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ETDA and NIA partner to strengthen start-ups and SMEs in online transaction innovation

Image Credits: ETDA, Press Release

The Electronic Transactions Development Agency (ETDA) and the National Innovation Agency (NIA) announced the signing of an agreement aimed at promoting and supporting the use of technology and innovation to help SMEs and start-ups identify and make use of online and e-commerce transactions.

Moreover, SME and start-up entrepreneurs, as well as the general public, were taught how to use and apply modern platforms to upgrade their business on 23 April 2019.

This collaboration will combine knowledge, technology and innovation as well as promote the platform and the online transaction ecosystem.

It is in line with the goals of the e-Commerce Park – i.e., to have more than 1.2 million people, entrepreneurs and SMEs who trade via digital products. This will ensure the implementation of online transaction innovation in a spatial area.

Moreover, the move aims to boost transparency and information exchange between governmental agencies through online transactions.

The Director of ETDA revealed that this collaboration is a combination of knowledge, technology and innovation, promoting the online transaction platform and Ecosystem as well as the use of digital technology. It is aligned with the e-Commerce Park to create a larger workforce and professional e-commerce SME circuits of 1.2 million.

The role of the ETDA is develop, promote and support online transactions and increase e-commerce capabilities – an important tool to keep pace with the modern economy. It will help increase economic value Including creating confidence, providing knowledge, raising the skill level of the general public in online transactions.

In addition, the agreement will promote both local and international digital investment of leading digital technology companies. This will be done via the development of infrastructure, regulations, standards and security.

NIA’s role is to promote and support the country’s innovation. It will also provide funding to support the private sector in the development of innovative businesses under various projects.

The ETDA is ready to push the e-Commerce Park as Thailand’s Silicon Valley; it will be the incubator of the strong start-up and important labour input for the Thai e-commerce market in the future through the Young Talent Platform which targets 200,000 people.

The collaboration aims to help connect entrepreneurs with funding sources to help secure Thailand’s e-commerce goals.

The Director of NIA stated that a number of online transactions is growing rapidly. In addition, Thailand is a country that is moving towards being a cashless society as a result of cooperation in the development and promotion of technology that aims to provide convenience.

Moreover, the aim is to reduce the steps required to achieve speed including the security of checking balance, making payments and transactions via mobile apps via the internet.

As the online and e-commerce transactions are expected to grow rapidly, enabling innovation and technology is key meeting the peoples’ needs.

The expansion of this platform has a direct impact on the development of a new market in the country and Southeast Asia including world-class resulting in three types of innovations:

  • Digital commerce/digital trading platforms: the creation of more digital commerce platforms help to meet the needs of the urban population but will also allow more rural residents to access products and services quickly and easily at their convenience. Access to products and services will also be varied to allow for a wider net of potential customers. In particular, online platforms will start to act as e-commerce platforms including popular social media platforms; banks will also turn to such roles.
  • Changing the method of using space (e.g., areas in department stores, areas in government). The new services will provide information via QR code systems in convenience stores or government agencies. The complicated steps and waiting involved in requesting financial or related documents will be made easier with AI and bots.
  • More exchange of knowledge and faster flow will enable more rapid change in behaviour and beliefs. More individuals and firms will begin is to embrace the change to a cashless society as there will also be increased transparency of government agencies.

The collaboration aims to elevate business and keep up with modern trends especially with regard to financial transactions, focusing on collaborative activities to promote and support education, research, technology development. The aim is to ensure personnel development and manpower capable of supporting the e-commerce system.

The two agencies will also jointly develop online transaction courses, training, academic conferences. They will discuss knowledge exchange including recruiting sources of funds for entrepreneurs, experts or those interested in expanding online transactions to help businesses perform better

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