ASEAN

The Metaverse and the Importance of Personal Data Protection in Southeast Asia (Fulcrum)

Like many countries across the globe, Southeast Asian countries have been embracing the idea of creating alternate realities in the ‘Metaverse’. The concept, envisaged as a seamless network of artificial virtual worlds, had been the stuff of science-fiction but has been gaining mainstream popularity since Mark Zuckerberg announced in October 2021 his decision to rebrand Facebook to Meta and bring the concept to reality.

Seeing the vast commercial potential, property players in Singapore and Thailand have recently adopted Metaverse virtual reality technology to improve the user experience in buying or selling virtual assets.

Governments have also been welcoming the concept. The Metaverse is set to contribute a vital role in the Thailand 4.0 programme, which seeks to bring about a digital and tech-driven value-based economy.

Meanwhile, in Indonesia, the Metaverse is being massively developed through a strategic partnership with WIR Group for Jakarta’s Smart City and a virtual-based consultative platform (Kovi Otda) for the regional economy. The Indonesian government also plans to unveil Indonesia’s metaverse ecosystem at the upcoming G20 Summit in November.

Given that 70 per cent of the population residing in ASEAN member states now have internet access, embracing this digital-led innovation makes sense.

To read the rest of the article, please use this link: https://fulcrum.sg/the-metaverse-and-the-importance-of-personal-data-protection-in-southeast-asia/

Albert Jehoshua Rapha - Fulcrum

17 June 2022