At its 2025 Payments Summit, EBANX announced its expansion into the Philippines, marking a key milestone in its Asia Pacific growth strategy. The move positions EBANX at the centre of one of Asia’s fastest-growing digital economies, connecting international merchants to a market with soaring online activity yet limited global payment access.

Sean Yu, Vice President of Commercial for APAC at EBANX, described the Philippines as the “next natural step” in the company’s regional journey.

Nearly 98 per cent of Filipinos are online, but only about three per cent hold international cards, creating a significant access gap for global commerce. By integrating leading digital wallets GCash and Maya, which together serve more than 136 million accounts, EBANX enables seamless local payments and strengthens its mission to promote financial inclusion across emerging markets.

In this email interview with e27, Yu explains in detail how the company view the new market. The following is an edited excerpt of the conversation:

According to EBANX’s PCMI data, the Philippines’ e-commerce market will grow from US$36 billion to US$61 billion by 2028. What are the key forces driving this rapid expansion, and which sectors or consumer segments do you expect to benefit the most?

From a payments perspective, the ecosystem is evolving quickly. Digital payments are rapidly replacing cash as the preferred method for online purchases (the share of digital payment transactions to total monthly retail payments has grown to more than 50 per cent in 2023 from 42.1 percent in 2022, according to Bangko Sentral ng Pilipinas). Platforms such as GCash and Maya have become gateways for millions of consumers who previously lacked access to traditional banking or international credit cards.

Also Read: Asia’s cross-border payment surge: A US$23.8 trillion opportunity with fragmented solutions

This mirrors the same transformation we’ve seen with Pix in Brazil and UPI in India. Local payment innovations are unlocking new levels of inclusion and fueling digital commerce growth.

In terms of sectors, we expect online retail, travel, SaaS, and gaming to benefit the most, which together account for nearly 80 per cent of the market opportunity, according to PCMI data analysed by EBANX. Our role is to ensure that as these verticals grow, global merchants can offer localised, frictionless payment experiences that meet Filipino consumers where they are: on their phones, in real time, and in local currency.

With only three per cent card ownership among adults, alternative payments such as e-wallets and account-based transfers dominate. How are global merchants adapting their strategies to serve consumers who are largely “beyond cards”?

The Philippines is a perfect example of how the global digital economy is moving beyond cards. With only about three per cent of adults owning a credit card, according to the World Bank, the real story is about the rise of alternative payment methods, especially digital wallets, which are now at the heart of how Filipinos transact online.

Global merchants entering this market are realising that success depends on localisation, not replication. Rather than trying to drive credit card usage, they are adapting their checkout experiences to reflect local consumer behaviour. This means integrating e-wallets like GCash and Maya, supporting real-time bank transfers, and even enabling cash-based vouchers for unbanked consumers. These options are the primary payment methods that define access to digital commerce.

And that’s why we integrate both GCash and Maya wallets simultaneously for our global merchants, because the two wallets are complementary and together provide much broader coverage of the Filipino market. Although their offerings are similar, they serve different user profiles. Integrating both significantly expands reach to local consumers who heavily rely on digital wallets for payments.

What does localisation mean in payments today? How does EBANX help global brands navigate these nuances?

Localisation in payments today goes far beyond simply accepting a local currency or adding a popular e-wallet. It’s about adapting the entire payment experience to how people actually live, bank, and shop in each market. That includes language, preferred payment methods, user experience, settlement flows, refund processes, compliance, and even how promotions and instalments are handled.

Also Read: Sinar Mas subsidiary invests in ex-Ant Group executive’s growth-stage PE firm 01Fintech

In emerging markets, these nuances can make the difference between a successful market entry and a failed one.

At EBANX, localisation is built into our DNA. We’ve spent more than a decade connecting global brands with consumers across over 20 emerging markets in Latin America, Africa, and Asia, and we’ve learned that every country operates on its own logic. In Brazil, for instance, the majority of online purchases use Pix; in India, UPI dominates both one-time and recurring transactions; and in the Philippines, mobile wallets are leading the way. Each of these systems requires distinct integrations, regulatory frameworks, and user flows.

