BANGKOK, Jan. 13, 2025 /PRNewswire/ — The Thailand Board of Investment (BOI) said today that applications for investment promotion in 2024 soared 35% in value to 1.14 trillion baht (ca. USD 33 billion), the highest level since 2014, led by large foreign direct investment (FDI) projects in data centers, cloud services, as well as semiconductor and advanced electronics manufacturing.

The digital sector, which includes data centers and cloud services, topped last year for the first time the sectorial rankings by value with 150 projects worth a combined 243.3 billion baht in pledged investment. Major projects in this sector in 2024 included applications to setup large data centers by units of large tech and cloud services companies such as Google (Alphabet) from the U.S., Australia’s NextDC, India’s CtrlS Datacenters, and Singapore-based GDS IDC Services PTE Ltd.

The electronics and electrical appliances (E&E) sector, which had attracted the largest share of investment in recent years, came in second last year with 407 projects worth 231.7 billion baht. Noticeable large projects in this sector last year included an investment by a unit of Foxsemicon Integrated Technology Inc. (Fiti Group) to build a factory to make high-precision machinery parts and equipment for the semiconductor industry, and an investment by FT1 Corporation, a Thailand–Hong Kong SAR–Singapore wafer manufacturing joint venture between Hana Microelectronics and PTT Group to produce silicon carbide wafers.

The automotive sector came in third with 309 projects worth 102.4 billion baht. Agriculture and food ranked fourth with 329 projects worth 87.6 billion baht, followed by petrochemicals and chemicals with 235 projects worth a combined value of 49.1 billion baht.

“Investors’ response to our policy to promote Thailand as a safe and neutral location for large digital sector and smart electronics projects has been very impressive last year, with important projects by groups like Google, in cloud services, and Foxsemicon, in the semiconductor supply chain,” said Mr. Narit Therdsteerasukdi, Secretary General of the BOI. “We expect this trend to get even stronger in 2025 following the setup of Thailand’s Semiconductor Board and the need for more companies to mitigate risk in view of the current geopolitical situation.”

In December, Thailand’s newly appointed National Semiconductor and Advanced Electronics Policy Committee, or Semiconductor Board, approved the framework for the sector’s strategy, and for the development of a skilled workforce to prepare for a new wave of FDI which the Government estimates could attract 500 billion baht investment by 2029.

“In close coordination with the Government, the BOI will conduct during this year roadshows to all key FDI source markets, and technology hubs, including China, the U.S., Japan, and Europe, to promote our policies and meet potential investors,” Mr. Narit added. Later this month, Mr. Narit will join Prime Minister Paetongtarn Shinawatra’s delegation to the World Economic Forum in Davos.

Other sectors expected to see growing investment in 2025 include the production of clean energy, for which the demand is rising especially due to the demand from the digital and electronics sector, Mr. Narit said. Also showing great growth potential this year are the electric vehicles (EV) and parts industry which is still building on the growth seen in recent years, the agritech and the foodtech sectors, as well as the medical and tourism infrastructures, he added.

The total number of applications for investment promotion in all sectors filed during January to December 2024 increased 40% to 3,137 projects, from 2,235 projects in the same period of 2023. The total adjusted investment value of the project applications for all of 2023 was 846.5 billion baht.

FDI Applications Up 25% Year-on-Year

FDI represented 73% of the total value of applications in 2024, after rising 25% from the previous year.

Singapore led the FDI source rankings with 305 projects mostly in digital services, and electronics manufacturing, representing a total investment value of 357.5 billion baht, or 43% of total FDI applications. Most of the investment came from Chinese and American companies using Singapore as a regional base, reflecting the competition between the two countries in the tech sector.

Mainland China was the second largest source of FDI applications with 810 projects worth a total of 174.6 billion baht led by PCB, automotive, and metal products manufacturing businesses.

Hong Kong SAR came next with 177 projects worth a total investment value of 82.3 billion baht, including the production of wafer fab, a key raw material in the semiconductor industry, as well as data center, PCB, chemicals and plastics manufacturing.

Companies based in Taiwan region filed 126 applications worth a total of 50 billion baht in investment value, with high-value projects in the production of advanced semiconductor equipment and components, PCB and smart electronic products.

Japan ranked fifth with 271 projects worth a combined investment value of 49.1 billion baht, with most projects in areas of expertise, such as the automotive and parts sector, motorcycle manufacturing, aircraft tires, digital camera and air conditioner manufacturing, all activities of importance to Thailand’s industrial sector.

For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand

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SOURCE Thailand Board of Investment (BOI)

New AI-powered conversational shopping experience brings boutique personalization to the digital retail spacePersonalized style searches powered by Google Cloud’s gen AI transform online shopping into a boutique experience

AMSTERDAM and SUNNYVALE, Calif., Jan. 13, 2025 /PRNewswire/ — Omoda, a leading Dutch fashion retailer, and Google Cloud today announced a collaboration to transform Omoda’s online shopping experience with AI. Leveraging Google Cloud’s cutting-edge generative AI tools, Omoda launched ‘Omoda Stylist’, a conversational AI agent and ‘Discover the Look’, a feature that reimagines online fashion browsing by helping customers find entire outfits rather than individual items. This approach aims to make fashion exploration more inspiring by enabling shoppers to visualize different styling options.

