Ericsson & depa Join Forces to Drive 5G Digital Transformation in Thailand
31 January 2023
At a signing ceremony for a memorandum of understanding (MoU), Dr. Nuttapon Nimmanphatcharin, President and CEO of the Digital Economy Promotion Agency, and Igor Maurell, Head of Ericsson Thailand, are pictured in the center. The purpose of the event is to commemorate their partnership to propel Thailand’s digital transformation through 5G technology.
Ericsson, Inc. The Digital Economy Promotion Agency (depa) and ERIC (news, filings) have signed a Memorandum of Understanding to work together to promote Thailand’s 5G-based digital transformation. To accelerate Thailand’s transition to a digital economy, the collaboration involves exchanging best practices, advanced knowledge, and cutting-edge Ericsson technology.
In accordance with the MoU, Ericsson and depa will establish an innovation lab (Innolab) in depa’s Thailand Digital Valley in Chonburi province. This Innolab will serve as a 5G testbed and service center for Thai trials of new applications and services, spectrum sharing, and wireless and network technologies.
“Ericsson will continue to collaborate closely with key stakeholders to support the growth of the 5G ecosystem and drive the vision of Thailand 4.0. Igor Maurell, Head of Ericsson Thailand, states, “Ericsson will bring its cutting-edge technology and solutions, as well as our global experience and expertise, to realize Thailand’s goal of becoming
The cooperation additionally targets setting out new open doors for business advancement, ability and expertise improvement and empowering unfamiliar direct ventures, while reinforcing the job of Thailand Computerized Valley in the advancement of cutting edge 5G items, administrations, and applications.
The support of 5G-based innovation and applications in manufacturing, service, smart cities, agriculture, and social development is a common objective of both organizations. They likewise mean to support information sharing and foster preparation programs regarding innovation, applied cases and guidelines.
Igor stated, “Digital infrastructure plays a critical role in our society, and communication technologies assist in addressing social, environmental, and economic challenges worldwide.” We are working to ensure that the current robust 5G network platform continues to advance toward the 6G era, bringing new capabilities and superior performance.
With 134 live 5G networks in 59 countries and 17 live 5G standalone networks worldwide, Ericsson is a global leader in 5G.
The banks’ outdated core systems are without a doubt the most significant roadblock to digital transformation. While agile fintechs frequently release new features, their older competitors must spend a lot of money maintaining legacy systems. Not only are core banking systems slow and cluttered, but they are also extremely rigid, making them incompatible with numerous new technologies and features.
The fact that core banking system maintenance costs will only rise makes the situation even more daunting. Talent shortage may soon become a real issue as legacy technology experts approach retirement age. In the same way, modern IT environments draw in a younger workforce, making it easier to hire new employees.
A new, cloud-based core banking system that enables innovation and hassle-free feature releases can be the best replacement for outdated infrastructure in the context of digital transformation. Move your on-premise systems, for instance, to a cloud platform like Amazon Web Services (AWS). If you choose a different provider, you can quickly move your workloads to the cloud and improve overall business efficiency by adhering to AWS migration best practices or similar guides.
The hesitance of banks to leave on a center financial framework modernization excursion can be generally made sense of by the resulting critical disturbance of tasks and very significant expenses of framework substitution. Banks typically had two choices: Either completely replace the system or continue spending more and more resources on maintenance. Fortunately, banks can now innovate and add new features to meet the most pressing customer needs and accelerate digital transformation while maintaining legacy systems for all other essential operations thanks to significant advancements in cloud technology.
Through APIs, models of the next generation of cloud-based and service-oriented architecture are also compatible with a variety of external systems. This cloud-based strategy for modernizing core systems is less risky and much less expensive than replacing the entire system. Some organizations go so far as to build a new brand around their cloud platform when it comes to digital transformation, while others choose to gradually migrate legacy data to the new platform.
Even though the augmenting legacy system appears to be far superior to the complete system replacement on paper, there are instances in which the latter may still be the preferred option. Going all-in on system modernization, without a doubt, necessitates more resources, a more precise long-term vision, and significantly more risks, but it can also provide a crucial competitive advantage. Banks can implement some features more quickly with full system replacement when done correctly than with a gradual system migration. A bank must evaluate its data architecture in detail, as well as its market position, customer requirements, and current and long-term objectives, in order to choose the best strategy.