outbreaks awakened Nissan Motor Thailand to the benefits of online marketing, said Mr Sekiguchi.

Previously when Nissan wanted to launch new car models, it organised large press events and made a big production, with the intent of creating an impression.

“We launched new models digitally during the pandemic,” he said. “Creativity is needed to maintain a good impression and make the cars attractive.”

Up to 60% of Nissan cars produced at its Thai factory were exported to Japan last year, said Mr Sekiguchi.

The auto industry has an opportunity to increase sales as a result of changes in travel behaviour, he said. Many people are avoiding public transport for fear of contracting the virus. This is likely to translate into more car sales, said Mr Sekiguchi.

Even sales of electric vehicles (EVs), which are more expensive than oil-powered cars, increased during the pandemic, he said. This trend is in line with Nissan’s Ambition 2030 campaign, which aims to direct the company towards more EV production.

The company plans to launch 23 new electric models, including 15 new EVs, aiming for 50% electric models by 2030, according to Nissan Motor Corporation’s website.

“The pandemic caused people to become more aware of the environment and the impact of air pollution,” said Mr Sekiguchi.

Creating an EV industry in Thailand is still a challenge because more investment in EV infrastructure is needed, he said. Nissan plans to wait and see when local customers are ready to buy EVs.

“People in Thailand are being educated about EVs,” said Mr Sekiguchi.


SET-listed electronics component manufacturing firm Delta Electronics said digital transformation, proper public infrastructure for EV manufacturing and clean energy generation are the keys to shaping a better future for Thailand.

Mr Chang said Thailand’s continuous progress in becoming a smart city is helping the manufacturing sector thrive.

“5G is playing a big role in Thailand. As 5G expands, it helps Thailand become a smart city, especially in different provinces. Smart manufacturing also comes into play in order to increase the supply chain,” he said.

Mr Chang said 5G connectivity in Thailand in telecommunications and at data centres is crucial for business because many of them have adapted and implemented the “Think Global, Act Local” strategy during the pandemic to avoid disruption from supply chain issues, such as the semiconductor shortage.

This strategy is also known as decentralised manufacturing. The strategy involves using cutting-edge technologies to set up operations and then run facilities at their optimal rate.

For example, it allows Delta Electronics to collaborate seamlessly with partners in Thailand to assemble parts for any products without delays related to shipping or shortages, he said.

Mr Chang said Thailand should also step up its efforts on sustainable development and set up proper infrastructure for the private sector to support EV manufacturing and clean energy generation.

“Infrastructure for EVs needs to be more populated around the country. We are working with our partner Nissan to push this issue in the Thai market, in terms of public infrastructure,” he said.

“We also believe electrification and clean energy in Thailand could be improved, creating an easier and freer market. It needs to be easier to trade energy so we can build more solar plants and wind turbines, creating clean energy here.”

As for the coronavirus impact on Delta Electronics’ business, Mr Chang said the firm recorded a 30-year peak this past September. The company has been vaccinating its workers and equipping them with digital training.

Industry chiefs upbeat on outlook  Post forum examines trends after Covid

Isao Sekiguchi, president of Nissan Motor (Thailand), left, and Jackie Chang, president of Delta Electronics (Thailand), share business lessons from the pandemic. (Photo: Varuth Hirunyatheb)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Moldova's Prime Minister calls Gazprom's demand to pay off debt ‘unfriendly move'

According to Natalia Gavrilita, Gazprom could "find a commercial solution" Read more »

Tork Kratos finally launches on January 26. Here's what we know so far

Tork Kratos is set for launch on January 26 with bookings expected to begin in March. The electric vehicle (EV) segment seems to be powering on in India even as ... Read more »

World Economic Forum has new date for summit in Davos

Photo: ANP The organizers of the World Economic Forum (WEF) have set a new date for the international summit. It will now be held in the Swiss ski village of ... Read more »

Borrow, borrow, then also pay, pay

While he provided a number of loans to his own BV a year earlier, totaling €400,000. The tax authorities therefore also charge him for those 4 tons plus €35,000 in ... Read more »

Bitcoin Continues Down, Drops Below $39,000

Photo: ANP Bitcoin’s value continued to fall on Friday. The digital currency fell almost 9 percent to USD 38,950 (EUR 34,390). That is the lowest level in more than five ... Read more »

EU complaints against Russian lumber export restrictions not justified — Economy Ministry

Russian representatives "intend to give exhaustive clarifications in respect of applied measures" within the framework of consultations on the WTO floor, the ministry’s press service said Read more »

TotalEnergies withdraws from Myanmar

Photo: ANP Oil and gas group TotalEnergies is withdrawing from Myanmar due to the deteriorating human rights situation in the country. Since the coup by the military junta in February ... Read more »

RIVM: poor view of precise Tata Steel emissions, probably much higher

Actual emissions of metals and PAHs at the Tata Steel site are likely to be much greater than reported emissions. That is the conclusion of the RIVM in a new ... Read more »

A quarter of PostNL in the hands of Czech billionaire

Photo: ANP Czech billionaire Daniel Křetínský has again expanded his stake in PostNL. He now owns a quarter of the company. It is not clear what Křetínský’s further plans are. ... Read more »

French energy company TotalEnergies out of Myanmar

TotalEnergies withdraws from Myanmar. This French oil and gas group is doing so because of the deteriorating human rights situation in the country. The withdrawal should be completed in six ... Read more »

China hints at more measures against big tech companies

Photo: ANP China wants to further curb the influence of large technology companies in the country. The country also wants to eradicate the corruption that, according to the communist regime, ... Read more »

Euro countries' government debt still high

Photo: ANP The government debts of the euro countries have fallen slightly, but were still sky-high at the end of the third quarter of 2021. Total debt in the eurozone ... Read more »

Corona wiped out a large part of Dutch pop music income

Photo: ANP Dutch pop music has brought in much less money abroad due to the outbreak of the corona pandemic. Performances were canceled worldwide after the outbreak of the lung ... Read more »

Crucial professions are stirring quarantine rules

Photo: ANP More and more sectors are calling for the relaxation of the quarantine rules due to personnel problems due to infections. Various sector organizations of crucial professions, such as ... Read more »

RIVM: more harmful substances in the environment than Tata report explains

RIVM sees much higher concentrations of metals and carcinogens in the vicinity of Tata Steel than expected based on the company’s own emissions figures. That is the most striking conclusion ... Read more »

‘Energy companies hide variable rate contracts'

That says the Consumers’ Association, which has viewed the websites of 27 providers. By law, providers are obliged to make such a contract easy to find on the site. There ... Read more »

ICICI Bank Q3 Preview | Healthy growth likely across key earnings parameters with stable asset quality

ICICI Bank ICICI Bank, the country’s second-largest private sector lender, is expected to report healthy earnings growth across key parameters with falling provisions and stable asset quality, which is largely ... Read more »

Metal companies less positive due to material shortages

Photo: ANP SMEs in the metal sector have become significantly less positive about the expectations for the first quarter of 2022. The biggest challenges for the sector are the increased ... Read more »

Kroger workers' strike in Colorado ends after 10 days, tentative deal reached

More than 8,000 workers were on strike against the largest grocery store chain in the state seeking a pay increase, better health benefits and stricter Covid safety measures. Read more »

Beter Bed: no need for higher prices despite uncertainties

Photo: ANP Bed manufacturer Beter Bed, which also owns the Beddenreus chain and the mattresses of M line, sees no need to structurally raise the prices of its products due ... Read more »

Bitcoin slumps hard with tumbling to well below $40,000

On crypto platform Coindesk, bitcoin fell sharply to below $39,000, with a loss of more than 7% around 7 a.m. (Dutch time). Bitcoin is under pressure from the expectation that ... Read more »

AEX index heads for loss after Wall Street negative turn

Photo: ANP The Amsterdam stock exchange seems to open with a significant loss on Friday after the negative spin on Wall Street. The American tech gauge Nasdaq gave a profit ... Read more »

