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Bangkok Bank and innovation powerhouse Nest select 8 outstanding startups from applications across 32 countries worldwide to join Bangkok Bank InnoHub the Global FinTech Accelerator Program in Thailand

Bangkok, June 27, 2017. Bangkok Bank Public Company Limited (Bangkok Bank) and its partner Nest, a global innovation platform supporting entrepreneurs, have selected eight of the world’s most promising FinTech (financial technology) startups to join Bangkok Bank InnoHub. The eight “Bluefin” startups were chosen from applications spanning 32 countries across the world.

The selected startups will participate in a comprehensive, uniquely-designed accelerator program and work with Bangkok Bank and Nest throughout a 12-week program before presenting their business plans to Thai and international investors on Demo Day in September 2017 for potential investment and partnerships. 

Bangkok Bank President Chartsiri Sophonpanich said the selection marked another milestone for Bangkok Bank InnoHub, the global FinTech accelerator program in Thailand, which reflects the bank’s commitment to fostering the growth of the FinTech startups that will be key drivers of Thailand’s financial services sector and wider economy. The program also affirms the bank’s commitment to pursuing a digital business strategy that uses technology to create and develop products and services that address customer needs. The bank has also built a FinTech team of technology experts to meet the challenges of the new technologies and reinforce its position as an innovation leader. The successful selection of eight world-class FinTech startups from applications coming from 32 countries across the world, in partnership with Nest, an internationally-recognized expert helping corporations and startups innovate together, is a significant milestone.  

“InnoHub reinforces Bangkok Bank’s status as a leading regional commercial bank, attracting applicants from Europe, the US, Australia and wider Asia alongside those in ASEAN,” said Mr. Chartsiri. “We are confident Bangkok Bank InnoHub will support the government’s Thailand 4.0 national strategy by helping to add value and strengthen the services sector. We are committed to enhancing Thailand’s ecosystem, paving the way for local FinTech startups to expand regionally and internationally, and for world-class FinTech startups to build networks and partnerships with the FinTech community in Thailand and throughout ASEAN.”
Mr. Lawrence Morgan, Chief Executive Officer of Nest, which has successfully created FinTech programs for several international corporations, said: “Bangkok Bank InnoHub, by accepting applications from around the world, is different from other Thai startup programs that are open only to local entrepreneurs. InnoHub’s comprehensive design draws on world-class innovation and expertise, including dedicated mentors from among Thai and international financial experts, to help shape the startups’ strategies and guide emerging entrepreneurs towards their business goals.”  

Starting June 26, the eight selected startups will work with senior executives of Bangkok Bank and its dynamic and experienced business partners. The startups will also benefit from Nest’s experience in successfully organizing similar programs for multinational organizations. Demo Day is scheduled for late September when the eight startups will present their plans to Thai and international investors, particularly those in ASEAN. These potential investors include Bangkok Bank and its subsidiary Bualuang Ventures, a venture capital firm focusing on small and medium-sized enterprises including startups. The day will mark another step towards fundraising and partnership opportunities.

Dr. Panukorn Chantaraprapab, Vice President of Business Investment at Bangkok Bank, said the eight startups comprise three startups from Singapore focused on wealth-management services – Bambu, Bento, and Canopy; Covr Security (Sweden), which provides innovative mobile security services; Everex (Thailand), which offers blockchain based financial services; First Circle (Philippines), which focuses on SME lending services; Invoice Interchange (Singapore), which offers a P2P invoice trading marketplace; and FundRadars (Thailand), which provides an application for mutual fund investors.

In today’s business, it is not the big fish that eats the small fish, but rather the fast fish that eats the slow fish,” said Dr. Panukorn. “Bangkok Bank InnoHub therefore needs to discover the ‘Bluefins’, the super-fish that are courageous, persistent and agile. We have succeeded in identifying eight startups with great potential for fast growth. The heart of InnoHub lies in providing opportunities for the startups to continue innovating and achieve sustainable growth, helping them meet and overcome their business challenges,” said Dr. Panukorn.

For additional information on the program, please visit https://www.bangkokbankinnohub.com and Social Media : Facebook, IG, YouTube ,Twitter - Bangkok Bank InnoHub

Fact Sheet
Bangkok Bank InnoHub Accelerator Program

Bangkok Bank Public Company Limited kick-starts Bangkok Bank InnoHub: the first global accelerator program in Thailand. The program exemplifies the bank’s drive to inspire change, and solidifies its commitment to exploring and adopting innovative new technologies.

As the country’s leading commercial bank, and one of the largest banks in Southeast Asia, Bangkok Bank is committed to supporting Thailand’s innovation ecosystem and uniquely positioned to offer high-potential, local and international FinTech startups the opportunity to gain validation and scale over an accelerated period.

Thailand is the second largest economy in the ASEAN region where founders can take advantage of the rapidly growing and vibrant startup ecosystem which is supported by the government’s Thailand 4.0 initiative to build a more innovative, value-added and service-orientated economy. Bangkok Bank InnoHub program will also give local startups an opportunity to expand regionally and internationally while enabling global start-ups to apply innovative technologies in Thailand and the greater SEA region.

Bangkok Bank InnoHub is a 12-week world-class accelerator program jointly organized by Bangkok Bank, Bualuang Ventures, and Nest.

The program objective is to support early-stage, growth-driven FinTech companies to define and build their initial products, identify promising customer segments, and secure resources, including capital and employees through various support such as education, mentorship, and potential financing. It is designed to accelerate the growth of innovative companies by compressing years’ worth of learning-by-doing into within only 12 weeks.

Bangkok Bank InnoHub’s 12-week world-class accelerator program will go beyond traditional lecture-style seminars on the basics of building a business. Selected startups will receive dedicated mentorship from experts in the fields of finance, product development, marketing, business strategy and financial technology from across Bangkok Bank and Bualuang Ventures as well as strategic guidance from Nest, an international venture firm and innovation provider. They will be guided through a process that is designed to give startups the opportunity to secure a proof-of-concept (POC) with the bank. At the end of the program, startups will pitch for investment to invited investors to show their development within InnoHub.

FinTech Startups
Bangkok Bank is looking for FinTech startups that are seeking commercial validation and benefit from working with one of the largest banks in the ASEAN region.  The program focuses on FinTech start-ups whose expertise includes but not limited to:
  • Payments
  • eKYC : electronic ‘Know Your Customer’
  • Artificial Intelligence enabled applications
    • Financial Advisory
    • Wealth Management

Selection Criteria
All companies who apply will be considered by a joint Bangkok Bank (BBL), Bualuang Ventures (BV) and Nest vetting committee. The best candidates will progress to a pitch day, where founders will pitch in person or virtually to a panel of judges. From this, up to eight finalists will be selected to join the program. Startups and founders that can demonstrate the potential to work in synergy with BBL or benefit from being based in Thailand for 12 weeks will receive additional consideration.

Program Timeline
Applications Open         March 15, 2017
Applications Close        May 10, 2017
Pitch Day            May 31, 2017
Program Start            June 27, 2017
Demo Day            September 27, 2017

Startup participants from overseas are to arrive in Bangkok by June 25 for the program launch on June 27, 2017.  The accelerator period spans for approximately 12 weeks before concluding with the Demo Day on September 27, 2017. There will potentially be follow-on meetings with investors a few days after the Demo Day.

For additional information on the program, please visit https://www.bangkokbankinnohub.com
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