Fintech startups: Bringing convenience to banking
Fintech promises to make banking easy & fun, Bangkok Bank is searching for small tech companies to lead the charge.
Fintech promises to make banking easy & fun, Bangkok Bank is searching for small tech companies to lead the charge.
TECHNOLOGY & FINANCE
Fintech startups: Bringing convenience to banking
Fintech accelerator scheme accepts local and foreign firms
10/04/2017
Somruedi Banchongduang
Bangkok Bank (BBL) has launched a so-called "accelerator program", a mentorship scheme for promising fintech startups.
Bangkok Bank is Thailand's largest bank by assets,
"Fintech" is defined as the innovative use of technologies in the design and delivery of the financial services typically offered by banks and financial institutions.
The bank expects 150-300 financial technology (fintech) startups to apply for its accelerator programme. Eight startups will be picked to join the scheme.
A number of fintech startups have already applied to join Bangkok Bank InnoHub programme, which will run through May 10,
Many of the applicants are international companies.
This is according to the bank's vice-president Panukorn Chantaraprapab.
UNIQUE IN THAILAND TO COLLABORATE WITH FOREIGN FINTECH FIRMS
BBL is collaborating with corporate innovation partner Nest to launch the fintech accelerator programme
The banks Siam Commercial Bank (SCB), Kasikornbank (KBANK) and Bank of Ayudhya (BAY,) earlier held similar programmes.
Unlike these other banks BBL will allow both local and international fintech firms to join the scheme.
THAILAND: SPRINGBOARD FOR FOREIGN FIRMS TO EXPAND INTO ASEAN MARKETS
Given that there are a lower number of local fintech firms than foreign ones, the chance for overseas fintech companies to participate in the bank's accelerator scheme is appropriate.
Foreign firms have a vested interest in Asia, especially in emerging markets, including Thailand, due to the potential for high economic growth and the large middle-income population, Mr Panukorn said.
Thailand has become a destinations for innovative business, given the country's logistics advantage in Asean and the sub- region of Cambodia, Laos, Myanmar, and Vietnam.
Thailand is used as a springboard to expand into neighbouring markets.
BBL has 32 international branches, mostly in Asean.
BANK WILL SET UP LABORATORIES TO TEST NEW FINTECH PRODUCTS & SERVICES
"The bank will set up laboratories to test the financial products and services of the eight winners."
"The bank could partner with the winners," Mr Panukorn said.
The venture capital partnership model is more likely to be used because financial innovation is a long-run investment and the bank will need to be a long-term partner, he said.
FINTECH AREAS OF FOCUS
For its digitisation plan, the bank will focus only on three fintech areas:
1. Electronic payments,
2. Electronic know-your-customer (e-KYC), and
3. Machine learning and artificial intelligence (AI).
http://www.bangkokpost.com/business/finance/1230020/bbl-opens-fintech-accelerator-scheme
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