Speech by SMS Koh Poh Koon at Global Innovation Alliance (Bangkok launch)

SPEECH BY SENIOR MINISTER OF STATE FOR MINISTRY OF TRADE AND INDUSTRY & NATIONAL DEVELOPMENT DR KOH POH KOON AT GLOBAL INNOVATION ALLIANCE (BANGKOK LAUNCH) ON FRIDAY, 27 APRIL 2018, 1410 HRS AT CW TOWER, THAILAND

Vice Minister Pansak Siriruchatapong, Vice Minister of Digital Economy and Society

Colleagues from government agencies,

Ladies and Gentlemen,

Good Afternoon.

I am pleased to join you today for the launch of the Global Innovation Alliance (GIA) Bangkok. 

Promoting stronger linkages through the Global Innovation Alliance (Bangkok)

2             Over the past two days, I had the privilege of meeting various Thai technology ecosystem players, and have developed a deeper understanding of the public and private efforts driving innovation in this exciting country of Thailand. There are tremendous opportunities in the Thai market and the broader Southeast Asia region, with the digital market expected to grow from US$50 billion in 2017 to US$200 billion by 2025. And to build on these opportunities, the GIA will strengthen Singapore’s connection in key innovation hubs such as Bangkok to foster innovation and entrepreneurship. This will create new opportunities for students, entrepreneurs and businesses to gain overseas experience, connect, and collaborate with their overseas counterparts.

3             Now, as one of the emerging hubs for startup development, Bangkok is a natural fit to locate one of our GIA offices. The rapid growth in Bangkok’s tech ecosystem is closely linked to the Thai government’s “Thailand 4.0” initiative, which seeks to drive the country towards a more innovative and value-based economy – something Singapore is trying to do as well. There is also a growing amount of capital that supports the development of startups in Bangkok, with the emergence of close to 100 venture capital firms, corporate investors and accelerators, as illustrated by investments of about US$280 million cumulatively over the last five years alone. This ecosystem has created a conducive environment for entrepreneurship, and it enables new companies to accelerate the development of their businesses. Singapore hopes to partner Thailand to build a stronger innovation network in our region, so that startups from both countries can benefit from the growing opportunities in Southeast Asia. 

4             In addition, the launch of GIA Bangkok will further strengthen the deep bilateral ties between Thailand and Singapore. More than 20 years ago, the overseas centre of Enterprise Singapore was set up to facilitate trade and investments between both countries. Such a platform had helped numerous companies over the years. Today, through the GIA, we hope to expand our collaborations further, by building a network of entrepreneurs with a focus on innovation and entrepreneurship, which we believe is a key driver of the future economy.

Market Access through Launchpads and Programmes

5             One of the key aims of GIA Bangkok is to create partnerships to facilitate startups’ access to resources and networks of key players in the Thai and Singapore innovation ecosystem. Such partnerships provide practical assistance to Singapore startups looking to venture into Thailand and vice versa. Talent should be able to move bilaterally, and ideas should be allowed to flow both ways. The support for startups include providing a familiar plug-and-play environment, or customising in-market acceleration programmes. Startups can also benefit from the experience of industry veterans from both Singapore and Thailand, who can provide valuable perspectives on local market conditions and business management.

6             To facilitate partnerships, Enterprise Singapore signed Memorandums of Understanding (MOUs) with C asean and HUBBA in 2017. The MOUs sought to promote startup exchanges and cooperation on ecosystem development in both Singapore and Thailand. We are fortunate to partner C asean and HUBBA – both of which are here today and are key community builders in Thailand’s tech scene. In addition, the Action Community for Entrepreneurship (ACE), an organisation from Singapore, which will be signing two MOUs today. The first MOU with True Digital Park seeks to set up a Launchpad for Singapore startups and accelerators. The Launchpad will serve as a co-working space within the True Digital Park to welcome startups, entrepreneurs and investors. The second MOU will be signed with The Finlab to support market access and acceleration programmes for both Singapore and Thai startups.

7             Bountie is an example of a Singapore gaming startup that has benefited from our new partnerships. This afternoon, I was treated to witness a game where two teams compete with each other. The company has created a tournament platform that enables gamers to be rewarded while playing their favourite games. Imagine, you could be paid to play games! Through the programme organised by GIA Bangkok and C asean, Bountie has connected with local Thai companies, like Thai Virtual Reality (VR) gaming company Infofed. These new connections allow Bountie to increase the number of gamers on their platform and also strengthen brand loyalty in the region. And hopefully in the future, Olympic athletes will no longer require arms and legs to compete.

8             Of course, our network extends beyond companies in the technology space. In line with Thailand’s 4.0 initiative to transform enterprises via digitisation, GIA Bangkok will facilitate a Smart Business Transformation Programme to help Thai Small and Medium Enterprises (SMEs) benefit from the digital revolution. This is a collaboration between Thailand’s Digital Economy Promotion Agency (DEPA), United Overseas Bank Thai Public Company and The Finlab. The programme will help SMEs access new technology solutions to improve their business. I look forward to further collaboration between Singapore and Thai companies to co-create solutions that can enable companies to become even more competitive and productive.

Student Exchanges and Internships

9             To grow the entire technology ecosystem, we must also keep a close eye on developing future entrepreneurs, business leaders and innovators. They are the pipeline of future entrepreneurs, innovations and growth. To this end, GIA Bangkok will work closely with Singapore and Thai education institutions to provide opportunities for students to immerse themselves in the Thai technology ecosystem. Students can take on internships with Thai companies to develop a keen sense for entrepreneurship. In addition, the student’s experience in a new market will broaden their perspectives towards venturing overseas and also increased familiarity with ASEAN markets. Similarly, we also welcome Thai students to BLOCK71 in Singapore, one of Singapore’s largest tech startup community, where they can meet and exchange ideas and co-innovate with fellow entrepreneurs and innovators.

10         Today, Ngee Ann Polytechnic will be signing MOUs with seven partners as part of their Global Entrepreneurial Internship Programme (GEIP). Such partnerships create opportunities for our students to connect with Thai enterprises and entrepreneurs to exchange new ideas. One of the students that has benefitted from the GEIP is Taufiq. Taufiq is a third year Business and Social Enterprise Diploma student from Ngee Ann Polytechnic, who is currently interning at HUBBA. One of Taufiq’s responsibilities at HUBBA is to manage the relationships with HUBBA’s customers and vendors to build the brand of the company. The experience has provided him with a deeper appreciation of the operating environment in a startup.  And this is an experience that no classroom can provide. In addition, Taufiq also benefits from mentorship at HUBBA, and has the opportunity to attend industry events, which provides him with good exposure to the Thai technology scene. I encourage students to participate in the GEIP programme in Bangkok, and look forward to our students sharing their experiences with their peers back in Singapore.  

Conclusion

11         In conclusion, GIA Bangkok will strengthen the innovation linkages between Thailand and Singapore, and provide more opportunities for enterprises, entrepreneurs, and students. I encourage those interested in being part of the GIA network to reach out to my colleagues at Enterprise Singapore to find out more. With this, I congratulate all partners signing MOUs today and wish all of you a very successful and innovative journey ahead.  Thank you.