The Bangkok-based Krungsri Finnovate Co Ltd has unveiled its business strategy for the second half of this year, with a goal of becoming the top start-up incubator and investor in the ASEAN bloc.
The Bank of Ayudhya Pcl’s start-up venture capital arm also announced its most recent investment – in property tech (proptech) firm ICON Framework Co Ltd.
ICON Framework has 12 years of experience in property technology development and has worked with Thailand’s top 10 real estate developers.
Krungsri Finnovate said the investment would help strengthen Krungsri’s home loan business in the long run.
Its managing director Sam Tanskul said: “Krungsri Finnovate continues its focus on providing support to Thai start-ups while monitoring the Covid-19 impact on their ecosystem.
“Krungsri Finnovate has redefined its business plan to focus on creating alliances as well as investing in start-ups with potential growth and technologies that will respond to the market post-Covid-19, which include e-logistics, online payment, software as a service [SaaS], food delivery, et cetera.”
Krungsri Finnovate said its strategy aligns with four investment themes – “Strategic Investment”, “Financial Returns”, “Futuristic Investment” and “Fund of Funds”.
The firm said it will continue seeking investment opportunities both domestically and in Southeast Asia, China, Europe, and other countries with advanced innovation, including Israel.
Sam said: “Krungsri Finnovate is developing start-ups’ ecosystem and promoting start-ups’ growth both in terms of investment and building incubation and escalation platforms.
“Going forward, another important step is to collaborate and work closely with giant tech start-ups to develop innovations that connect directly to Krungsri Group’s businesses.
“Meanwhile it continues to support growth of small start-ups through the ‘Meet the Angels by Krungsri Finnovate’ project which has been joined by over 40 start-ups since its launch.”
THE NATION (THAILAND)/ASIA NEWS NETWORK