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Thailand BOI Says 2024 Investment Applications Soar 35% to 10-Year High of USD33 Billion as FDI in Data Centers and Cloud Services Take the Lead

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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 ThailandHong Kong SARSingapore 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)

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Payroc Partners with Biller Genie to Streamline Accounts Receivable for QuickBooks Merchants

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New Integration with Payroc Gateway Enhances Payment Solutions and Reduces Processing Costs

TINLEY PARK, Ill., Jan. 13, 2025 /PRNewswire-PRWeb/ — Payroc, a leading payments technology company, has announced a strategic partnership with Biller Genie, a cloud-based accounts receivable automation platform, to offer QuickBooks merchants a more streamlined payment experience. This integration with the Payroc Gateway provides an all-in-one invoicing and payment solution, automating the accounts receivable process while delivering cost savings through RewardPay Choice, Payroc’s compliant surcharge program.

This integration with the Payroc Gateway provides an all-in-one invoicing and payment solution, automating the accounts receivable process while delivering cost savings through RewardPay Choice, Payroc’s compliant surcharge program.

Through this partnership, QuickBooks merchants can automate their invoicing and payment collection processes, resulting in enhanced efficiency, reduced manual tasks, and accelerated payment processing. This collaboration not only elevates merchant operations but also empowers Payroc’s sales partners with a comprehensive solution that combines automation with significant cost savings. Together, we are committed to transforming the accounts receivable experience.

“By integrating with Biller Genie, we’re providing a complete accounts receivable solution to our sales partners and their merchants,” said James Derby, EVP of Product Commercialization at Payroc. “This partnership will help merchants automate key processes, save on processing fees, and focus on growing their business.”

The integration provides several advantages for QuickBooks merchants, including automated invoicing, payment reminders, and collections, which reduces manual data entry and saves time. With Payroc’s RewardPay Choice, merchants can further lower their processing fees by passing a portion of the costs to customers through a compliant surcharge program.

“We are excited to partner with Payroc and bring this solution to QuickBooks users,” said Garima Shah, President of Biller Genie. “This integration with the Payroc Gateway allows merchants to automate their accounts receivable process, giving them more time to focus on running their business instead of administrative tasks and get paid faster.”

This partnership supports Payroc’s mission to provide innovative payment solutions while expanding its presence in the U.S. card-not-present (CNP) market. QuickBooks merchants can now utilize Payroc to benefit from lower processing rates, efficient invoicing, and a more streamlined accounts receivable process.

For more information, please visit: https://payroc.com/solutions/gateway/

About Payroc:
Payroc is a leading provider of integrated payment solutions, empowering independent software vendors (ISVs) and businesses worldwide to turn complex payment challenges into revenue-driving opportunities. With vertically tailored solutions that deliver competitive advantages, Payroc enhances customer value and consumer convenience through a consultative, partner-centric approach. Processing over $115 billion annually for more than 190,000 merchants globally, our high-growth platform combines advanced payments technology with unified commerce solutions to support scalability and growth.

Media Contact

Yosselin Nunez, Payroc, 1 (888) 477-4500, yosselin.nunez@payroc.com, https://payroc.com/

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SOURCE Payroc

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LeapXpert Recognized as a Visionary in Inaugural Gartner® Magic Quadrant™ for Digital Communications Governance & Archiving (DCGA)

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NEW YORK, Jan. 13, 2025 /PRNewswire/ — LeapXpert, the responsible business communication pioneer, today announced that it has been recognized as a Visionary in the first Gartner Magic Quadrant for Digital Communications Governance & Archiving (DCGA).

 

LeapXpert’s flagship offering, The LeapXpert Communications Platform, provides an innovative and comprehensive DCGA solution, catering to enterprises seeking robust, scalable communication governance and compliance.

Digital Communications Governance and Archiving solutions (DCGA) are designed to enforce corporate governance and regulatory compliance across a growing number of digital communication tools available to employees.

Dima Gutzeit, Founder & CEO of LeapXpert, shared his thoughts on the recognition:

“We believe being named a Visionary in the Gartner inaugural Magic Quadrant for DCGA validates the innovation and dedication that drive our platform and team. In our eyes, this underscores our commitment to empowering enterprises to maintain governed, compliant, and efficient communication in an increasingly complex digital landscape.”

