Thailand's Bangkok Bank has partnered with Nest to kick-start its international fintech startup program. Will this be the beginning of the ASEAN financial technology wave?
Bangkok Bank Public Company (Bangkok Bank) has announced its international fintech accelerator program, Bangkok Bank InnoHub, in partnership with corporate innovation partner, Nest.
The program, which is now accepting applications, will commence in June 2017 and take place at Bangkok Bank’s innovation facility in the heart of the city.
As the country’s leading commercial bank, and one of the largest banks in Southeast Asia, Bangkok Bank is committed to supporting Thailand’s innovation ecosystem and well positioned to offer high-potential, local and international fintech startups the opportunity to gain validation and scale over an accelerated period.
Fintech Into ASEAN
Bangkok Bank President Chartsiri Sophonpanich said the Bangkok Bank InnoHub program will give local startups an opportunity to expand regionally and internationally while offering global startups an opportunity to collaborate with Thai and ASEAN communities.
For Bangkok Bank there is the potential to adopt new technologies to further the development of innovative services and experiences to its customers, and in partnership with Nest the bank will source and select startups that have strong relevance to its business.
The global call out for founders is also geared towards companies with technologies that have direct relevance to the Thai market, or potential for adoption in the ASEAN market.
The content and opportunities presented over the 12-week period will particularly benefit early-stage companies developing technologies for payments, electronic Know Your Customer (eKYC), machine learning and artificial intelligence (AI).
Venture Capital Opportunities
Founders selected to join the program will gain unique access to Bangkok Bank and Nest’s global network of specialists in technology adoption, who will offer strategic advice to help prepare them for a potential pilot project or integration with the bank.
Bangkok Bank InnoHub will give the bank’s new venture capital company, Bualuang Ventures, the opportunity to explore investment opportunities with some of the world’s most innovative financial technology companies.
«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,» said Lawrence Morgan, Nest CEO.