What EBANX offers is a single platform that bridges these local realities with global operations. We provide access to over 200 local payment methods, full settlement capabilities without requiring local entities, and the expertise to navigate local regulations and consumer behaviours. Our mission is to simplify the complexity of payments, enabling global brands—from digital platforms to streaming services, SaaS, and gaming companies—to focus on growth while we handle the local layers that make it possible.

As VP of Commercial, what are the biggest challenges merchants are facing this year when entering or scaling in Southeast Asia? And how has EBANX’s approach to merchant support evolved to address them?

One of the biggest challenges global merchants face when entering or scaling in Southeast Asia is the fragmentation of payment ecosystems. The region is extremely dynamic and highly diverse, with each market operating under a different regulatory environment, with its own preferred payment methods, currencies, and consumer expectations. A single “Southeast Asia strategy” simply doesn’t work. What drives conversion in Indonesia, for example, might not resonate in the Philippines or Vietnam.

Another challenge is balancing speed with compliance. The regulatory frameworks around cross-border payments and data are evolving quickly, and merchants need partners that can ensure compliance without compromising on agility or time-to-market. Add to this the operational complexity of managing settlements across multiple currencies and the rising consumer expectation for instant, mobile-native payment experiences. It’s a lot to navigate.

Also Read: In brief: Beenext invests in India’s Unbox Robotics; AfterShip snags US$66M

That’s where EBANX’s approach to merchant support has evolved. We’ve moved from being purely a payment processor to becoming a strategic growth partner. Our teams in Shanghai, Singapore, and India provide localised, in-time-zone support for merchants across Asia, offering data-driven insights to improve conversion and approval rates. We help merchants optimise their checkout experiences, choose the right mix of local payment methods, and ensure smooth settlement flows through our Singapore hub.

In markets where digital literacy and fraud risk remain concerns, trust is everything. How can fintech players and merchants collaborate to make payments not just seamless, but trusted and human?

Trust is the currency of digital commerce. In markets where digital literacy varies and fraud risk is a concern, the real challenge is not just building faster payment systems, but building systems that people feel safe using. Seamless doesn’t mean much if users don’t trust the process behind it.

For fintechs such as EBANX and for global merchants, that means combining technology with empathy. It starts with transparency and control—clear payment flows, instant confirmations, visible refund options, and secure authentication processes that don’t feel intrusive.

Consumers in emerging markets want reassurance that their money is going where it should, and that their personal data is protected. That’s why we invest heavily in compliance and risk management, with dedicated teams and automated systems monitoring transactions across all markets where we operate.

But trust isn’t only about security; it’s also about familiarity. In Brazil, for instance, people trust Pix because it was built by the Central Bank and embedded in their daily lives. In the Philippines, wallets such as GCash and Maya earned users’ confidence through accessibility and real-world utility. As fintechs, our role is to integrate these trusted local systems into global commerce while maintaining the same level of safety and user experience that consumers already rely on.

Ultimately, technology builds infrastructure, but people build trust. At EBANX, we see every transaction as a human interaction. It’s someone buying a game, paying for education, or running a business. When fintechs and merchants collaborate around that understanding, payments become more than transactions; they become connections.

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Image Credit: EBANX

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Financial markets exhibited surface-level stability last week, but this calm belies a significant recalibration in investor positioning driven by fresh US macroeconomic data and a rapidly crystallising consensus around an imminent Federal Reserve pivot toward monetary easing. The September Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation metric, registered a 0.3 per cent month-over-month increase, unchanged from August, while the core PCE excluding food and energy rose 2.8 per cent on an annual basis.

Although this remains modestly above the central bank’s two per cent target, the sustained moderation in underlying price pressures has materially strengthened market expectations for a 25 basis point rate cut at the December FOMC meeting. This shifting policy outlook is already exerting tangible influence across asset classes, subtly but decisively reshaping allocations in equities, fixed income, foreign exchange, and digital assets alike.

