Thai Digest: Finnomena launches GuruPort; Young Startup Fund on cards

Thai fintech firm Finnomena has launched a platform that allows individuals to invest based on suggestions from financial gurus. Meanwhile, the Thai government plans to create a Young Startup Fund and issue new laws to ease of doing business for startups.

Finnomena launches crowdsourcing robo-adviser investment service GuruPort

Thai fintech startup Finnomena has launched GuruPort, a crowdsourcing robo-adviser investment service that allows customers to make investment decisions based on experts’ strategies.

The firm has collaborated with six investment gurus who will share tips on investments in multiple global assets, specific products, and simple long-term investment.

“Our goal is to create highest returns in parallel with the level of risk acceptance of the users,” Finnomena said in a statement on its website.

The fintech company had earlier said that it aimed to have over 100,000 users with combined asset under its advice worth more than a billion baht through its platform.

Founded in 2016, Finnomena has seen its transactions reaching 6 billion baht ($195 million). In 2017, the firm secured a $3.2-million Series A investment led by Krungsri Finnovate, the venture capital arm of Krungsri Bank. Finnomena has revealed that it is raising a Series B funding and expects to complete the round within this year.

Thailand to launch Young Startup Fund

Thailand has pledged to set up the Young Startup Fund and support tech innovation in the country by issuing three new regulations, according to the Bangkok Post.

Thailand higher education, science, research and innovation minister Suvit Maesincee was quoted as saying, in the report, that the Young Startup Fund will provide grants for students who have innovative ideas that can later contribute to startups.

The fund will be drawn from the government, private partners and the 2-billion-baht technology and innovation-based Enterprise Development Fund.

This commitment comes as industry experts asserted that Thailand needed education incentives to generate more tech talent for startups.

Meanwhile, it was said that the government will roll out three key laws, including the Startup Act to facilitate the establishment of local and international startups through tax incentives and foreign shareholders, the Regulatory Sandbox Act that will pilot innovative ideas, and the Bayh-Dole Act which will protect researchers’ intellectual properties.

The minister reportedly revealed that around 50 billion baht has been raised by VC firms, including corporate VCs, to invest in startups. Thailand had 2,000 active startups in nine industries, including 30 local startups subject to Series A and B funding rounds, he added.