Employers can control absenteeism with these tips

Podcast Money CloseSickness absence is skyrocketing. Occupational health and safety services report increases of 30 to more than 50 percent. But what can you as an employer do to keep ... Read more »

RIVM: many more pathogenic substances in the air than Tata Steel says

“It is a big and remarkable difference,” says researcher Janneke Elberse of the RIVM. The ‘gap’ between expected and measured concentrations is mainly visible in metals and PAHs, or polycyclic ... Read more »

Brewers busy supplying the catering industry with beer again

The brewers therefore call on the cabinet to allow the catering industry to open its doors again next week, with a closing time in the evenings so that sales can ... Read more »

Brits worry about rising living costs

Photo: ANP British households are very concerned about the increasing cost of living due to high inflation. Consumer confidence fell sharply this month, reaching the lowest level since the low ... Read more »

Future Retail accuses Amazon of attempting to block its OTR scheme, asks US giant to repay dues to lenders

The independent directors of Future Retail Limited (FRL) have responded to Amazon’s letter dated January 19 and asked the e-commerce giant to pay Rs 3,500 crore to FRL so that ... Read more »

GM unveils new high-performance Cadillac Escalade V-Series SUV

2023 Cadillac Escalade V-SeriesCadillac DETROIT – General Motors will offer a new performance version of its flagship Cadillac Escalade SUV, adding to a growing lineup of high-power gasoline vehicles ahead ... Read more »

Google facing new fine for refusal to remove data prohibited in Russia — Court

Since early 2021, Google was repeatedly fined for failure to remove information prohibited in Russia Read more »

Mars gives M&M's a makeover to promote inclusivity

Candy maker Mars is giving a makeover to its six M&M’s characters as a way to promote inclusivity. The company said that it will provide a modern take on the ... Read more »

Wagamama owner warns bounce-back in consumer confidence after Plan B may take a while

The Restaurant Group revealed how its sales recovery was dampened by the restrictions and welcomed the announcement that they would be lifted. Read more »

Netflix gets hit on Wall Street after disappointing growth figures

Photo: ANP Netflix dropped significantly on Wall Street on Friday. Investors were unhappy about the disappointing number of new subscribers to the video streaming service. At 8.3 million, that fell ... Read more »

Spied by the boss: employers are violating privacy with CCTV

Employers simply misuse surveillance cameras to monitor employees. This is evident from conversations with 23 employees who were monitored by their boss and from dozens of complaints that are submitted ... Read more »

Think your home value is soaring? Talk to a farmer

The Associated PressThis 2018 photo shows Jeff Frank on his farm near Auburn, Iowa. Frank doesn’t feel rich, but simply based on the skyrocketing value of his land in northwest ... Read more »

Brewers are already busy being able to provide the catering industry with beer again

Photo: ANP Brewers are already busy providing the catering industry with beer again quickly. According to trade association Nederlandse Brouwers, preparations for the reopening of cafes and restaurants are in ... Read more »

Nippon India Mutual Fund files for artificial intelligence fund

Mutual funds have been filing thematic schemes that give investors exposure to futuristic technologies Nippon India Mutual Fund (NIMF) has filed for an artificial intelligence fund of fund with the ... Read more »

China's zero-Covid policy now looks like a 'burden' and it needs to reassess, IMF says

The International Monetary Fund's managing director said Friday that China's zero-Covid policy is increasingly looking like a “burden,” which is impinging economic recovery both domestically and for the world at ... Read more »

Will 40 years of house price inflation see Brits turn their backs on buying homes?

UK households are feeling the squeeze from high rents and rapid house price growth, but the pandemic has dampened demand in London. Read more »

PTC India sets up internal probe committee for NBFC arm; questions intent of independent director's resignation

PTC India said on January 21 that it has set up an internal committee to investigate the allegations made by three independent directors of its subsidiary PTC India Financial Services, ... Read more »

COVID-19: Wetherspoons chief 'breakdancing round the living room' as Plan B rules ease

The pub chain's chairman made the comments at the same time as a number of businesses reported signs of recovery following a hit to trading caused by the Omicron variant and measures designed to tackle it. Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic