The Accelerator Program
3 months ago in June 2017, InvoiceInterchange along with 7 other FinTech companies were chosen out of 119 participants across 32 countries to participate in the Bangkok Bank Innohub Accelerator Program.
It was a 12-week intensive program, which covers must-have entrepreneurial themes each week such as product and service development, business strategy, polishing pitch deck, identifying new markets and opportunities, networking with a global community of startup and investor and many more.
Each FinTech company was paired with a financial mentor from Bangkok Bank and Bualuang Ventures, and innovation experts from Nest, Bangkok Bank Innohub’s world-renowned partner. InvoiceInterchange has been mentored by Miss Niramarn Laisathit, Executive Vice President, Corporate Banking Group. It was an honour to be under the direct supervision of Miss Niramarn as we have gained many insights with regards to the legal and regulatory framework and the business and the local markets in Thailand.
“The key to success in Invoice Trading marketplace is to have reliable credit rating system and then automate it, so that you have the required efficiency to scale up.” – quoted by mentor Miss Niramarn Laisathit.
The Bangkok Bank Demo Day
The Bangkok Bank Innohub Demo Day held on 27 September 2017 marks the end of the 12-week long accelerator program. The 8 FinTech teams have gathered at the Bangkok Bank Demo Day to present their innovation ideas. They also demonstrated how they made use of technology to promote financial products and services. Participants include:
Bambu, Bento, Canopy : Wealth Management
Covr : Mobile Security
Everex : Blockchain
First Circle : SME Lending
InvoiceInterchange : Invoice Financing
FundRadars : Investment
During the Bangkok Bank Demo Day, Brian Teng, CEO and Founder of InvoiceInterchange shared about how invoice trading allows entrepreneurs to improve cash flow. This is done through trading their hard-copy invoices through an online community of investors. Adapted from the p2p lending business model, invoice factoring substitutes the borrowing and lending of money with the buying and selling of invoices. This presents a win-win situation where enterprises will be able to obtain fast financing. Not only that, investors are able to easily secure some returns as well.
The FinTech Industry
As Bangkok Bank Demo Day ends, we have gained lots of exposure relating to the FinTech industry in Thailand. Fintech services in Thailand have grown exponentially in the recent years. Hence, it will continue to flourish with Bangkok Bank Innohub’s initiative and their government’s 4.0 economic model.
The FinTech industry is definitely one of the most promising industries currently. Therefore, it is only a matter of time before mainstream financial services and banking industries shift towards technological approaches. From the Bangkok Bank Demo Day, there is a lot of potential in the FinTech start-up scene in not just Thailand alone but also in other Southeast Asian countries as well.
While the industry is still in its early stages, Singapore will be able to see positive growth in the future. In the same way, we at InvoiceInterchange will be looking forward to be part of the ever-changing and thriving industry.