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Digital Penang has announced the Market Access Thailand programme, which aims to propel Penang’s startups into Thailand’s market and create opportunities for exponential growth and innovation.
State infrastructure, transport, and digital committee chairman Zairil Khir Johari said Thailand’s dynamic economy, robust digital infrastructure, and extensive consumer base made it a strategic choice for market expansion, which can offer opportunities for startups to flourish.
Five startups, ADA Biotech, Haroct Technologies, Mobula Research, Waterbay, and Visionlytics, have been selected for the programme, which aims to strengthen startups’ positions in the ASEAN market.
‘The five selected startups are among the most promising in Penang, and this year’s program will see Digital Penang forging collaborative relationships with key ecosystem developers in Thailand, including Techsauce and Tru Digital Park.
‘By partnering with these prestigious Thai institutions, we provide our startups with essential local expertise
, mentorship, and connections, paving the way for a successful market entry,’ he said when delivering his speech during the announcement of Market Access: Thailand in Wisma Yeap Chor Ee here today.
Also present at the announcement event were Digital Penang chief executive officer Ng Kwang Ming and Digital Penang board member Iza Fazlan Mohd Noor.
Zairil, who is also the Digital Penang vice-chairman, noted that the collaboration offers Penang startups strategic insights and helps them navigate Thailand’s regulatory landscape, reducing barriers and ensuring streamlined business operations.
‘As of 2024, Thailand boasts three unicorns and ranks fourth in the region for ecosystem maturity and development,’ he said.
Zaril added that expanding into the broader Southeast Asian (SEA) market is essential for Penang startup’s exponential growth.
‘The Market Access Thailand programme follows the success of last year’s Market Access Indonesia programme, which contributed to one startup securing RM 3 million in invest
ment and another blockchain-based startup accepted into the XDC Accelerator Programme in Singapore with potential funding equivalent to US$ 100,000 (US$1 = RM4.67) upon graduation,’ he said.
Thailand is Southeast Asia’s second-largest economy, boasting 90 per cent internet access in households, 83 per cent e-commerce engagement and an average of 9 hours of daily internet usage.
Digital Penang Sdn Bhd is a government-linked company owned by the state of Penang, which began operations in April 2020 to accelerate efforts to capture opportunities in the digital economy and promote a digitally engaged society.
Source: BERNAMA News Agency
