Bangkok Bank has chosen Everex, an Ethereum-based startup out of Singapore, to be one of eight startups participating in its upcoming fintech accelerator. The “cash transfer system” startup will have the opportunity to be heard by potential investors including Bangkok Bank and its subsidiary, Bualuang Ventures, and global venture capital fund and accelerator, Nest. Startups from 32 countries applied for the program.
The “Bluefin” businesses will work with Bangkok Bank InnoHub and Nest over the course of a 12-week program. The very best startups taking part in the accelerator will present business plans to Thai and international investors at Demo Day 2017 in September.
One of Thailand and Southeast Asia’s largest commercial banks, Bangkok Bank will arrange “dedicated mentorship” from financial experts at Bangkok Bank, Bualuang Ventures and Nest. The process is designed to allow startups to secure a proof of-concept (POC) with the bank and pitch it. A dedicated professional is assigned to each startup.
Bangkok Bank states on its website it has a particular interest in eKYC, which it describes as “bringing efficiency to the customer onboarding process.” The bank also has its eye on using AI for wealth management and financial advisory, as well as retail and business solutions for payments.
Bangkok Bank president Chartsiri Sophonpanich said the bank is dedicated to fintech start-ups, seeing them as the engines powering Thailand’s financial services sector and economy. “InnoHub reinforces Bangkok Bank’s status as a leading regional commercial bank, attracting applicants from Europe, the US, Australia and wider Asia,” he said.
Lawrence Morgan, Chief Executive Officer at Nest, called InnoHub “different from other Thai start-up programmes that are open only to local entrepreneurs” because it “draws on world-class innovation and expertise, including dedicated mentors from among Thai and international financial expert...