FinLab expands its SME accelerator programme into Thailand
The three-month programme will help SMEs refine their business models and adopt digital solutions particularly those in online sales and marketing
The FinLab, a fintech and innovation accelerator under United Overseas Bank (UOB), has announced the launch of Smart Business Transformation Programme (SBTP) to help small and medium enterprises (SMEs) in Thailand to transform their business through digital solutions.
The three-month programme will help participating SMEs refine their business models and adopt digital solutions particularly those in online sales and marketing.
Mentors from The FinLab, UOB (Thai) and the Digital Economy Promotion Agency (DEPA) will also guide participating SMEs to identify the unique issues they face in their business and equip them with the tools and knowledge needed to innovate.
The SMEs will then be matched with a suitable technology solution provider to address their concerns and to pilot the implementation of the solution.
SMEs in the F&B, FMCG, construction, logistics, retail, wholesale, and travel industries can apply. They should already have an annual turnover of between THB 25 million (US$760,000) and THB 1 billion (US$30M) and are looking to go regional.
Applications will be accepted until January 2019, and the SBTP will commence in April 2019.
SBTP comprises workshops, mentoring sessions and meetings with various technology solutions designed to catalyse the SMEs’ digital transformation. Apart from gaining a better understanding of how different technologies can be integrated into their businesses, the SMEs can deepen their digital capabilities by piloting solutions which harness technologies such as data analytics, AI and IoT.
Also Read: The FinLab wants to bring SMEs into the accelerator circuit
It will also provide an opportunity to co-create with the selected SMEs to strengthen their product-market fit and widen their product offerings, as well as the potential for networking, increased exposure and business growth in the ASEAN region.
Global technology companies and startups can also participate in the programme as solution providers.
The value of this upcoming SBT Thailand programme comes up to THB 910,000 (US$27,700) per participating SME. This covers the cost of professional trainers, mentors, media coverage and events organised around this programme.
Thailand is the first market outside of Singapore where The FinLab offers the SBTP. In August 2018, 11 Singapore-based SMEs graduated from the programme.
According to the findings of an online survey by The FinLab, Thai SMEs said their top two business growth strategies were to enter new markets (54 per cent) and to use online marketing (51 per cent). Social media marketing (62 per cent) and digital marketing (61 per cent) were their preferred methods to increase sales and to improve customer engagement.
However, while Thai SMEs were keen to tap digital solutions to enhance their online presence, they were concerned about the cost (67 per cent) and complexity (44 per cent) of implementation.
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