“We believe this recognition reflects the growing need for organizations to bridge the gap between convenience and governance in digital communication,” added Avi Pardo, Co-founder & CBO. “We feel our platform is at the forefront of solving this challenge, and we are proud to be a trusted partner for Fortune 500 companies and enterprises worldwide.”

This recognition comes shortly after LeapXpert was named one of the fastest-growing tech companies in North America, ranking 14th in New York City on the Deloitte Fast 500 list, and recent recognition at the UC Awards, where it won Best Unified Communications Platform under $250M for 2024.

Download the report here.

Gartner, Magic Quadrant for Digital Communications Governance and Archiving Solutions, Michael Hoeck, Jeffrey Hewitt and Rizvan Hussain, January 8, 2025.

Gartner Disclaimer

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

LeapXpert, the responsible business communication pioneer, provides enterprises with peace of mind through governed, compliant, and secure communication solutions. The LeapXpert Communications Platform enables governed and efficient communication between employees and clients through consumer messaging channels, while boosting productivity and decision-making with Communication Intelligence. The company is headquartered in New York, with offices in London, Tel Aviv, and Asia. Hundreds of enterprise customers, with hundreds of thousands of users in more than 45 countries, depend on LeapXpert daily for Digital Communications Governance & Archiving (DCGA) solutions. For more information, visit www.leapxpert.com.

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SOURCE LeapXpert

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Metaverse Wallets Market to Reach $32,310 Million by 2030, Driven by Blockchain and Mobile Wallet Growth | Valuates Reports

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Metaverse Wallets Market is Segmented by Type (Desktop Wallet, Online Wallet, Mobile Wallet, Hardware Wallet, Paper Wallet), by Application (Commercial, Individual).

BANGALORE, India, Jan. 13, 2025 /PRNewswire/ — The Global Metaverse Wallets Market was valued at USD 7697 Million in 2023 and is anticipated to reach USD 32310 Million by 2030, witnessing a CAGR of 22.5% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Metaverse Wallets Market:

The Metaverse Wallets market is set for significant growth, driven by the expanding metaverse ecosystem and the increasing need for secure and efficient digital financial tools. As the metaverse evolves into a fully immersive virtual environment, the integration of advanced technologies such as blockchain, artificial intelligence, and decentralized finance (DeFi) enhances the functionality and appeal of metaverse wallets.

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TRENDS INFLUENCING THE GROWTH OF THE TRENDS INFLUENCING THE GROWTH OF THE METAVERSE WALLETS MARKET :

Mobile wallets are pivotal in driving the growth of the Metaverse Wallets market by providing users with seamless and convenient access to their digital assets within virtual environments. These wallets enable easy transactions, secure storage, and efficient management of cryptocurrencies and non-fungible tokens (NFTs) directly from mobile devices. The widespread adoption of smartphones and the increasing reliance on mobile applications for financial transactions have accelerated the integration of mobile wallets into the metaverse. Additionally, mobile wallets offer user-friendly interfaces and advanced security features, enhancing the overall user experience and fostering trust among users. As the metaverse expands and more users engage in virtual economies, the demand for robust mobile wallet solutions continues to rise, thereby propelling the growth of the Metaverse Wallets market.

Online wallets are instrumental in driving the growth of the Metaverse Wallets market by offering accessible and flexible solutions for managing digital assets within virtual spaces. These wallets operate through web-based platforms, allowing users to access their funds and conduct transactions from any internet-connected device. The convenience of online wallets facilitates real-time transactions, enabling users to participate actively in the metaverse’s dynamic economy. Furthermore, online wallets often integrate with various metaverse platforms, providing interoperability and ease of use across different virtual environments. The scalability and adaptability of online wallets make them suitable for a wide range of users, from casual participants to serious investors. As the metaverse continues to evolve, the reliance on online wallet solutions grows, driving the expansion of the Metaverse Wallets market.

