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Is Thailand falling behind in the startup race? Techsauce Global Summit Bangkok

Thaiger

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PHOTO: Oranuch Lerdsuwankij, CEO and co-founder of summit organiser Techsauce Media

by Asina Pornwasin

Oranuch Lerdsuwankij, CEO and co-founder of summit organiser Techsauce Media, underlined the forthcoming conference’s importance as a platform for tech enthusiasts across different industries to discuss digital knowledge, ideas and experiences.

She says the summit is bringing tangible changes to the tech ecosystem across Thailand and other Southeast Asian countries. The summit will be held at Centara Grand at CentralWorld on June 19 & 20, 2019,

“For this year, we picked issues around our theme, celebrating world-changing technologies, to broaden views of how technology creates a huge impact on our world and affects big-name companies as well as the general pubic,” said Oranuch.

Various topics, ranging from blockchain, artificial intelligence (AI), the role of women in the tech industry, and the social impacts from AR/VR (augmented reality/virtual reality) technologies on health, energy, smart city and music, are being discussed.

The event, to be held in June, will also feature a technology-focused exhibition and business matching.

The theme of Techsauce Global Summit 2019 is “World Changing Technology”, emphasising the universal impact of technology that reaches beyond the corporate sphere to include everyone.

Techsauce Media and HUBBA have organised the summit since 2016. Among Southeast Asia’s largest startup and tech conferences, the summit this year is expected to attract approximately 20,000 participants, double last year’s figures.

Techsauce Media bases estimates on Thailand’s startup ecosystem based on publicly disclosed information.

“This is a must come event for those who want to be a part of the network of Asia’s top startups, entrepreneurs and tech insiders. Techsauce Summit is where you need to be.”

Chatri Sityodtong- CHAIRMAN AND CEO OF ONE CHAMPIONSHIP

The total (disclosed) fundraising in Thailand in 2018 was US$61.25 million (1.94 billion baht), a large decrease from the $106.10 million (3.37 billion baht) in 2017. Meanwhile, the number of deals in 2018 totalled 35, an increase from 31 deals in 2017.

During the past eight years, 2011 to 2018, the total estimated value of startup funding in Thailand was $337.37 million (10.72 billion baht).

Even the total value of startup fundraising in Thailand is quite small when compared to other countries in the region, especially Indonesia and Singapore. Thailand has active investors – corporate venture capital funds (CVC) and venture capital funds (VC), along with accelerators.

In 2018, tech startup deals in Thailand reached at least $61.5 million. Food/bio/restaurant, fintech, e-commerce marketplace and property-tech were the top four industries with the highest number of deals.

This was followed by digital content, travel tech, marketing tech, reward and enterprise platforms. Meanwhile, funding deals in construction, agriculture and robotics were few.

“It is the big challenge for the country. To drive the country to move forward, we need sufficient numbers and quality talents. It is an urgent agenda that I urge the government to focus on,” said Oranuch.

Is Thailand falling behind in the startup race? Techsauce Global Summit Bangkok | News by Thaiger

 

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Business

Thai Airways’ creditors to vote on rehab plan today

Maya Taylor

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PHOTO: Pixabay

Today is D-Day for Thai Airways, with 13,000 creditors voting on whether or not to accept the struggling airline’s rehabilitation plan. According to a Bangkok Post report, a source at the airline has warned that should creditors reject the plan, the carrier will be declared bankrupt and they would only receive 12.9% of what they’re owed.

In the event of a bankruptcy declaration, the airline’s assets will be appraised to decide how much of its debts can be repaid. The estimate of 12.9% is based on the value of assets currently held by the carrier.

The Bangkok Post reports that the rehabilitation plan which was submitted in March covers debts of around 410 billion baht. It’s understood major shareholders own around 180 billion baht of that debt between them. Should the rehab plan be accepted today, it’s likely Thai Airways will be given a certain timeframe in which to turn itself around.

The plan calls for the repayment period of debts arising from unsecured bonds worth 70 billion baht to be extended to 10 years, with a debt moratorium in the early stages of repayment. The airline is also introducing tough cost-cutting measures, including job reductions via early retirement for thousands of its 20,000 workers.

It’s understood the plan does not call for the Ministry of Finance to provide a loan but says anyone can obtain the loan and the ministry can help with cash injection negotiations. The State Enterprise Policy Office has already stated that the government will not re-capitalise the airline.

SOURCE: Bangkok Post

 

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Coronavirus (Covid-19)

Health officials race to vaccinate 70% of Khlong Toey slum residents

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Photo via Facebook/กรุงเทพมหานคร โดยสำนักงานประชาสัมพันธ์

Health officials are racing to vaccinate 70% of residents in Bangkok’s Khlong Toey neighbourhood, the largest slum in the city where hundreds have tested positive for Covid-19 since April. With people living in crowded conditions and many unable to take off work to self-isolate, Thai authorities have been rolling out proactive Covid-19 testing and a mass vaccination campaign in an effort to contain the virus.

A third vaccination unit has been set up in the district at the Port Authority Stadium, adding to the units at Tesco Lotus Rama IV and Wat Khlong Toey School. Around 50,000 of the 80,000 residents in the Khlong Toey slum need to be vaccinated against the coronavirus to reach herd immunity, according to Bangkok Governor Aswin Kwanmuang.

As of Sunday, 11,211 people had been vaccinated at the mobile units and each vaccination unit has been handing out 1,000 queue cards each day. With the third vaccination unit, city officials plan to inoculate 2,500 to 3,000 people per day until May 19.

The Bangkok Metropolitan Administration launched a proactive testing campaign on April 27 in the Khlong Toey district. Since then, 19,983 people have been tested with 654 people positive for Covid-19. 5,700 people are waiting for the results to come back and the others are negative.

SOURCE: Nation Thailand

 

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Coronavirus (Covid-19)

Monday Covid UPDATE: 1,630 new cases and 22 deaths

Tim Newton

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Monday’s totals have been announced for Covid-19 infections and new deaths over the past 24 hours. The Thai public health ministry reports 22 deaths and 1,630 infections.

• The only 5 imported Covid-19 cases yesterday were from neighbouring countries, Cambodia, Malaysia and Myanmar. Authorities say that patrols will have to be stepped up at this time to control the illegal border crossings.

All 5 people caught were Thais who were were trying to cross back into Thailand without going through the border checkpoints. They’ve all been admitted to state hospitals.

• 100+ African gemstone traders have tested positive for Covid-19 over the last 4 days in Chanthaburi, east of Bangkok. Authorities have confirmed that none were detected with the African or Indian variants of Covid-19.

The 109 traders tested positive between May 6 – 9.

• 63 new cases of Covid-19 have been announced in Chon Buri today (including Pattaya), a drop from totals reported over the past week. There’s also been 1 additional death reported. 1,507 people remain in medical care for the virus in the province.

• Meanwhile all public service and government offices, including Thai immigration, are closed for Monday. But it’s not a public holiday. Today is the Royal Ploughing Ceremony which is a traditional ceremony to forecast the season’s rice and wet season crops. His Majesty the King usually presides over the annual event at the royal parade grounds of Sanam Luang.

 

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