MAYASIA BUSINESS OUTLOOK9Thailand's 500 billion baht ($13.53 billion) handout scheme aims to stimulate the wider population and bolster the overall economy through stimulus, a finance official said on Wednesday, in response to central bank recommendations suggesting a focus on the poor.Confirming to Reuters, the central bank revealed it had submitted a letter to the cabinet outlining its recommendations regarding the digital wallet policy, following a government request for feedback. Earlier on Wednesday, during a press conference, the Bank of Thailand expressed no opposition to stimulus but emphasized the importance of targeting it effectively.Having received cabinet approval on Tuesday, the policy has cleared another hurdle for implementation, offering each of the 50 million Thais 10,000 baht to spend in their communities over a six-month period. Paopoom Rojanasakul, secretary to the finance minister, informed reporters on Wednesday that the policy aimed to benefit the broader population, not solely vulnerable sectors.Although the rollout of the digital wallet, delayed until the end of this year, has faced criticism from economists and some former central bank governors as fiscally irresponsible, the government maintains it will not adversely impact finances.While the prime minister insists that the handout is necessary to revive an economy in "crisis," this depiction is not shared by the central bank governor. Vietnam's leading technology company, FPT, announced plans to establish a $200 million artificial intelligence (AI) factory in collaboration with Nvidia, utilizing the latter's graphics chips and software, as per a joint statement released on Tuesday. The company aims to leverage Nvidia's expertise to advance AI research in Vietnam, focusing on developing AI applications and solutions, including generative AI and autonomous driving, at the proposed data center factory.Chairman Truong Gia Binh shared that FPT intends to establish similar factories not only in Vietnam but also in potential markets like Japan and South Korea, aligning with its vision to transform Vietnam into an AI hub through strategic collaboration with Nvidia in technology, business development, and training.The partnership between the two firms extends to a comprehensive strategic alliance, signaling deeper cooperation in various areas.Keith Strier, Vice President of Worldwide AI Initiatives at Nvidia, affirmed the collaboration with multiple units within FPT, with specific agreements and strategies tailored for each unit.Nvidia has previously invested over $250 million in Vietnam, though it remains unclear if the new partnership will lead to additional investments.FPT, valued as the most prominent technology entity on Vietnam's Ho Chi Minh City bourse with a market capitalization of $5.5 billion, offers an array of AI, cloud, and big data services. In the past year, its total revenues exceeded $2 billion. THAILAND'S HANDOUT SCHEME TO IMPROVE ECONOMY BY STIMULUSVIETNAM'S FPT TO ESTABLISH $200 MILLION AI FACTORY IN PARTNERSHIP WITH NVIDIANEWSROOM
< Page 8 | Page 10 >