Bangkok, 10 October 2016 – UOB (Thai) today announced the comprehensiveness of its support for Thai startups as they navigate through challenges such as product innovation and funding needs for business expansion.
At its “Unlock Startup Growth by UOB” event, the Bank presented three areas where it supports startups, namely through training and mentorship, funding channels and regional partnerships.
Training and mentorship
To boost the growth of Thailand’s best and brightest startups and innovators, UOB has set up The FinLab, an innovation acceleration programme to help them refine their business models, value propositions and product offerings. Through The FinLab’s three-month acceleration programme, startups will be able to benefit from mentorship with UOB senior bankers, successful entrepreneurs and venture capitalists.
Mr. James Rama Phataminviphas, Country Head of Channels & Digitalisation, UOB (Thai) said that the Bank has long believed in nurturing small businesses to their full potential. The FinLab is an example of how it helps to develop startups from a very early stage.
“The FinLab will help Thailand’s most promising startups transform emerging technologies into viable products and services that can grow and scale globally, benefiting Thailand and the world,” Mr. James said.
Funding channels and regional partnerships
Another key challenge faced by startups is in the area of funding, which is needed to develop concepts, products and services into viable business models. Through UOB’s partnership with OurCrowd, a global equity crowdfunder, and InnoVen Capital (InnoVen), which offers venture debt financing, innovative Thai companies will now have access to additional sources of funding. OurCrowd invests in promising startups around the world. In addition, these startups can also tap into its global investor network to jumpstart their international expansion and business development.
InnoVen is a joint venture between UOB and Singapore’s Temasek Holdings to provide venture debt financing to innovative Asian startups operating in sectors such as technology, consumer, healthcare, and clean technology. With venture debt financing, Thai startups can accelerate the commercialisation of their business and increase their valuation without the need to pledge additional collateral or dilute their equity stake.
“Startups today benefit from alternative fundraising channels such as venture debt and equity crowdfunding as they look to grow their business in Thailand and beyond. Given UOB’s eight decades of experience in banking small- and medium-sized enterprises (SMEs) in Asia and our strong regional footprint, we have a deep understanding of the needs and challenges of these startups as they make the leap to becoming SMEs. This is why we are well-positioned to support them at every stage – from early-growth to regional expansion,” said Mr James.
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About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: AA1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings respectively.
In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and the Philippines, as well as branches and representative offices.
UOB plays an active role in the community, focusing on art, children and education. It has, over more than three decades, held the longest-running art competition in Singapore, the UOB Painting of the Year, which has since been extended across Southeast Asia. In recognition of its contributions to the arts, UOB was conferred the Singapore National Arts Council’s Distinguished Patron of the Arts Award for the tenth consecutive year in 2014. UOB also encourages its employees across the region to be involved in its regular volunteer activities. This includes the annual UOB Heartbeat Run which is held in China, Indonesia, Malaysia, Singapore and Thailand.