Individuals play a crucial role in driving the growth of the Metaverse Wallets market by being the primary users and adopters of these digital financial tools. As more people engage with the metaverse for social interaction, gaming, and commerce, the need for secure and efficient wallet solutions becomes essential. Individuals seek metaverse wallets to store, manage, and transact their digital assets, including cryptocurrencies, NFTs, and virtual goods. The increasing awareness and understanding of blockchain technology and digital finance among the general population further boost the adoption of metaverse wallets. Additionally, the desire for ownership and control over digital assets motivates individuals to invest in metaverse wallets, fostering a robust user base and driving market growth. The continuous expansion of individual participation in the metaverse underscores the importance of metaverse wallets in facilitating seamless digital interactions and transactions.

Metaverse wallets incorporate advanced encryption techniques and multi-factor authentication to safeguard against unauthorized access and cyber threats. The increasing incidents of digital fraud and theft in virtual environments highlight the need for secure wallet solutions that ensure the integrity and confidentiality of user data. Additionally, privacy features that allow users to control their personal information and transaction history enhance trust and confidence in metaverse wallets. This in turn will drive the Metaverse Wallets market growth.

Integration with blockchain technology is a key factor driving the growth of the Metaverse Wallets market, as it enhances the transparency, security, and efficiency of digital transactions. Blockchain provides a decentralized and immutable ledger that ensures the authenticity and traceability of transactions conducted through metaverse wallets. This integration facilitates seamless peer-to-peer transactions, smart contract execution, and decentralized finance (DeFi) applications within the metaverse. The use of blockchain also reduces the reliance on intermediaries, lowering transaction costs and increasing the speed of asset transfers. Additionally, blockchain’s inherent security features protect against fraud and tampering, making metaverse wallets more reliable and trustworthy.

User experience is a critical factor driving the growth of the Metaverse Wallets market, as it directly impacts user adoption and satisfaction. Metaverse wallets are designed with intuitive interfaces and seamless navigation to ensure that users can easily manage their digital assets and perform transactions within virtual environments. Features such as one-click transfers, customizable dashboards, and real-time notifications enhance the usability and functionality of metaverse wallets.

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METAVERSE WALLETS MARKET SHARE:

North America leads the market, driven by its advanced technological landscape, high adoption rates of blockchain and cryptocurrency technologies, and significant investments in metaverse development by major tech companies.

Europe follows closely, with strong regulatory support, a growing number of blockchain startups, and increasing interest in virtual economies and digital assets.

The Asia-Pacific region is experiencing rapid growth, fueled by the expanding gaming industry, rising smartphone penetration, and substantial investments in metaverse platforms in countries like China, South Korea, and Japan.

Key Companies:

EnjinCoinbaseMath WalletCoinomiTrust WalletConsenSys(Metamask)Alpha Wallet

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Metaverse Market

Development Trends and Application Analysis of the Metaverse

Metaverse Games Market was estimated to be worth USD 125 Million in 2023 and is forecast to a readjusted size of USD 2016.1 Million by 2030 with a CAGR of 48.5% during the forecast period 2024-2030.

Metaverse Cybersecurity market was valued at USD 1260 Million in 2023 and is anticipated to reach USD 2832.4 Million by 2030, witnessing a CAGR of 11.3% during the forecast period 2024-2030.

Metaverse Devices and Accessories Market

Metaverse Virtual Platform market was valued at USD 1221 Million in 2023 and is anticipated to reach USD 3305.7 Million by 2030, witnessing a CAGR of 15.3% during the forecast period 2024-2030.

5G Network for Metaverse Market

Metaverse in Intelligent Healthcare Market was estimated to be worth USD 1153 Million in 2023 and is forecast to a readjusted size of USD 4798.3 Million by 2030 with a CAGR of 22.6% during the forecast period 2024-2030.

Agricultural Metaverse Market

NFTs in Metaverse Market was estimated to be worth USD 242 Million in 2023 and is forecast to a readjusted size of USD 1158.9 Million by 2030 with a CAGR of 25.9% during the forecast period 2024-2030.

Industrial Metaverse Market was estimated to be worth USD 10250 Million in 2023 and is forecast to a readjusted size of USD 723700 Million by 2030 with a CAGR of 95.4% during the forecast period 2024-2030.

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