US equities edged higher on the week’s final trading day, with the Dow Jones Industrial Average rising 0.22 per cent, the S&P 500 gaining 0.19 per cent, and the Nasdaq Composite climbing 0.31 per cent. The modest advances underscore a market in transition, one that is neither exuberant nor risk-averse but increasingly confident that the tightening cycle has peaked. This environment calls not for aggressive rotation out of US equities but for strategic diversification. Investors benefit from maintaining exposure to high-quality US names while selectively exploring non-US value and mid-cap equities, which offer both relative undervaluation and potential alpha as global monetary policies diverge.

In fixed income, US Treasury yields nudged upward, with the 10-year yield rising nearly 3 basis points to 4.13 per cent and the two-year yield climbing over 3 basis points to 3.56 per cent. The modest yield bump reflects a temporary pause in the rally that preceded the data release, but it also creates a more compelling entry point for longer-duration assets.

With the Fed’s pivot now widely anticipated, the widening spread between equities and bonds is beginning to tilt the risk-reward calculus back in favour of quality fixed income. Accumulating high-grade bonds ahead of actual rate cuts positions portfolios to capture both capital appreciation and enhanced yield as the easing cycle unfolds.

Also Read: The Fed pivots, but markets hold their breath

The US dollar softened against most major currencies last Friday, a natural consequence of declining real yield differentials as rate cut expectations solidify. Notably, the Japanese yen took a brief pause in its recent appreciation, with USD/JPY edging up 0.1 per cent. This respite appears tactical rather than structural. The Bank of Japan has signalled its readiness to hike rates as early as December, a move that would further compress the yield gap with the US and likely reinvigorate yen strength. Investors should anticipate continued JPY outperformance in the quarters ahead, especially if the Fed’s easing path proves more aggressive than currently priced.

Commodity markets responded with characteristic sensitivity to shifting macro narratives. Brent crude rose 0.77 per cent to settle at US$63.75 per barrel, reflecting both subdued demand concerns and simmering geopolitical risks that continue to underpin oil prices. Gold, however, delivered a more emphatic statement, climbing one per cent to close at US$2121.16 per ounce. The precious metal’s advance was directly fuelled by mounting expectations of near-term Fed easing, reinforcing its role as a defensive hedge in environments of declining real rates and heightened policy uncertainty. Gold remains an essential portfolio component, not as a speculative vehicle but as a stabilising asset amid monetary regime shifts.

In Asia, equity markets closed mixed, mirroring the cautious optimism seen globally. The regional landscape remains bifurcated, with China continuing to attract strategic interest despite structural headwinds. A barbell approach, favouring both high-growth technology names and high-yield dividend payers, offers a balanced exposure to China’s evolving recovery, where consumer sentiment remains fragile, but policy support is intensifying. This dual focus captures both upside optionality and downside protection in an uncertain macro backdrop.

Perhaps the most telling signal of shifting investor psychology emerged in the crypto market, which rose 1.47 per cent over the past 24 hours after a turbulent week. This rebound was not a mere reflexive bounce but the product of three converging catalysts that collectively point toward maturing market dynamics.

First, Binance’s regulatory breakthrough in Abu Dhabi marked a watershed moment for the industry. By securing a full suite of operational licenses under the Abu Dhabi Global Market framework, effective January 2026, the exchange has positioned itself under what many consider a gold-standard regulatory regime. This development directly addresses longstanding concerns about operational and compliance risk, particularly for institutional participants. The market’s response was immediate, with BNB rallying 1.57 per cent on the week, underscoring how regulatory legitimacy now drives valuation as much as technological innovation.

Second, technical indicators offered mixed but ultimately supportive signals. The total crypto market capitalisation, now at US$63.753.1 trillion, broke above its seven-day simple moving average of US$63.753.09 trillion and reclaimed a key pivot point at US$63.753.1 trillion, aided by a bullish MACD crossover. This technical strength coexists with significant fragility. Bitcoin liquidations surged 653 per cent in 24 hours to US$63.75110 million, even as open interest swelled 17 per cent to US$63.75810 billion. Such leverage concentration magnifies downside risk, creating conditions for cascading sell-offs if sentiment sours. Compounding this vulnerability, the Fear and Greed Index remains stuck at 24, deep in Extreme Fear territory, revealing that retail and smaller institutional participants have yet to regain conviction despite the price rebound.

