UOB-backed business accelerator forays into Thailand, eyes helping SMEs digitalise

SINGAPORE business accelerator The FinLab has ventured into Thailand and is ready to fork out at least 10 million baht on Thai small and medium-sized enterprises to help them go digital.

The accelerator is targeting companies in food and beverage, fast-moving consumer goods, construction, logistics, retail, wholesale and travel – industries which Mr Tan said are facing disruption the most. The companies should also have regional growth plans and an annual turnover of 25 million baht to one billion baht.Thailand is The FinLab's first stop in its plans to extend the programme to the rest of South-east Asia in future.

Just last week, UOB and OctoRocket.asia signed a memorandum of understanding to enable small businesses in South-east Asia to apply quickly for financing through OctoRocket's platform.

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