February 24, 2024

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Start-up accelerator and bank partner to help Thai SMEs go digital

According to a recent report, the Thailand branch of a Singaporean multinational banking organisation has launched the Smart Business Transformation Programme to help small and medium-sized enterprises (SMEs) in the country to go digital.

The programme will be run in collaboration with the Digital Economy Promotion Agency (DEPA), National Science and Technology Development Agency (NSTDA), the Office of SMEs Promotion (OSMEP), and a famous start-up accelerator.

During the three-month programme, experts from the accelerator will help SMEs to identify their business concerns and to equip them with the tools, know-how and confidence to innovate. SMEs will also be matched with specially-chosen technology solution providers to implement digital solutions to address the concerns.

Interested SMEs from the food and beverage, fast-moving consumer goods, construction, logistics, retail, wholesale and travel industries can apply for the programme. Applications are open until April 2019.

Those considering joining the Programme should be keen to adopt the technology, have regional growth plans and an annual turnover of between 25 million baht and 1 billion baht.

Under Thailand 4.0, the Thai government aims to raise the contribution of SMEs to 50 per cent of the country’s Gross Domestic Product (GDP) by 2025, up from 36 per cent in 2018. With almost three million SMEs comprising 99.7 per cent of Thai companies in 2018, the performance of SMEs is crucial to the country’s GDP growth and economic development.

The Thailand 4.0 initiative is an economic model that aims to unlock the country from several economic challenges resulting from past economic development models which place emphasis on agriculture (Thailand 1.0), light industry (Thailand 2.0), and advanced industry (Thailand 3.0).

Moreover, Thailand 4.0 has set the policy to support start-up development at all stages with the policy to push Thailand towards becoming “Center of Connectivity and Destination for Start-up Investment in ASEAN” by encouraging competition for business ideas, providing clear and strong incentives to angel and venture investors, undertaking policies to support incubation and growth of start-ups and establishing stock exchanges for startups to sell the equity of successful start-ups to interested investors.

In an online survey conducted by the accelerator, SMEs in Thailand said their top two business growth strategies are entering new markets (54 per cent) and using digital marketing to grow sales (51 per cent). They also shared that they are concerned about the costs (67 per cent) and complexity (44 per cent) of implementing digital solutions.

To help Thai SMEs overcome these concerns, the programme will focus on helping them enter new markets and use digital marketing to grow sales.

For example, UOB (Thai) will help the Thai SMEs selected for the programme with their regional expansion plans and will also provide working capital funding for the SMEs to implement technology transformation projects.

The start-up accelerator, having run three acceleration programmes in Singapore to help both start-ups and SMEs grow their businesses, will run the programme for selected Thai SMEs.

DEPA will provide funding support to the participating SMEs to implement technology solutions and organise workshops to educate SMEs on how to apply for these funds.

The NSTDA will provide grants to participating SMEs through the Innovation Technology Assistance Programme (ITAP) for consultancy and expert services on digital transformation.

OSMEP, as a policymaker for SMEs promotion in Thailand, will design new policies and plans to help SMEs leverage technology to grow their businesses.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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