Also Read: Markets rally on Fed easing bets: Here’s why Crypto’s move is different

Third, a subtle but meaningful rotation into select altcoins signalled a growing appetite for narrative-driven opportunities beyond Bitcoin. Solana surged 10.89 per cent over the week, while SUI-related tokens gained traction following Grayscale’s filing for an SUI exchange-traded fund. Ethereum’s recent Fusaka upgrade, which lowered Layer 2 transaction costs, further bolstered developer and user activity in scalable blockchain ecosystems. Though the Altcoin Season Index remains low at just 19 out of 100, capital is clearly flowing toward platforms with tangible real-world utility. Solana’s integration into US$63.7514 billion of home equity line of credit infrastructure exemplifies this trend, where blockchain moves beyond speculation into functional finance. Notably, the 24-hour correlation between crypto and the Nasdaq fell to 0.55, suggesting that digital assets are beginning to decouple from broader tech risk, a promising sign of market maturity.

Taken together, these developments paint a picture of a crypto market at an inflexion point. On the one hand, regulatory milestones like Binance’s ADGM approval and real-world adoption in sectors such as DePIN and real-world assets provide durable bullish underpinnings. On the other hand, excessive leverage and persistent fear expose the market to volatility spikes that could erase short-term gains. The critical test lies ahead. Can these strengthening fundamentals overcome a shaky market structure?

Two focal points will likely determine the path forward. First, Bitcoin’s US$63.7591,000 support level, if held, would validate the current rebound and potentially usher in a new leg higher. Second, the January 2026 launch of Binance’s ADGM-regulated operations will serve as a litmus test for institutional inflows, potentially catalysing a broader reassessment of crypto as a legitimate asset class.

In sum, the current market steadiness reflects a delicate balance between fading inflation concerns, anticipated Fed easing, and emerging confidence in digital asset infrastructure. Beneath the calm lies a market preparing for its next major move, one that will hinge not on speculation alone but on the intersection of regulation, utility, and structural resilience.

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Taiwan-listed SaaS provider 91APP has acquired 100 per cent stake in restaurant technology firm iCHEF in a US$32 million all-cash deal, marking its largest acquisition to date and formally signalling its expansion into the food and beverage (F&B) technology market.

The move reflects Taiwan’s rapidly evolving digital economy, where SaaS, AI, and cloud-native solutions have become central to business transformation across various sectors, particularly the F&B and retail industries.

The acquisition enables 91APP to enhance its technological capabilities while expanding its total addressable market across retailtech, F&Btech, and adtech verticals.

Also Read: The taste of innovation: Southeast Asia’s emerging F&B tech startups to watch

The transaction is pending regulatory approval.

Building a cross-industry AI and payments platform

As per a press release, 91APP will integrate iCHEF’s POS, workflow, and AI-driven restaurant management tools to create a multi-sector technology platform with three synergistic engines: retailtech, F&Btech and adtech. The integration is expected to strengthen 91APP’s third-party payments network, enhance digital advertising precision through richer consumer intent data, and expand cross-industry AI applications powered by a more diverse customer base.

Beyond technology, the acquisition gives 91APP immediate access to iCHEF’s pool of experienced F&B operators and engineers, enabling faster product development and service delivery. iCHEF currently supports more than 15,000 restaurant locations across Taiwan, Hong Kong, and Singapore.

A decisive push into Taiwan’s fast-growing F&B sector

The deal comes at a moment of accelerated digital adoption in Taiwan’s F&B industry. Post-pandemic recovery has been robust, with the sector projected to grow at a compounded annual rate of 6.5 per cent from 2025 to 2033. More than 179,000 F&B establishments operate across the island, competing in a market increasingly shaped by digital ordering, data analytics, AI-powered personalisation and cloud-based operational tools.

