Thai govt-backed $147m Digital Economy Fund to be set up in September

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By Chalida Ekvitthayavechnukul

June 22, 2017

Thailand’s Digital Economy and Society (DE) Ministry is looking at setting up a 5-billion-baht ($147 million) Digital Economy Fund in September in line with the government’s policy to promote startups to create and expand their businesses domestically and internationally.

According to local media, DE Minister Pichet Durongkaveroj said in the meeting with startups that the DE fund would not only provide the funding but also be a part of the government’s strategic plan to make the startup ecosystem healthy.

More than a capital injection, the fund is set up to promote research and development, support the operations of the Digital Economy Promotion Agency and cover expenses for the Office of National Digital Economy Committee (NDEC), chaired by the prime minister.

The ministry is forming the operational committee, supervised by the NDEC, to manage and disburse the fund, he added.

Apart from the previous launches of venture capital funds by several state agencies and the government’s banks, the DE Ministry, the Revenue Department and the Board of Investment have been working on attractive incentive packages for both Thai and global tech startups.

Meanwhile, CAT Telecom together with the Industrial Estate Authority of Thailand is also building the country’s first digital innovation park to serve as the development centre for startups in Chon Buri province at a total investment of 10 billion baht ($294 million).

The government plans to use the digital park as an ASEAN Economic Community (AEC) data hub with ultra high speed broadband infrastructure powered by CAT, including international submarine cable station, data center and satellite earth station.

According to its plan, 60 per cent of the park will be reserved for startups and private companies, 15 per cent for research instiitutes and the remaining 25 per cent for accommodations.

Also read:

Bangkok launches $570m venture fund targeting Thai startups

Thai National Innovation Agency joins AGW to launch global accelerator programme

Thai Government Savings Bank’s SMEs Trust Fund launches $44m investment vehicles

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW