Thailand's Bangkok Bank launches fintech accelerator
Bangkok Bank has launched a start-up accelerator to support financial technology development in Thailand. Hong Kong venture investor Nest will co-manage the program.
The accelerator, known as InnoHub, will focus on payments, machine learning, artificial intelligence and customer identification technologies. It will be geared towards companies with products that have direct relevance to the Thai market, or potential for adoption in the ASEAN market. The 12-week program will include up to eight companies.
The bank’s VC arm, Bualuang Ventures, will help participating entrepreneurs with follow-on investments. Nest, meanwhile, will offer access to a global network of specialists in technology adoption as well as strategic advice on potential pilot projects or integrations with Bangkok Bank.
“Thailand’s start-up ecosystem is going through an exciting period of intense growth and change,” Nest CEO Lawrence Morgan said in a statement. “For the companies selected for this program, our aim is to not only give them access to opportunities domestically in Thailand, but also to create a hub for early-stage companies looking to gain traction in other ASEAN markets, thereby positioning Thailand as a gateway into ASEAN.”
InnoHub is being branded as complementary to the government’s so-called Thailand 4.0 agenda, which aims to modernize the national economy through investment in emerging technologies. It follows the launch of a THB20 billion ($576 million) venture fund by the government last year.
The program also builds on momentum in start-up incubation aimed at serving the increasingly online but unbanked populations of Southeast Asia. Last year, fellow Thai lender Siam Commercial Bank launched a $50 million fintech program to be managed by its subsidiary investor Digital Ventures.
Earlier this year, the International Financial Corporation, the private investment arm of the World Bank, proposed to invest up to $150 million in TMB Bank, which is said to be the first Thai financial institution to let customers open deposit accounts via smart phone.
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