Thailand’s KBank sets up KATALYST Project to Support Startup Businesses

Fri Jun 7, 2019 - 4:30am UTC
KBank - Katalyst
KBank - Katalyst
Kattiya Indaravijaya, KBank president

7/6/2019 – Kasikorn Bank, otherwise known as KBank has recently launched its KATALYST project to help startups work with banks.

KATALYST is a project that aims to help startup businesses, providing funding opportunities, advice on business operation, knowledge, and application of technology for business to propel Thai startups towards success.

Startups can also can expand their business bases at home and abroad via KBank’s KVision Co., Ltd., which is the bank’s established holding company to invest in startups and explore innovation at a regional level.

Supreecha Limpikanjanakowit, KBank’s first Senior Vice President said that, “the problems that startups in Thailand faced are similar to those around the world, such as lack of funding, no market to support products, so forth and so on.”

“The KATALYST project will have professional knowledge from both Kasikorn Bank and allied banks that can provide advise on various issues, help solve marketing problems, business model, and offer important knowledge such as law and employee welfare.”

KBank said that startups participating in the KATALYST project will also receive an opportunity to make a campaign with KBank, which is Thailand’s third largest lender with a customer base of over 14.5 million.

In addition, the startups will have a chance to receive capital via KBank’s venture capital arm – Beacon Venture Capital Co., Ltd.

During the press conference, KBank also introduced 4 startups that are currently involved in the KATALYST project, which are:

1. Shippop, an online delivery and booking service
2. FlowAccount, an online accounting program
3. BUILK One Group, a startup providing construction business management solution
4. Horganice, a startup with a management app for dormitories and apartments

Currently, KBank has invested in seven companies including FlowAccount, Ookbee, Eventpop, Grab, InstaReM, Jitta and Horganice and is expected to have the opportunity to invest in 2-3 KATALYST projects every year.

According to Bangkok Post, KBank is the country’s third-largest lender by total assets and ranked as the banking sector’s leader in mobile services, aims to extend new digital loans valued at 5 billion baht this year.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.