THE IKTIMED AND THE STARTUP AND FINANCIAL TECHNOLOGY DEVELOPMENT IN THAILAND
The IKTIMED project promotes “an innovative integrated approach for the MED area aimed at improving the openness of the Mediterranean territories innovation systems, through the setting-up of new modalities of cooperation among research centres, the public sector and enterprises”. Based on the experience of IKTIMED, we have analyzed the status of innovation in another continent, Asia, focusing on the remarkable example of startup and fintech development in Thailand and explaining the reasons of its success.
In recent years, Thailand has created a sound start-up ecosystem with the support of the government, who has announced the creation of a 20-billion-baht fund ($573 million) to support existing 2,500 start-up companies to accelerate innovation, along with the plan to increase the number of startups from 2,500 to 10,000 by 2018. In this context an important actor appear in Thailand trading market : IQ Option broker, the best solution for Thai online traders
Digital and fintech growth and online trading
Thailand is an early adopter of technologies and social media. The tech-savvy Thai population offers a favorable testing ground for social commerce, fintech and other innovations Among all startup activities, financial technology is one of the investors’ and venture capitalists’ favorite. With 37% of the total population accessing mobile applications daily, mobile banking transactions are becoming increasingly widespread in the country. Forex and binary trading in Thailand is well-developed; Thailand is a very attractive destination for Forex traders, because of the predictable exchange rates, and trader-friendly government policies. The Bank of Thailand is the regulatory body entrusted by the Ministry of Finance with the responsibility of administering foreign exchange in Thailand.
Choosing the right broker in Thailand: IQ Option
There are many Forex brokers operating in Thailand. Unlike Europe with its licensed, regulated and reputable brokers it is hard to know which local brokers are legitimate and which you should avoid. Most traders turn to foreign brokers to conduct their trading over local brokers because of the strength of their platform and service. We took much interest in IQ Option, a leading binary options broker regulated by CySEC (Cyprus Securities and Exchange Commission) and by MiFID (the Markets in Financial Instruments Directive of the European Union). With its offer of advances trading platforms, excellent local support and demo trading accounts for unlimited practice, it is in our opinion the most reliable broker in the picture and it is attracting more and more traders in Thailand
While the government should reduce the regulations that stifle growth in the technology and startup sector, the FinTech and financial institutions should work together to overcome the initial challenge of trust deficit. With the fast-growing nature of Thailand’s startup ecosystem, we think that the Thai startup ecosystem has much potential to further develop and grow.
Smart specilization strategy is built on regional strengths and comparative advantages as well as on possible cooperation among territories. Leading regions with a critical mass can invest in advancing a generic "basic" technology (at the frontier of knowledge). Other regions can invest in the application of this knowledge to a particular sector or related sectors.
Project activities are based on the identification and implementation of common trans-national methods and web platforms, in order to have a trans-national impact and contributing to remove bottlenecks in the diffusion and application of innovation and access to RTD results. Main goal of the project is to sustain innovation through a trans-national certified system of innovation supply.
Innovation policy as a multi-level governance activity and the responsibility for policy design and implementation should be allocated among different levels of government. Further policy tools, in the European Research Area, such as joint programming and financial instruments (equity, loans etc) and/ or training and education programmes.
Knowledge and Innovation Communities (KICs). According to European Institute of Innovation Technology KICs will be highly integrated, creative partnerships including education, technology research, business and entrepreneurship, public and private research, regional and national governments, that will produce new innovations and new innovation models and inspire others to emulate them.
Open innovation is a more dynamic model in whic companies look both inside-in and outside-out. Innovation is based on knowledge asset outside the companies and co-operation is a way to source knowledge in order to generate new ideas and bring them quickly to market. Open Innovation means that companies should make much greater use of external ideas and technologies.
Public institutions can became enabler of open innovation by promoting new practices in its procurement strategies. Policy attention focuses more on the suppy side of innovation and less on building market demand for innovation through public procurement for innovative products and services. Procurement as part of policy mix for addressing innovation cases.
- SMART SPECIALIZATION
- KNOWLEDGE DATABASE
- Innovation Policies
- Knowledge communities
- Open innovation
- Public Procurement