In 2025, restaurants in Taiwan have been turning to platforms like iCHEF to optimise labour-intensive workflows, streamline reservations, improve menu profitability, and strengthen customer engagement.

Integrating these capabilities with 91APP’s payment, OMO (online-merge-offline) and digital advertising engines positions the combined company to benefit from the sector’s shift toward data-driven operations.

A signal of maturity and cross-sector integration

The acquisition is widely seen as a sign of Taiwan’s maturing startup environment. As SaaS, AI, and digital transformation become core pillars of national competitiveness, the iCHEF-91APP deal reinforces investor interest in high-growth verticals such as AI, fintech and biotech.

The move is expected to spark greater cross-sector collaboration between retail and F&B operators, accelerate the adoption of cloud-based management tools, and attract more venture capital into Taiwanese startups poised for regional expansion.

Also Read: How digital technology can transform the food and beverage industry

Such acquisitions also encourage founders to build scalable, vertically specialised solutions rather than focusing solely on consumer applications — a trend that aligns with Taiwan’s strengths in enterprise technology and smart hardware.

A landmark deal in a booming M&A landscape

Taiwan’s mergers and acquisitions market has been extremely active over the past two years, recording 252 transactions in 2024 and maintaining momentum throughout 2025. Major deals — such as the US$7.8 billion merger of Taishin Financial and Shin Kong Financial, and WPG Holdings’s US$3.8 billion acquisition of Future Electronics — highlight growing appetite from both local and international investors for technology, green energy and financial services assets.

Against this backdrop, 91APP’s purchase of iCHEF stands out as one of the year’s most notable technology transactions, solidifying the company’s strategy of using M&A to accelerate expansion. Previous deals include acquiring a Hong Kong startup to establish an overseas hub and investing in a Malaysian partner to enter Southeast Asia — each marking a strategic inflexion point.

A platform play: Retailtech meets F&Btech meets adtech

91APP says the acquisition will support its long-term ambition of becoming an “EveryTech” SaaS company — a cross-industry service provider capable of enabling digital transformation for both online and offline merchants across lifestyle categories.

By integrating iCHEF’s F&B systems with its existing retail commerce cloud and payments infrastructure, 91APP aims to:

• grow recurring revenue streams
• increase transaction volumes across payment services
• enhance retail media and advertising efficiency through deeper consumer intent signals
• accelerate AI scenario development in areas such as predictive ordering, demand forecasting, and personalised marketing
• strengthen merchant loyalty through unified analytics and customer management tools

With both companies aligned in their cloud-native, merchant-first cultures, the merger is expected to produce stable long-term synergies.

Regional ambitions and APAC leadership

Founded in 2013 and listed since 2021, 91APP is Taiwan’s first publicly listed cloud-native SaaS provider. It specialises in omnichannel retail transformation, D2C solutions, and AI-powered customer engagement tools. It has reported consistent double-digit annual growth in both revenue and profit, reaching record highs each year.

Founded in 2012, iCHEF offers a cloud-based POS and comprehensive restaurant management system covering reservations, QR code ordering, loyalty programmes, analytics and AI-driven advisory tools. It serves more than 15,000 restaurant locations across Taiwan, Hong Kong and Singapore.

Both companies have footprints beyond Taiwan, with iCHEF serving F&B operators in Hong Kong and Singapore, and 91APP maintaining operations in Malaysia, Hong Kong, and Japan. By combining resources, 91APP intends to validate the replicability of its technology across markets and extend its leadership in Asia-Pacific’s growing SaaS and AI sectors.

Also Read: Why Southeast Asia’s locally owned adtech and martech industry will survive the recession

The acquisition also strengthens Taiwan’s position as a regional hub for SaaS innovation — particularly in sectors where operational complexity meets high digital transformation demand, such as F&B.

 

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Southeast Asia’s tech ecosystem is entering a phase of disciplined capital deployment, cross-border expansion and measurable productivity gains — a shift that was on full display as AppWorks Demo Day #31 made its first-ever landing at the MVCA Conference 2025 in Kuala Lumpur.

