Digital Ventures, a new subsidiary of Siam Commercial Bank Group, announced the launch of its first startup incubation program, reports The Nation.
Charle Charoenphan, Head of the Digital Ventures Accelerator incubation program said the initiative will provide advice and funding for startups to strengthen Thai based and regional financial technology business, (fintech buzzing again).
Each business participating in the program will be given a grant of $8,600 (300,000 THB).
Startups participating in the program will be intensely educated on basic entrepreneurship with consultation mentors. This kind of model already exists in the form of Dtac Accelerate and True Incube, among many others. Although these new startups get initial funding, 300,000 THB is only enough to kick-start a project off the ground, not viable for any significant development.
Half of the program slots have been reserved for start-ups directly related to fintech, while the remaining half have been reserved for start-ups in other fields – a move designed to maximize the benefits for both SCB and its corporate and individual customers.
Digital Ventures plans to launch a free bank-simulation platform next month that acts as a virtual testing environment for businesses developing fintech products.
The division is playing the role of a laboratory within SCB that carries out research and development for fintech products and services, and innovates new solutions such as blockchains, the Internet of Things, machine learning and biometrics technologies to satisfy customer demand.
Digital Ventures has also partnered with Singapore-based Life.SREDA, a global venture-capital fund specializing in financial technology. The collaboration would strategically benefit Digital Ventures in both research and investment, improving the company’s financial services.
SCB’s digital ventures is another fintech initiative that has recently been surging in popularity.
A version of this appeared in The Nation on July 22. Read the full version here.