Krungsri pact with Depa eyes startups

Bank of Ayudhya Plc (Krungsri) and its Japanese parent Mitsubishi UFJ Financial Group (MUFG) signed a virtual memorandum of understanding (MoU) with the Digital Economy Promotion Agency (Depa) on Oct 6.

The cooperation aims to promote Thai startups on the international stage, encourage startups and entrepreneurs to participate in seminars and partnerships, and share challenges and seek solutions with partners.

Nuttapon Nimmanphatcharin, president and chief executive of Depa, said this opportunity would help aspiring Thai digital startups and entrepreneurs participate in international exhibitions.

The agreement could result in future collaboration with venture capital firms and new projects, said Mr Nuttapon.

“In the first year, we will emphasise investment in agritech, edtech and

In the first year, we will emphasise agritech, edtech and fintech, with the potential for 26 digital startups to participate in this promotion. NUTTAPON NIMMANPHATCHARIN President, Depa

fintech, with the potential for 26 digital startups to participate in this promotion,” he said.

The MoU is also meant to expand the pool of investment candidates under the bank’s corporate venture arm Krungsri Finnovate and MUFG innovation partners, both domestically and internationally, especially between Japanese, Asean countries and Thailand.

Seiichiro Akita, Krungsri president and chief executive, said Krungsri and MUFG are pleased to collaborate with Depa and foster an environment that supports digital networking and the growth of startups in Thailand and Japan.

“As part of Krungsri’s 2021-2023 medium-term business plan, we aim to build the digital ecosystem and partnerships, developing digital and information technology,” he said.

“The collaboration through this MoU resonates with our mission to strengthen the Thai startup ecosystem by supporting a new generation of entrepreneurs in this industry. We

believe our expertise together with MUFG’s strong network can support business expansion for startups here and abroad, reinforcing Thailand’s continued economic growth.”

The virtual signing ceremony featured Mr Nuttapon along with Nobuya Kawasaki, executive officer and head of global commercial banking planning at MUFG; Nobutake Suzuki, president & CEO, MUFG Innovation Partners; Mr Akita; Yoshiyuki Horio, Krungsri head of Japanese corporate and multinational banking; and Sam Tanskul, managing director at Krungsri Finnovate.