Krungsri and MUFG partner with the Digital Economy Promotion Agency (depa), to encourage Thai startups to grow globally

Krungsri (Bank of Ayudhya PCL) and Krungsri Finnovate continue to support investment in Thai startups toward innovation technology domestically and globally by synergizing with MUFG and MUFG Innovation Partners to collaborate with the Digital Economy Promotion Agency (depa). The partnership aims to maximize potentials and support Thai startups in building their growth to expand to the international market. The cooperation also includes business activities to draw Japanese and international startups to Thailand.

The virtual signing ceremony for this Memorandum of Understanding was held on October 6, 2021.  On this occasion, Asst. Prof. Dr. Nuttapon Nimmanphatcharin, President/CEO, The Digital Economy Promotion Agency (depa) together with Mr. Nobuya Kawasaki, Executive Officer, Managing Director and Head of Global Commercial Banking Planning Division, MUFG Bank; Mr. Nobutake Suzuki, President & CEO, MUFG Innovation Partners; Mr. Seiichiro Akita, Krungsri President and Chief Executive Officer; Mr. Yoshiyuki Horio, Krungsri Head of Japanese Corporate and Multinational Banking (JPC/MNC Banking); and Mr. Sam Tanskul, Managing Director at Krungsri Finnovate, participated as the representatives of each organization in this virtual signing ceremony.

This MoU was concluded in order to strengthen the cooperation between Japan and Thailand in digital-related fields. The cooperation that will occur under this MOU includes promoting opportunities for Thai startups to be known internationally and supporting startups from Japan and abroad to be recognized in Thailand. The MoU also includes encouraging potential startups and entrepreneurs to participate in business matching and seminars, sharing challenges and seeking solutions with business partners, expanding investment candidates for Krungsri Finnovate and MUFG Innovation Partners, and regularly exchanging information in ASEAN countries and Japan. With the signing of this MOU, business opportunities will also be expanded to investors through Krungsri and MUFG's network both domestically and internationally.

Asst. Prof. Dr. Nuttapon Nimmanphatcharin, President/CEO, The Digital Economy Promotion Agency (depa), said "depa intends to take this opportunity for supporting potential Thai digital startup entrepreneurs to participate in the international exhibitions for building connection, such as foreign government agencies and Venture Capital (VC) and expanding their market through various projects under this MOU. We will also encourage potential digital startup partners to participate in Krungsri-MUFG Virtual Business Matching, and expand business opportunities to investors both in Japan and aboard. In the first year, we emphasize on investing in Agri-tech, Ed-tech and Fin-tech, which we have potential 26 digital startups to participate in this promotion."

Krungsri President and Chief Executive Officer Mr. Seiichiro Akita, said "Krungsri and MUFG are pleased to collaborate with The Digital Economy Promotion Agency (depa) to reinforce cooperation between startup companies that can help support the digital networking and growth of startup businesses in Thailand and Japan, which will contribute to the economic and industrial development of both countries."

"As part of Krungsri's 2021-2023 Medium-Term Business Plan, we aim to build the ecosystem and partnership, and develop digital and information technology. The collaboration through this MOU resonates with our vision and mission to strengthen the Thai startup ecosystem by supporting a new generation of Tech-startup and tech industries in this country as they thrive. We believe that our expertise together with MUFG strong network can support business expansion for startups in Thailand and abroad and ultimately reinforce the continuation of Thailand's economic growth."