Electronic Transactions Development Agency (ETDA) Unveils New Open Working Space To Assist Fintech Startups
Thailand’s ETDA or the Electronic Transactions Development Agency (ETDA) will officially launch its first open working space for digital start-ups at the True Digital Park complex in November 2019 to assist fintech startups get more support, tech knowledge and also regulatory guidance.
The agency commented that it has dedicated this space for local start-ups with the aim of helping them improve their business capabilities and competitiveness. Joining the agency in its efforts are public and private partners, including the Fintech Association, Blockchain Institute and the Thai Digital Trade Association, who will provide not just funding but also technical and management know-how.
The 96 square metres of open space is in addition to the e-commerce park at Srinakharinwirot University (Prasarnmit Campus) in central Bangkok that ETDA launched early in 2019 to help promote e-commerce among sole entrepreneurs and also mircrobusinesses.
ETDA said that their agency has continuously supported and promoted local start-ups to realize their dreams. However the current market mechanisms have not encouraged them to achieve these dreams fully. Local start-ups have still not been able to achieve any practically business requirements. They need coaching, probably from local private associations.
As a public organisation under the Digital Economy and Society Ministry, ETDA task is to regulate and promote electronic transactions and commerce in line with the ministry’s vision to bring Thailand into the digital economy era. ETDA and its partners have already launched many works and conditions to solve this problem in a strategic manner, the agency commented, citing the requirement for digital transformation of government agencies as an example.
The launch of this open working space for local start-ups will boost their success by scaling them to Series A and Series B levels.
Meanwhile, in his keynote address at the opening of TOP – Togetherness of Possibilities Tech Conference on September 18, HE Deputy Prime Minister Somkid Jatusripitak said that in order to move forward, Thailand requires diversified industries that are sustainable and have value-added offerings. The forum, hosted by True Digital Park, brought together top executives and entrepreneurs to inspire, share knowledge and experiences with others to help drive sustainable digital economic development in Thailand and the region.
HE Deputy Prime Minister Somkid Jatusripitak said “In the past, the country only relied on five or six key industries. I want to see the country become a start-up nation that helps ordinary people become entrepreneurs.Thailand should not stay still and let others leap forward. It is crucial for Thailand to do new things to maintain its competitiveness. Space dedicated to innovation opens the way for new inventions. I believe we have ideas, we just have to make them happen.”
However what he and the agency failed to say entrance to these open space innovations are not free and access fees like to True Digital Park is not affordable to many especially in the startup phase. Many of these government agencies that are renting spaces at True Digital Park are using tax payers money to pay for their rents while tax payers have to pay or sign up for crazy monthly fees to a private company to access these services! (correct us if we are wrong!)