The showcase featured eight high-traction startups from Malaysia and Singapore, each tackling deeply entrenched regional inefficiencies across mobility, alternative investing, SME payments, logistics automation, robots-as-a-service and narrative intelligence.

Also Read: Echelon Singapore 2025 – Reimagining movement: The next wave of urban mobility in Asia

The eight ventures are:

1. Parkit (Malaysia): A mobility infrastructure operator digitising Malaysia’s fragmented parking ecosystem. Parkit works with property owners, transport operators and enterprises to reduce congestion, optimise utilisation and integrate digital payments at scale.
2. Carching (Malaysia): A mobile out-of-home advertising platform that transforms cars into measurable, trackable media assets. Carching enables hyper-targeted campaigns backed by driver-level data analytics.
3. Plandora (Malaysia): A travel-tech startup using AI-generated “creator twins” to replicate influencer expertise. It delivers personalised, trustworthy itineraries at scale for Southeast Asia’s booming travel economy.

Also Read: What travel tech can look like for the travel industry’s revival

1. Singular (Malaysia): A Web3-enabled private markets platform offering fractionalised access to elite global private equity deals, widening participation for mass affluent investors and retail allocators.
2. Farmio (Singapore): An AI-led operating system for Asia’s food supply chains, digitising procurement, logistics and quality control for growers, distributors and F&B buyers.
3. Fluid (Singapore): A B2B payments and embedded credit platform automating reconciliation, collections and underwriting for SMEs facing cash flow volatility across Southeast Asia.
4. Hivebotics (Singapore): A robotics company deploying AI-powered commercial cleaning robots for labour-constrained industries, including airports, malls, transit and facilities management.
5. Alpha Story (Singapore): A strategic storytelling and narrative intelligence firm helping tech companies, funds and startups craft investor-ready narratives and forecast narrative risks.

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When Bangkok’s first generation of fintech founders began raising money a decade ago, few imagined that the country’s future startup ecosystem would be bankrolled not by venture funds, but by the banks themselves. Yet in 2025, corporate balance sheets — not Sand Hill Road — underpin the Thai innovation economy.

Across industries, from banking to petrochemicals, conglomerates have built corporate venture capital (CVC) arms that now dominate Thailand’s deal flow. These funds, structured, cautious and strategically motivated, have become both patrons and gatekeepers for a generation of entrepreneurs navigating one of Southeast Asia’s most idiosyncratic markets.

Corporate cash ascendant

The rise of corporate capital is both pragmatic and cultural. Traditional venture funds remain scarce, limited in size, and hesitant beyond Series A. Corporate treasuries, by contrast, are deep and patient. “We realised innovation was too important to outsource,” says an executive at Krungsri Finnovate, the venture arm of Bank of Ayudhya. “If we waited for foreign investors to fund Thai fintechs, they would build elsewhere.”

Krungsri Finnovate is one of several Thai CVCs reshaping the local funding map. The bank launched Finno Efra in 2024 to back pre-A startups, writing cheques up to US$1.2 million, a rarity among local lenders. Kasikornbank’s Beacon VC, with roughly US $185 million under management, has broadened its mandate to climate and impact tech. SCB X’s Digital Ventures, along with its sister arm SCB 10X, runs Thailand’s most global portfolio, stretching from Singaporean deep-tech to US blockchain infrastructure.

Industrial and energy groups are equally active. Siam Cement Group’s AddVentures hunts logistics, materials and circular-economy startups across ASEAN. Sansiri’s SiriVentures explores proptech and “living” platforms for Thailand’s urban middle class.

Then there is PTT Group, the state-linked energy conglomerate whose sprawl mirrors the Thai economy itself. Through GC Ventures (chemicals), ORZON Ventures (mobility and retail) and PTTEP VC (energy technology), PTT controls an estimated US$445 million in corporate venture allocations, the country’s largest combined pool of CVC capital. Bangchak Corporation, another energy major, runs BiiC, investing in hydrogen, carbon capture and new bio-materials. Intouch Holdings’ InVent, one of Thailand’s earliest CVCs, continues to back ICT and deep-tech plays, often co-leading later rounds.

