Krungsri Finnovate is partnering with startups to invest 500 million baht in the development of Krungsri's products and services.

        The startup trend, particularly in the fintech sector, continues to thrive, partly due to support from major commercial banks collaborating to develop products and services. Similarly, Krungsri Finnovate, a venture capital company under the Krungsri group, has reported success over the past year in terms of collaboration and joint projects with startups (Fintech Project and Partnership). Currently, 14 startups have had the opportunity to utilize financial technology (fintech) to enhance Krungsri's products and services, and it is expected that by the end of 2018, this number will increase to 40 projects. In terms of investment (Venture Capital), the company plans to invest in an additional 4 startups with a total investment value of over 500 million baht. Furthermore, for promoting and developing innovation (Accelerator & Academic Collaboration), the Krungsri Uni Startup and Krungsri RISE projects have continued to succeed. This year, Krungsri Finnovate is also collaborating with RISE to advance the project “Krungsri RISE Batch 3: Strong Across Thailand, Far-Reaching Across Asia,” with an intensified curriculum through partnerships both in Thailand and the Asia region.

Mr. Sam Tansakul, Managing Director of Krungsri Finnovate Co., Ltd. stated, “In 2018, Krungsri Finnovate aims to invest in 4 more startups with an investment of around 500 million baht, focusing on Big Data, Lending, Cyber Security, and Payment systems. This will help enhance and improve the development of the bank's products and services. The company will work more closely with the Digital Transformation team of MUFG to foster collaboration on a larger scale, enabling Thai startups to grow further under the Krungsri and MUFG networks.”

Since 2017, Krungsri Finnovate has not only invested in a Fund of Funds but has also directly invested in 3 startups, 2 of which have previously participated in the Krungsri RISE program. Each company has unique strengths in areas such as Robo-advisors, Payment solutions, and Data Analytics, which significantly enhance the operational capabilities of the Krungsri group.

“In terms of collaboration and joint projects with startups (Fintech Project and Partnership), Krungsri Finnovate focuses on driving synergy between the company and startups, where both have complementary strengths and capabilities. Startups will help Krungsri better meet the needs of customers in new market segments, while also enhancing the efficiency of our internal operations. So far, the company has collaborated with 14 startups to develop various financial products and services at Krungsri, such as credit scoring management for credit card applications and queue management at service centers. It is expected that by the end of 2018, there will be over 40 startups involved in developing various projects with Krungsri.

Interested parties can register online for the program at www.riseaccel.com/krungsririse from May 31 to August 9, 2018, and follow updates on “Krungsri RISE Batch 3” at www.facebook.com/krungsrifinnovate and www.facebook.com/RISEaccelerator.