Thailand has more to offer than gilded architecture, sugar-sand beaches and a fleet of distinctive, three-wheeled ‘tuktuks”. It’s also a great place for entrepreneurs. If you’re exploring new startup opportunities, you should know that Thailand’s technology sector is definitely booming. This means that tech-related startups abound.
In 2016, The Thai Venture Capital Association spearheaded the creation of a venture fund which is currently valued at five hundred and seventy million USD. In 2017, a company called CVC Capital Partners (which is Thailand-based) began setting up a fund for startup investment, to the tune of two hundred and fifty million dollars. All of this good news comes courtesy of the NIA (National Innovation Agency) which operates in Thailand.
Also, the average value of deal-funding in the country’s startup business niche has gone up dramatically. It used to be just sixty thousand US dollars back in 2012. Now, it’s over $1,000,000. (This data comes from Tech in Asia.)
Is a Fintech Startup Right for You?
The Fintech niche is growing exponentially all over the world, including Thailand. If you’re interested in putting your investment capital into a financial services technology startup, you’ll find that this Asian country offers some fantastic business opportunities. Of course, you may want to bring your own Fintech idea or work-in-progress to Thailand and launch it here, taking advantage of the accommodating business climate.
If you do prefer to invest, you’ll find that the best startups tend to make e-payments simpler for consumers. One example is startup Rabbit, which offers an consumer focused e-payment system. Another is API Omise, which also provides online payment tech. E-wallet startup, DeepPocket, is also a lucrative investment opportunity. Fintech is a huge and growing force within Southeast Asia. It’s the ideal complement to successful logistics companies, including aCommerce, which is based in Bangkok. Consumers want more e-payment solutions and Thailand startups are delivering!
Additionally, the Thai government provides a lot of support to budding businesses. It’s got the right regulations in place and a fair tax scale, as well as a variety of national electronic payment initiatives, one of which is known as PromptPay.
Food Tech Is a Smart Option
Did you know that the global demand for Sriracha, which is a spicy Thai sauce, gets bigger every day? Also, Thai cuisine is beloved all over the globe. Nonetheless, food tech actually had a slow start in Thailand. Now, it’s becoming a startup niche that holds a great deal of promise. The Chief Executive Officer of Eatigo, Michael Cluzel, who is also the platform’s co-founder, believes that Southeast Asian citizens are going to start dining out more frequently due to increasing wage levels. Stats show that the typical monthly salary in Thailand was a little over four hundred US dollars, as of the close of 2016.
If Cluzel’s projection comes to pass, food tech startups which are ready to take advantage of the uptick in business will be primed for profits. Over the next five years, Thailand’s leaders plan to make the nation one of the world’s premier halal food exporters. If this plan is successful, it would put Thailand in the top five in this sector of the food export industry. The plan began in 2016 and should bring peak results by 2020.
Worldwide, the industry for halal food is anticipated to be valued at over a trillion American dollars by 2030. The majority of Muslims live in the Asia Pacific or South Asia regions, or were born there. These people want halal food and they are located so close to Thailand!
Invest in Beautiful Thailand
Whether you choose to invest in a food tech or Fintech startup, or another form of business opportunity within Thailand, you’ll have a great chance of enjoying a successful launch assuming everything passes your due diligence.