Visa has launched the “Visa’s Everywhere Initiative” in Thailand, aiming to attract Thailand-based start-ups who are tackling some of the toughest payment-related problems in the commerce industry.
The initiative is a global innovation programme that challenges start-ups to build the next big thing in payments and accelerate the future of commerce, leveraging the Visa worldwide network. The 2018 global programme kicks off with the Thailand competition.
The competition is open for entries from today to February 9 via https://visa.co.th/everywhere. To enter, start-ups must submit a solution for one of the three challenge briefs incorporating Visa APIs, a suite of Application Program Interface available through Visa Developer Platform.
Suripong Tantiyanon, Visa Thailand country manager, said that the goal of the initiative is to accelerate the digital economy by providing Visa capabilities to enterprising innovators in Thailand. “Using the Visa Developer Platform, Visa wants to enable co-creations among many of our banking and technology partners. We look forward to seeing many creative solutions in this year’s competition,” Suripong said.
The program’s challenges are: how can start-ups innovate to create relevant and rewarding digital payment experiences for international tourists visiting Thailand?; how can start-ups leverage social media platforms to accelerate commerce and scale access to financial services?; and how can start-ups innovate to make digital payments easy to access and capable of adding value for merchants?
The finalists will be invited to pitch their solutions to a panel of industry leaders, including Visa executives, on March 9 in Bangkok. The grand prize includes Bt1 million in funding, mentorship, exposure to Visa partners and access to facilities and experts at Visa’s Innovation Centre in Singapore.
Jessada Sookdhis, president of Thai Fintech Association, said the initiative will help enrich the burgeoning fintech ecosystem in Thailand, bringing solutions to the greater population by solving real needs, and driving wider adoption of electronic payments.
The Visa initiative was created in 2015 to harness the creativity and talent within the start-up community worldwide. To date, nearly 2,100 start-ups have participated, and have collectively raised over US$2 billion (Bt66 billion) in funding. The programme has selected more than 131 finalists and 36 overall winners. More than 40 countries and regions have hosted “Visa’s Everywhere Initiative” including the US, China, Australia, New Zealand, Europe, the Middle East, and Latin America.