Finlab Opens Accelerator in Thailand to Teach SMEs How to Digitise Their Businesses
by Fintech News Singapore November 16, 2018The Finlab announced the launch of its Smart Business Transformation Programme to help Thailand-based small- and medium-sized enterprises (SMEs) transform their businesses via digital solutions.
The programme is supported by United Overseas Bank Thailand (UOB Thai) and the Digital Economy Promotion Agency (DEPA) of Thailand. Thailand is the first market outside of Singapore where Finlab will offer its SME business transformation programme. The Thai launch follows a similar Singapore programme that opened up in August 2018 where 11 Singapore-based SMEs piloted the use of technologies such as artificial intelligence and robotics process automation.
Finlab will be running the three-month programme to help participating SMEs refine their business models and adopt digital solutions, particularly those in online sales and marketing. Mentors from Finlab, UOB (Thai) and DEPA will also guide participating SMEs to identify the unique issues they face in their business and equip them with the tools and knowledge needed to innovate.
The SMEs will then be matched with a suitable technology solution provider to address their concerns and to pilot the implementation of the solution.
According to the findings of an online survey by Finlab, Thai SMEs said their top two business growth strategies were to enter new markets and to use online marketing.
Social media marketing and digital marketing were their preferred methods to increase sales and to improve customer engagement. However, while Thai SMEs were keen to tap digital solutions to enhance their online presence, they were concerned about the cost and complexity of implementation.
The Finlab is now accepting applications from SMEs in Thailand for the Smart Business Transformation Programme until January 2019. It is also calling for global technology companies and start-ups to participiate in the programme as solution providers. The Smart Business Transformation Programme will commence in April 2019.
Felix Tan, Managing Director, The FinLab, said,
Felix Tan
“Through our new programme and with the support from UOB (Thai) and DEPA, we aim to push innovation boundaries and to forge
Featured image credit: Edited from Unsplash
