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KBank launches KATALYST funding and guiding startup project

Startups participating in the KATALYST project will get an opportunity to make a campaign with KBank, which has a customer base of over 14.5 million.

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Ms. Kattiya Indaravijaya, middle, KBank President, Mr. Supreecha Limpikanjanakowit, left, KBank First Senior Vice President, and Mr. Thanapong Na ranong, right, Beacon VC Managing Director, together delivered a press conference on the debut of the KATALYST project to equip startups with advice on business operation, knowledge and application of technology for business expansion both at home and abroad as well as financial support to propel Thai startups toward success.

Startups participating in the KATALYST project will get an opportunity to make a campaign with KBank, which has a customer base of over 14.5 million.

In addition, they will have a chance to bolster capital via Beacon Venture Capital Co., Ltd., which is KBank’s venture capital arm, and expand their business bases abroad via KVision Co., Ltd., which has been established by KBank as a holding company to invest in startups and explore innovation at a regional level.

They will also have an opportunity to find payment solutions and experiment new technologies invented by KBank and KASIKORN-BUSINESS TECHNOLOGY GROUP (KBTG), namely FastPay solution, FlowAccount, which is a cloud-based accounting platform that can send invoices to K PLUS SME for outstanding balance payments.

The bank hopes to increase digital loan products to the tune of 30 billion baht over the next three years. For the initial stage, the loan service has reached out to the bank’s existing customer base of 14.5 million.

Ms Kattiya said the bank aims to raise the number of users of mobile banking app K-Plus to 11 million by year-end.

KBank, the country’s third-largest lender by total assets and ranked as the banking sector’s leader in mobile services, aims to extend new digital loans valued at 5 billion baht this year, according to Bangkok Post.

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Banking

Thai Baht currency control mulled by central bank

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation

National News Bureau of Thailand

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BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

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Banking

Thailand’s dangerous debt addiction

Thailand is now a top-ten highest household debt country among 89 countries worldwide and third highest among 29 Asian countries.

Olivier Languepin

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Thailand’s household debt has steadily increased to 78.6% of the country’s gross domestic products (GDP), or Bt12.8 trillion in the fourth quarter of last year, according to figures from the National Economic and Social Development Council.

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Banking

Thailand’s four challenges : Debt, inequality, plastics and climate change

Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.

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Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

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