BBL’s fintech scheme accepting applications
BANGKOK Bank (BBL) began accepting applications yesterday for its international fintech accelerator programme, “InnoHub”, in partnership with a company called Nest.
Over the course of the 12-week programme, Bangkok Bank and Nest will work with up to eight early-stage companies that are looking to accelerate their growth with the support of a leading financial institution.
The programme is open to fintech founders of all nationalities, aged 18 and over. Applications opened yesterday and will close on May 10. The programme will commence in June and take place at Bangkok Bank’s innovation facility in the heart of the city.
The programme will conclude in a Demo Day in September, an event where the selected start-ups will pitch their business to the investment communities in Thailand and Asean in a bid to secure funding and partnerships.
BBL president Chartsiri Sophonpanich said the Bangkok Bank InnoHub programme would give local start-ups an opportunity to expand regionally and internationally while offering foreign start-ups an opportunity to collaborate with Thai and Asean communities.
Panukorn Chantaraprapab, executive of the bank’s business investment department, added: “Under the overall theme of ‘inspiring change’, we believe InnoHub will tie in well with the Thai government’s 4.0 policy to build a more innovative, value-added and service-orientated economy.
“For Bangkok Bank there is the potential to adopt new technologies to further the development of innovative services and experiences for our customers, and in partnership with Nest we will source and select start-ups that have strong relevance to our business.”
Start-up founders selected to join 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.
Supplementary curricula, delivered by a team of innovation experts at Nest, and dedicated mentors in the program will also help start-ups gain ground on their individual objectives.
Bangkok Bank InnoHub is expected to give the bank’s new venture capital subsidiary, Bualuang Ventures, the opportunity to explore investment opportunities with some of the world’s most innovative financial technology companies.
Bualuang Ventures is focused on investment in small and medium-sized enterprises and start-up companies with high growth potential. In this programme, it will explore the investment opportunities with fintech start-ups from all over the world and provide consultation and advisory services to prepare InnoHub participants for their |follow-on investment opportunities.
While Bangkok Bank and Nest welcome applications from all |fintech start-ups, the content and opportunities presented over the 12-week period will particularly benefit early-stage companies developing technologies for payments, electronic Know Your Customer (eKYC), machine learning and artificial intelligence.
The global call-out for founders is also geared towards companies with technologies that have direct relevance to the Thai market, or potential for adoption in the Asean market.
Nest chief executive officer Lawrence Morgan said Thailand’s start-up 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,” he said.
“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.”
Nest says it has successfully run similar programmes with major corporates in Hong Kong, Singapore and Nairobi.