Omoda believes that showcasing complete outfits sparks creativity and inspires customers to see how individual pieces can work in a variety of looks. With the help of Google Cloud’s Vertex AI platform, and using Gemini models, multimodal embeddings, and Vector Search, Omoda has created a shopping experience similar to having a personal stylist at hand. By using natural language search, customers can effortlessly describe their ideal outfit—such as “a bohemian wedding look” or “smart casual workwear”—and receive curated suggestions that reflect their preferences, body type, and favorite brands. This holistic approach not only improves discoverability but also provides richer insights into styling, fit, and occasions.

“With this collaboration, we’re taking a major step toward fulfilling our vision of bringing the warmth and personalization of boutique shopping to the online world,” said Ewoud Friedlink, CTO, Omoda. “Google Cloud’s generative AI tools are helping us go beyond transactions to inspire our customers, making online shopping an engaging and highly personalized experience. By the end of 2024, we anticipate that 90% of product content—such as descriptions and recommendations—will be AI-generated.”

Innovation driving conversion and loyalty
Omoda’s newly launched conversational AI feature is just the first phase of a broader vision to create a fully immersive and personalized fashion shopping experience. Results from recent tests demonstrate the significant impact generative AI can have on customer engagement:

Higher conversion rates: Customers who engage with the ‘Discover the Look’ feature convert at a rate 2.5 times higher than those who don’t.Enhanced customer inspiration: The new feature, supported by Google Cloud, provides customers with intuitive, natural language searches to deliver personalized outfit recommendations.Intelligent brand matching: Recommendations include items from favorite or complementary brands, ensuring a tailored shopping experience that aligns with customers’ brand preferences.

“By combining Google Cloud’s generative AI with Omoda’s structured data and deep retail expertise, we’re enabling the next era of personalized retail,” said Joost Smit, Head of Benelux, Google Cloud. “This partnership exemplifies how AI can enhance consumer experiences while driving tangible business outcomes for retailers. We’re thrilled to support them on their journey, driving longer-term customer loyalty while bridging the gap between convenience, sustainability, and personalization.”

At the heart of Omoda’s transformation is its robust data infrastructure, powered by Google Cloud’s BigQuery and Looker Studio. These tools ensure structured, real-time data availability, enabling AI-driven recommendations and insights. While the conversational search feature is already live, Omoda is working on next steps, including avatar-based outfit visualization and wardrobe integration.

About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated, and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models, and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

About Omoda
Omoda, established in 1875, is the inspiring fashion retailer of the Netherlands. Combining a personalized boutique experience with the convenience of a large retailer, Omoda is the ultimate destination for fashion enthusiasts. With 33 physical stores, the Omoda app, and online shops in the Netherlands, Belgium, and Germany, there is always a store nearby for customers. Since August 2021, Omoda has evolved into a full-fledged fashion retailer, offering not just shoes, bags, and accessories but also clothing for men, women, and children. Omoda, the fashion store that loves you back.

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SOURCE Google Cloud

PORTLAND, Ore., Jan. 13, 2025 /PRNewswire/ — ShiftCents, Inc., also known as BankShift, an emerging leader in embedded banking innovation, is proud to announce the submission of an international patent application for its revolutionary Brand On Banking technology. This milestone builds on the company’s success in securing non-provisional patent-pending status in the United States in early 2024, further underscoring BankShift’s commitment to protecting its intellectual property on a global scale while addressing the growing demand for embedded banking solutions that enable financial institutions and brands to deepen consumer engagement and foster loyalty.

BankShift empowers financial institutions to white-label their consumer banking products for brands, driving new engagement, value, and loyalty. By leveraging this proprietary solution, financial institutions can distribute banking products within traditionally non-financial experiences, delivering modernized customer experiences while maintaining regulatory compliance.

The market for embedded banking is primed for transformation, representing a $1.5 trillion global fintech opportunity. Traditional financial institutions and brands are actively seeking solutions to seamlessly integrate banking services into their consumer ecosystems, creating deeper relationships and actionable data insights. BankShift is uniquely positioned to meet this need, offering a full-stack, turnkey solution that stands apart from conventional banking-as-a-service providers by enabling direct customer experience management while ensuring regulatory fidelity.

“We’re excited to take this next step in securing our innovation internationally,” said Rob Thacher, Founder and CEO of BankShift. “Our technology, already patent-pending in the United States, positions financial institutions and brands to build stronger, more personalized consumer relationships while driving significant growth together. This international patent filing reinforces our mission to modernize embedded banking and protect the value we bring to our partners.”

BankShift’s Market Impact

Problem: Brands seek to stand out and deepen their connection with consumers by building financial relationships that provide valuable data and insights, ultimately driving sales and retention. However, financial institutions often lack the modern infrastructure and expertise needed to enable embedded banking.Solution: BankShift is a turnkey solution for financial institutions to distribute banking products within traditionally non-financial experiences, maintaining regulatory fidelity while enabling third parties to grow their business and enhance customer experiences to foster loyalty.

BankShift invites financial institutions and popular brands to explore the possibilities unlocked by its embedded banking technology. Consult with them today to learn more about how BankShift can revolutionize your embedded banking offering and elevate your brand presence.

About BankShift:

BankShift is an embedded banking platform built on a banking-as-a-platform model, designed by experts in digital-first innovation. Featuring patent-pending technology, BankShift enables financial institutions to seamlessly integrate banking products into traditionally non-financial experiences. The platform empowers financial institutions and third-party brands to unlock new revenue streams, maintain regulatory compliance, and foster authentic customer loyalty. By redefining the way financial services blend with brand experiences, BankShift creates lasting connections that enhance consumer engagement and elevate everyday financial interactions.

For media inquiries, please contact:
Bernice Gardner
Public Relations
BankShift
bernice@bankshift.com

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SOURCE ShiftCents, Inc.