Collectively, these vehicles form a dense corporate lattice, one that reflects Thailand’s economic structure: conglomerate-heavy, export-linked, and strategically cautious.

Also Read: Inside Thailand’s EV and battery push: Balancing growth with sustainability

The CVC mindset

Unlike Silicon Valley’s venture funds, which chase outsized financial returns, Thai CVCs invest to serve the parent’s transformation agenda. “It’s less about the next unicorn, more about the next capability,” says a Bangkok-based venture partner at a manufacturing CVC. “We look for startups that can plug into our operations or help decarbonise supply chains.”

That focus offers founders distinct advantages. Corporate investors can open distribution networks, pilot projects and procurement pipelines that pure financial VCs cannot. The trade-off is strategic alignment: founders must tailor products to corporate timelines and compliance regimes.

Energy conglomerates, for instance, want measurable emissions reductions; banks want tested cybersecurity and risk models. “The bar for diligence is higher, the runway longer, but the doors are bigger once you get in,” says one fintech CEO who has raised from both Thai and Singaporean investors.

New platforms, old bottlenecks

Parallel to corporate capital, a handful of digital platforms are trying to democratise early-stage access. A2D Ventures allows retail investors to co-invest from as little as US$3,000, pooling small cheques into pre-seed rounds. WOWS Global connects Thai startups with regional investors and provides digital cap-table management, a rare back-office innovation in a paper-heavy market.

Government support has expanded modestly. The National Innovation Agency (NIA) co-funds early projects; the Board of Investment (BOI) continues to subsidise EV and creative-tech ventures; and the SMART “S” Visa streamlines work permits for founders. The LiVE Exchange, a junior bourse under the Stock Exchange of Thailand, now lists seven firms worth about THB 5 billion (US$154 million), giving SMEs a quasi-public exit path.

Yet the structural limits remain visible. Thailand still lacks depth beyond Series A. Large international VCs typically step in only once regional traction is proven. Venture debt is minimal, and true growth-stage funds are scarce. “There’s a funding valley between A and B that corporates can’t fill alone,” notes an adviser at Beacon VC.

Also Read: How Thailand’s NIA is driving global collaboration for Thai innovation

The missing exits

Liquidity is the quiet constraint on Thai innovation. M&A volumes remain low, and IPOs are infrequent. Without robust exits, valuations stay conservative and reinvestment cycles stall. Silicon Valley’s perpetual motion (founders becoming angels, angels becoming LPs) has yet to take hold in Bangkok.

CVCs, for their part, measure returns differently: strategic impact trumps headline valuations. The result is stability but not dynamism. Few Thai startups have achieved unicorn status; fewer still have scaled globally without foreign backing. The national ecosystem produces capable companies, not yet category killers.

The regional path forward

Founders are responding by thinking outward. Many designs for ASEAN markets from inception, using Thailand as an operations base and Singapore for later-stage fundraising. Cross-border syndication is becoming standard practice.

PTT and SCG are also pushing beyond domestic boundaries, co-investing with Japanese and Middle Eastern partners in energy transition technologies. Bank CVCs are scouting Vietnam and Indonesia for portfolio synergies. The next phase of Thai corporate capital will likely be regional rather than purely national.

A disciplined future

Corporate venture capital has given Thailand’s startup scene what it long lacked: consistent funding, industrial expertise, and institutional credibility. It has also imposed its own logic: structured, strategic, and risk-averse.

For founders, success in this ecosystem requires fluency in both startup agility and corporate patience. For corporates, the challenge will be to preserve speed while protecting strategic interests. If those two cultures can meet halfway, Thailand’s CVC era could evolve from cautious patronage to a genuine innovation engine.

Until then, the country’s most important venture funds will remain headquartered not in co-working spaces, but in the marble lobbies of its biggest conglomerates.

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