BANGKOK BANK (BBL), Bualung Ventures and international venture-capital firm Nest have collaborated to set up a start-up incubator programme called “Bangkok Bank InnoHub”.
Bank president Chartsiri Sophon-panich said 119 financial-technology start-ups in 32 countries were considered before eight were selected for a 12-week accelerator programme. At the conclusion of that programme, they will present their business plans to Thai and international investors at a demo day in September.
“I think that the InnoHub will help drive ‘Thailand 4.0’, add value, and help Thai businesses expand outside the country,” Chartsiri said. “The programme will give start-ups an opportunity to apply innovative technologies inside and outside Thailand.”
The eight start-ups selected for the programme are Bambu, Bento, Canopy, Covr, InvoiceInterchange, FundRadars, First Circle and Everex.
Bambu is a Singaporean fintech start-up that says it makes saving and investing simple, low-cost and accessible. Using technology, it provides customers with smarter ways to manage their finances and achieve their financial goals.
Bento is another start-up from Singapore that is a robo-adviser for individuals and family offices with B2B (business-to-business) options.
Canopy, yet another start-up from Singapore, is an account aggregation and reporting platform for high-net-worth individuals and wealth management.
Covr is a start-up from Sweden that offers an app-based mobile security and management solution.
InvoiceInterchange is a start-up from Singapore that allows small and medium-sized enterprises to auction their outstanding invoices, otherwise tied up for 90 to 120 days, to investors for immediate cash.
FundRadars is a Thai start-up that provides an application principally designed to simplify investment for everyone.
First Circle from the Philippines provides credit to SMEs in developing markets.
Everex is a start-up that has developed a blockchain-based peer-to-peer and micro-lending platform.
Nest chief executive officer Lawrence Morgan said his firm would take responsibility for running the 12-week accelerator programme, which would go beyond traditional lecture-style seminars on the basics of building a business.
The selected eight start-ups will be mentored by experts in the fields of finance, product development, marketing, business strategy and financial technology that is designed to give start-ups the opportunity to secure a proof-of-concept with the bank.
At the end of the programme, the start-ups will pitch to invited investors to show off their accomplishments at the demo day in September.