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Find out the current events and relevant news in the region that may impact your business decisions and on-going outsourcing partnerships.

Foreign Digital Companies in Thailand soon to pay 7% VAT under Revenue Code Amendment Act (No. 53) B.E 2564

The amendments to the Revenue Code approved by the Thai Cabinet in June 2020 are expected to take effect in September 2021. This means foreign businesses providing digital services in the country that earns more than $57,500 a year will soon be required to pay 7% VAT. This is applicable to service providers in e-commerce platforms, gaming, e-payment services, and digital marketing. 

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India’s IT sector sees constant rise in hiring in January

India’s IT sector have seen a remarkable growth in recruitment in metro cities such as Bengaluru, Hyderabad, Pune, and Delhi, an equivalent of more than 50% jobs in the sector in January 2021. Job posting increased by 39% compared to the previous month. Next to the IT sector are BPO with 10% growth and banking with 6% growth. The report also showed that cities Bengaluru and Hyderabad pay the highest for IT jobs in India. In terms of job role, project managers are most in demand in the IT sector (47%). Another top role for hiring is digital marketing (30%). 

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Thailand’s Sophisticated Digital Surveillance System

Thailand has developed one of the most advanced digital surveillance systems in the region. Thai cyberspace has become militarized since the military coup in May 2014, according to Pinkaew Laungaramsri and Wolfram Schaffar. The military’s formation of the cyber warfare unit in 2015 showed the junta’s intent to have a digital authoritarianism. The Thai ministry announced in 2018 the plan to establish a cybersecurity agency and hacker training center to contribute to the country’s digital economy. The country’s minister of digital economy and society opened an anti-fake news center in Bangkok in 2019. 

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Czech diplomat writes on Vietnam’s 4IR strategy

Czech diplomat David Jarkulisch said that the development of Vietnam’s digital economy will open opportunities for Czech companies operating in this sector in Southeast Asia, specifically in cyber security and digital banking. Vietnam’s newly approved strategy on the Fourth Industrial Revolution (4IR) aims to change the current growth model primarily based on use of cheap labor and sets the target of the digital economy contributing 30% of the GDP by 2030.

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Private capital funds to spend billions on tech & outsourcing

In the report ‘The future private capital CFO: Evolving in a digital age’, it showed that private capital fund managers will spend billions of dollars in adapting solutions to meet their clients’ expectations for more frequent reporting and other transparency demands. A quarter of the CFOs in the survey said they would invest more on technology, expand in-house finance teams, and outsource more functionality.

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