The effects of this digital revolution are far reaching. We have seen it affecting a wide spectrum of industries ranging from agriculture to automobile, encompassing a broad range of professions from farmers to financial professionals. Drones can now be used to monitor agricultural yields and provide logistic services. Artificial Intelligence (AI) can now predict certain forms of cancer more accurately than doctors and enable cars to be self-driven. From 3D printing, to genome mapping, to Internet of Things (IoT) and, very soon, Internet of Everything, the possibilities are limitless. As a country, how we respond to these challenges will determine Thailand’s position in the world economy and the path our future generations take. Of course, no one can accurately predict where this path of technological advancement will lead us to and how our digital future will unfold, but what we can be certain of is that traditional ways of conducting businesses have been upended and leaderships are being challenged. Board members and executives are faced with strategic risks that could threaten viability of their organizations if they do not make timely changes to their business models to remain relevant and competitive. Equally important is how to manage risks associated with this digital transformation. As all directors know well, executing successful strategic transformation is not an easy task. Executing successful digital transformation when the ecosystem is still evolving will be even more challenging. Ladies and gentlemen, Amidst these rapid technological advancements, I believe everyone here agrees that a wait-and-see strategy is inadequate.

Lower-income groups and people in remote areas need to have access to quality services essential to improving their welfare, such as education and banking services. It is therefore crucial that basic infrastructures are put in place starting, for instance, with national-wide internet broadband access points and the PromptPay electronic fund transfer system. Moreover, these infrastructures must be interoperable and open to all, which would definitely require collaboration of the whole industry, not just an effort of any one firm. Our PromptPay infrastructure was the result of close collaboration between the Bank of Thailand and the Thai Bankers’ Association. It has spurred healthy competition amongst banks, catalyzing enhancement in the e-payment landscape such that it provides increased opportunities for many small merchants and consumers. Another important factor for inclusivity is digital literacy. It is imperative to equip people with necessary skills to survive and thrive in this digital era. This is an enduring task and one that requires active participation at every level. This effort can begin with individual staff in one’s own organization—working from tech-savvy juniors to technologically-challenged peers. Ladies and Gentlemen, I believe the three key imperatives of productivity, immunity, and inclusivity will help Thailand navigate through this digital disruption and continue on the path for sustainable economic growth. Before I end my remark this morning, I would like to emphasize once again that while this new digital ecosystem is still evolving and the future remains uncertain, we cannot afford to hold back.