On September 16, T3 Technology Co. Ltd. (hereinafter referred to as T3 Technology), a leading telecommunications solution provider in Southeast Asia, and the global IoT (Internet of Things) development platform Tuya Smart (NYSE: TUYA) jointly held a press conference and signed a strategic cooperation agreement, announcing that the two parties will cooperate in software App development, IoT product planning and design, ecological expansion, cloud deployment, etc., to further consolidate T3 Technology’s leading advantage in Thailand’s IoT industry, fully open up the Southeast Asian market, and lead the digital economy era. Leo Yu, CEO of T3 Technology, and Eva Na, Market and Strategic Cooperation Vice President and CMO of Tuya Smart, jointly witnessed the signing of the strategic cooperation agreement and conducted in-depth discussions on the content of the cooperation.
MOU in Thailand MOU in China
At present, driven by cutting-edge technologies such as 5G communications, intelligent perception, and edge computing, the global IoT industry is rapidly expanding. In 2020, the global smart home device market is close to 130 billion U.S. dollars. It is expected that in 2024, global product shipments will be more than 1.4 billion units. Benefit from the Thai government’s policy support over the years, Thailand’s IoT industry has developed rapidly. According to a survey of the Asian IoT Business Platform, 89% of Thai companies are exploring or implementing IoT solutions, ranking first in Southeast Asia, and Thailand has become ASEAN A pioneer in exploring and implementing IoT solutions to increase productivity and innovation capabilities. The huge potential in Thailand and even the ASEAN market has attracted the participation of leading players in the global industry.
As a leading telecommunications solution provider in Southeast Asia, T3 Technology has served more than 2 million households and 8 million users relying on its strong product research and development capabilities and local end-to-end service system. It has a high reputation in the field of high-tech communications equipment in Thailand. T3 Technology has deeply cultivated the telecom market in Southeast Asia, accurately grasped market demand, and promoted a full range of products in a three-dimensional manner. Among them, the Access Network has the largest share in the new increase market, 5G-related product solutions have been deployed on a large scale, Smart IoT has launched in-depth cooperation with Lotus’s, 7-11 supermarkets and major operators, and has fully deployed online and offline open channels.
Tuya Smart is a global IoT development platform, after 7 years of development and precipitation, the IoT development platform has accumulated more than 384,000 registered developers. Daily voice AI interactions exceed 122 million times. ‘Powered by Tuya’ empowers more than 410,000 device SKUs (Stock-keeping Unit), products and the service covers more than 220 countries and regions, covering more than 100,000 online and offline sales channels worldwide.
T3 Technology CEO Leo Yu attaches great importance to the cooperation between the two parties: “T3 Technology always adheres to customer-centric, technological leadership as the cornerstone, based in Thailand, focusing on Southeast Asia, facing the world, focusing on the layout of three major business directions: home terminals, smart IoT, and end-to-end telecommunications system product solutions. At present, the home terminal has the largest share in the new increase market of Thailand, the goal is to be the first in Southeast Asia within 3 years, and the smart IoT field is aiming to be the first in Southeast Asia within 3 years. This signing is a strong and sincere cooperation between the two parties, it marks the overall improvement and deepening of the level of cooperation between the two parties, and is jointly committed to providing customers and consumers with smart IoT services and value.”
Tuya Smart Market and Strategic Cooperation Vice President and CMO Eva Na is full of confidence in this cooperation: “Tuya has always been adhering to the value of “customer success”, sincerely cooperating with customers, and empowering cooperation partners with industry-leading technical capabilities, rich product ecology and flexible supply chain system. Tuya will work hard with T3 Technology to jointly promote smart devices and solutions in various fields such as home furnishing, commerce, and municipal engineering, and help T3 Technology to become a benchmark enterprise and first brand in Southeast Asia’s IoT industry. ”
T3 Technology VP David Chen said: “Although the global economy has been severely affected by the epidemic, the IoT industry has grown against the trend and has huge potential. T3 Technology has launched online and offline channels simultaneously in the IoT field, and has been deployed in Thailand, Indonesia, Pakistan, etc. T3 Technology has always insisted on building its own brand, and has end-to-end product design, supply chain management, marketing promotion and local technical service capabilities. The signing of this strategic cooperation agreement indicates that T3 Technology will comprehensively cooperate with Tuya Smart in the intelligent hardware development , App development and cloud platform to build the technological leadership of the T3 Smart IoT brand, covering channels including e-commerce, operators, large chains, supermarkets, home appliance, home furnishing, IT and other stores, continuing to provide consumers with high-quality products and enjoy the fun of technology.”
Tuya Smart Asia Pacific Region General Manager Ross Luo said: “Southeast Asia has a population of over 650 million, with a low average population age. The population under 20 accounts for 33.8% of the entire region’s population. Young people have a strong ability to accept new things and are the main consumer of smart home products, coupled with the popularity of smartphones and the improvement of Internet infrastructure, the development of Mobile Internet is very rapid, and this will surely drive the development of the IOT industry in this market. Tuya has been providing IoT services to every partner, create value and build an interconnected and intelligent world. I believe that with our sincere cooperation and joint efforts, T3 Technology will become a leading IoT brand that promotes the growth of the Southeast Asian market.”
At present, the Thai government is working hard to promote the “Thailand 4.0 Strategy” new economic model, transforming Thailand’s industrial economy from relying on traditional manufacturing to a digital economy driven by innovative research and development，therefore the promoting the development of IoT has become an important part of it. According to the forecast of the consulting agency, by 2030, Thailand’s IoT market will reach 2.19 billion U.S. dollars. It is worth mentioning that in view of Thailand’s role model in ASEAN, building a successful layout in the Thai market will help T3 Technology and Tuya Smart to jointly expand their services to major ASEAN markets such as Malaysia, Indonesia, Philippines, and Vietnam in the future, bring greater room for growth, rapid realization of ecological integration in the Southeast Asian market, and further expansion of global influence.