Case study: Bangkok Bank InnoHub
Inspiring Change with Thailand's First Global FinTech Accelerator
Thailand is rapidly establishing itself as a hub for startups. Nest partnered with Bangkok Bank, the largest commercial bank in Thailand, to attract global FinTech startups to Southeast Asia. The programme focused on commercial opportunities with Bangkok Bank, whilst exploring Thailand’s position both as a significant domestic market, as well as a launchpad to expand across Asia.
With a long term vision to develop the entrepreneurial culture internally, Bangkok Bank launched their VC arm, Bualuang Ventures in early 2017. Through the programme, the bank sought to apply relevant learnings from the agile and technology driven founders directly to the business units. Furthermore, to pilot direct adoption of technology, later stage startups were selected based on their ability to address the identified needs of the bank. During a highly competitive global call-out, 119 applications were received with 8 startups selected to participate in an intensive 12-week programme focused on commercialising and scaling.
In alignment with the government’s Thailand 4.0 initiative, Bangkok Bank in partnership with Nest launched Thailand’s first global FinTech accelerator to source best in class solutions that could be validated and deployed in-market. Nest recognised the opportunity for Thailand to become a premier regional FinTech hub and worked to bring a global spotlight to the fast developing ecosystem.
Over 12-weeks, founders worked closely with mentors at Bangkok Bank and Nest. With 60 mentor sessions, startups were able to leverage these interactions and resources to utilise Thailand as a test market for scaling their businesses. During the programme, a custom built technology adoption framework was utilized to fast track the use case selection and enable tangible business outcomes in less than 12 weeks.
Over 200 people attended a Demo Day in September 2017, representing the Thai startup ecosystem, including Bangkok Bank President K.Chartsiri, members of the government, leading Thai corporates and conglomerates, plus prominent investment houses.
In just 12 weeks, startups achieved phenomenal results:
- 5 out of 8 startups completing POCs with Bangkok Bank
- Received mentorship from over 50+ individuals with 10+ business units engaged
- All 8 startups, of which 6 are non-local met with 30+ ecosystem partners including VCs, local and international press, key market leaders, and cutting-edge startups
Bangkok Bank InnoHub
119 applications across 32 countries
8 startups from 4 countries: Singapore, Sweden, Thailand, and Philippines
5 out of 8 startups completing POCs with Bangkok Bank