It’s everywhere on the streets of Bangkok, got an idea? Tired of working the grinding schedule of a corporate job? Why not start a startup and make millions?
Like the rest of ASEAN, Thais have been been bitten by the startup bug and its is growing like wildfire. Dreams to be the next Uber and Airbnb have seen the number of startups popping up from co-working spaces.
In 2017 the Thai government expects the number of startup registrations to shoot up to 1,500 from 700 firms in 2016. In 2016 alone, funding for startups fetched up to $86 million or 2.93 billion Baht from various sources. That’s a 150% jump from 2015.
So why is it then that Thailand, seems to have been overshadowed by its ASEAN neighbours when it comes to drawing interest from venture capitalists or VCs?
“Foreigners do not have strong confidence in Thailand yet,” says Google Developer Relations Program Manager Thye Yeow Bok.
According to Bok, Thailand still needs to develop its infrastructure as there is still a technical gap between Bangkok and the rest of the country. Bok says investors are looking for startups to break away from their local markets or have successful exits as can be seen with Vietnamese startups looking to expand overseas and Indonesia…
China’s new tech board is a rising STAR
On 9 August 2019, the 27 STAR-listed companies achieved a total market cap of 660 billion RMB (approximately US$93 billion) and together raised over 37 billion RMB (US$5.2 billion) in net funding from the initial public offering (IPO) after fees and expenses.
Regulating Asia’s Fintech future
In Southeast Asia, 60 per cent of the population does not have a bank account and the credit card penetration rates in Indonesia, the Philippines, Vietnam and other countries are less than 2 per cent
Asia has seen a rise in demand for digital connectivity in recent years. Leapfrogging development in China with mobile payments is significantly contributing to increasing financial inclusion.(more…)
Thailand’s Fintech growth among the fastest in ASEAN
Thailand is regarded as an ASEAN country with rapid Fintech development, with 140 Fintech companies registered, while about half of them are new companies.
BANGKOK, (NNT) – The growth of Financial Technology in Thailand is said to be among the fastest in ASEAN. The World Bank meanwhile, has suggested the government reduce inequalities in access to capital to enable variations in Fintech development to emerge.(more…)
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