Over the course of the 12-week programme, Bangkok Bank and Nest will work with up to eight early-stage companies, according to the bank’s official statement.
This programme is open for FinTech founders of all nationalities, aged 18 and over, to submit the application from March 21 till May 10. It will start the programme in June at the bank’s innovation facility in Bangkok.
Bangkok Bank’s president Chartsiri Sophonpanich said last week that the Bangkok Bank InnoHub programme would give local startups an opportunity to expand regionally and internationally while offering foreign startups an opportunity to collaborate with Thai and ASEAN communities.
Startup founders, who get selected for the programme, will gain unique access to Bangkok Bank’s and Nest’s global network of specialists in technology adoption, who will offer strategic advice to help prepare them for a potential pilot project or integration with the bank.
In this programme, Bualuang Ventures, a venture capital arm of Bangkok Bank, will also explore the investment opportunity with global FinTech startups.
Besides, Dr. Panukorn Chantaraprapab, executive of the bank’s business investment department, and the Bualuang Ventures team will provide consultation and advisory to prepare InnoHub participants for their follow-on investment opportunities.
“Thailand’s startup ecosystem was going through an exciting period of intense growth and change. We are excited to partner with Bangkok Bank to build further momentum and deliver value for Thailand and the greater region,” said Nest’s chief executive officer Lawrence Morgan.
“For the companies selected for this programme, our aim is to not only give them access to opportunities domestically in Thailand, but also to create a hub for early-stage companies looking to gain traction in other Asean markets, thereby positioning Thailand as a gateway into Asean,” he added.
Nest said it has successfully run similar programmes with major corporates in Hong Kong, Singapore and Nairobi.
Nevertheless, Bangkok Bank’s move of launching VC and fintech accelerator follows its competitors: Siam Commercial Bank and Kasikorn Bank.