Bangkok Bank Launches International Accelerator

Bangkok Bank Launches International Accelerator

The Thailand’s Bangkok Bank has already launched its international accelerator program called the “Bangkok Bank InnoHub”. The country’s largest bank w

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The Thailand’s Bangkok Bank has already launched its international accelerator program called the “Bangkok Bank InnoHub”. The country’s largest bank when it comes to assets is now accepting many applications to the first accelerator program, the FinTech; launched in partnership with the innovation incubator and capital firm, Nest. Bangkok Bank, considered as one of the largest banks in Southeast Asia, is opening a program to the innovators of FinTech; they are finding people that are 18 years of age and above. The applications of the program began in March and it will close on May 10, 2017, just as before the program will have its commencement on June 2017.

This 12-week program will favor many applicants from the development technologies, the electronic know-your-customer (KYC) machine, and many artificial intelligence. While the bank is issuing a call for the innovators of FinTech, the bank also focus on the solutions that is relevant to the Thai Market or the applications that can be adopted in the ASEAN. The startups will gain many advices in the strategies toward to the potential pilot projects. As the country’s leading commercial bank, the Bangkok Bank can also integrate many new ideas into offerings and services to its consumers. Panukorn Chantaraprapab, an Executive of Business Investment Department, said that the Bangkok Bank will gain new technologies in order to receive development for their customers with the help of the Nest they will be able to create sources and choose startups that will have an interest on their business organization.

The Buluang Ventures, the new venture capital arm, will look towards the investment and business opportunities with the participating FinTech startups. It will also offer an advisory service for the participants of InnoHub for the future of the investments. Nest has already experience in running similar programs with other banks and other organizations in Kenya, Singapore, and Hong Kong. Lawrence Morgan, the Chief Executive Officer of Nest, stated that the companies that are selected in the program will not gain long-term access to the domestic opportunities in Thailand but to create a hub for the startup companies in order to gain benefits to markets in ASEAN. It has been claimed that Thailand will be the gateway for the startups to the ASEAN.

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Thailand is a home to the number of developments in the recent times as many companies and corporates, including the national stock exchange of Thailand, are embracing the financial technologies. Kasikorn Bank, another leading bank in Thailand that is based in Bangkok, is expected to launch a FinTech payments platform by the end of the year while focusing on an easier, low-cost, and quick transaction through digital payments platform. The operator of Thailand’s national stock exchange announced the development of the blockchain-based marketplace used for trading among the startups and other small companies earlier in this month.

This marketplace will be able to benefit the startups and the newly-established companies in order to gain access to the capital. Last year, Everex, a Thai blockchain startup, used the Ethereum Blockchain to conduct a remittance pilot in order to enable the 100 Myanmar migrant workers to send cash to their home while cutting down settlement times with the significant savings in the remittance and the currency exchange stocks.