As the Srettha government is busy trying to revive the Thai economy, it is also facing a long-term dual challenge of keeping pace with digitalisation and the energy transition necessary for establishing sustainable supply chains to achieve net-zero emissions, according to a Thai blockchain leader.
In a recent interview with Thai PBS, CEO and founder of Bitkub Group, Jirayut Srupsrisopa, emphasised the need for the Thai government to be proactively equipped for digitalisation and green supply chains. Jirayut asserted that the digital economy would be a major growth engine, with green transitions, such as energy transition and carbon neutrality.
Addressing short-term concerns, Jirayut expressed concern over the rising household debt to GDP ratio, which is approaching a historic high of 90% in Thailand. If this trend continues, it could lead to an economic crisis with debt levels outpacing average incomes.
“The digital economy will be the next growth engine. Green transitions, such as energy transition, carbon neutrality and net-zero emissions, are a large part of that growth engine. If our supply chain is not green enough, Thailand could be cut off from global GDP growth. It is part of the world order that every country is moving towards net-zero. Most small and medium-sized enterprises (SMEs), Micro, Small and Medium Enterprises (MSMEs) and even giant corporates, would not be able to change their supply chains to be green enough on time,” Jirayut said.
Jirayut said that swift implementation of digital and green policies could create new business opportunities and maintain Thailand’s competitiveness in the region. He also emphasised the need to prepare the Thai labour market for an influx of foreign direct investment by the end of 2024.
“One of the key investments that the government should push is human capital development. A good insight for our region is that, by the end of 2024, there will be a surge in investment entering our region,” he said.
From left to right, Franc Han Shih and Jirayut Srupsrisopa
Bitkub aims to position itself as a digital technology company providing critical infrastructure for Thailand, including blockchain, the metaverse and artificial intelligence (AI). Jirayut underscored the potential of metaverse technology, envisioning a convergence of the physical and digital worlds that could solve real-world problems through simulations and experiments.
“There will be a merging of the physical and digital worlds into one seamless channel for all customers. Metaverse will be solving hard-to-solve physical world issues. For example, if you were to launch a new electric car, you would have to do a hundred crash tests, which is expensive in the real world. In a metaverse, companies can experiment and simulate car crashes thousands of times to get results,” he said.
AI also holds a significant place in Jirayut’s vision. The CEO has invested in a Thai generative AI company, with the potential for AI to revolutionise education by offering personalized tutoring for each student. Jirayut, however, cautioned about the risks associated with the rapid development of AI, including concerns about living in an increasingly artificial world.
Jirayut pointed out that AI has been widely used on social media platforms to maximise user engagement, potentially leading to addiction to mobile devices. Additionally, he highlighted experiments using generative AI to decipher brain signals when individuals view images, possibly jeopardising privacy.
“Another experiment used generative AI to scan the frontal cortex and limbic brain while a person was looking at a photo. AI could learn exactly that the person was looking at a giraffe eating the leaves off a tree, only by scanning brain signals. Privacy is gone,” he highlighted.
In light of these advancements, Jirayut predicted that, within five years, 40% of people’s skill sets will become obsolete, highlighting the growing importance of soft skills, such as communication, negotiation and teamwork. He urged employees to learn how to harness AI to upgrade their skills, while companies, especially SMEs, should leverage generative AI to reduce costs and enhance productivity.
By Franc Han Shih
Interview with Founder and CEO of Bitkub Group, Jirayut Srupsrisop
