Marking progress in realizing Digital Ventures’ vision to make Thailand one of the best startup ecosystems in South East Asia
Digital Ventures, the financial technology investment arm of Siam Commercial Bank (SCB) with ambition to drive changes in Thai banking industry, launched Digital Ventures Accelerator (DVA) program to serve as a catalyst for accelerating support for Thai startups to achieve sustainable growth. The program also accentuates Digital Ventures’ vision to make Thailand become one of the best startup ecosystems in South East Asia. Ten shortlisted startup teams chosen from over 140 teams applying for the program are now attending intensive workshop designed to help participating teams build actionable growth plan for expansion in Thailand as well as overseas, with support from veteran business specialists from several industries, as well as Siam Commercial Bank and global business partners like Baker & McKenzie, PrimeStreet Advisory, Google, Microsoft and Ananda Development.
Thana Thienachariya, Chairman of the Executive Committee, Digital Ventures said that “One of our visions is to support Thai startups to achieve sustainable growth. Digital Ventures Accelerator (DVA) program is initiated with aim to build the best startup ecosystem in Thailand with support from Siam Commercial Bank and business partners from various industries. These supports comprise essential knowledge for doing business, especially in financial, legal and technological aspects; as well as fund of Baht 300,000 for each team for its product development during the program period. Furthermore, participating startup teams can have an opportunity to work with Siam Commercial Bank in bringing their idea into fruition by developing new product for the bank’s customers in the future. Startup teams with viable projects will also have chance to be invested Baht 1 million at minimum from Siam Commercial Bank after finishing the program. The readiness in these three pillars will be essential in driving Thai startups to achieve sustainable growth.”
According to Charle Charoenphan, Head of Accelerator, Digital Ventures, “We have seen a number of Thai startups with good potentials, but they cannot grow their business as well and as fast as it should due to lack of funds, necessary business knowledge, and most importantly, a strong customer base that helps them grow. DVA is stated to be the best accelerator program for Thailand and South East Asia, with ambition to help accelerating startup achieve at least 20% growth, as well as a sustainable growth in the future. With a bespoken course, the first three-month period is dedicated to providing fundamental knowledge for business preparedness, with Startup Essential Program by Surawat Promyothin, legal knowledge by Baker & McKenzie and financial knowledge by PrimeStreet Advisory. The next three months will be spent on building accelerating growth, with Growth Hacking technique by Chris Tweten. Each startup team will be matched with business specialist who is also their dedicated mentor for experience sharing and advice, as well as core mentor who steps in to set KPI for each team and conduct weekly progress follow-up. Another key strength of the program is each startup team will have opportunity to seek professional advice on investment and technology from management team of Digital Ventures throughout the program period.
The first batch of 10 shortlisted startup teams participating Digital Ventures Accelerator (DVA) comprises both financial and non-financial businesses. FinTech businesses are, for example, KYC Chain, Know Your Customer service on Blockchain for enhanced financial transaction experience in the future; Refinn, a low-interest refinance service platform and PeerPower, a personal loan service. Some non-financial businesses are PetInsure, the first online pet insurance service in Thailand; Seekster, job hunting app for general people and SMEs customers.
The potentials of 10 startup teams, in combined with the unique course of DVA program especially designed for startup business, as well as Digital Ventures’ determination to take an active role in building the best startup ecosystem in Thailand, will serve as a key support in leveling up the stamina of Thai startup in building sustainable growth and competing confidently in an international arena.
For more information about Digital Ventures Accelerator (DVA), go to Facebook.com/DigitalVenturesTH
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About Digital Ventures
Founded in 2016, Digital Ventures, a subsidiary of Siam Commercial Bank, is a company that promotes innovation in financial technology. Following the bank’s strategy to enter digital transformation, Digital Ventures aims to be a part in driving changes in the banking industry through investment, innovation and supporting Thai businesses to grow with SCB. At its inception, Digital Ventures has 50 million USD capital (1,760 million baht) for investment in financial technology. For more information, visit www.dv.co.th.
