Georgetown, 26 July 2024 – Digital Penang, a Penang State Government-Linked Company driving digital transformation within the state, is proud to announce the Market Access Thailand program. This strategic initiative is set to propel Penang’s startups into the vibrant Thai market, creating opportunities for exponential growth and innovation. In partnership with MyStartUp and Malaysia Digital Economy Corporation (MDEC), this program is in line with the Penang2030 vision, reinforcing the state’s dedication to becoming a premier digital technology centre.
Empowering Penang’s Startups for Regional Growth
Following the resounding success of the Market Access Indonesia program in 2023, where our startups secured up to RM 3.5 million in investment, Market Access Thailand aims to achieve even greater outcomes. Thailand, the region’s second-largest economy, boasts 90% internet access in households, 83% e-commerce engagement, and an average of 9 hours of daily internet usage. This substantial digital population, combined with Thailand’s leading position in the automotive industry and its extensive supply chain, presents an ideal environment for Penang startups to scale across Southeast Asia.
The five exceptional startups selected for the Market Access Thailand program are ADA Biotech, Haroct Technologies, Mobula Research, Waterbay, and Visionlytics. “These startups showcase the diverse technological landscape of Penang, spanning Biotech, Agritech, Healthtech, and Manufacturing Solutions. Their participation highlights the vibrancy and boundless potential of our startup ecosystem,” stated YB Zairil Khir Johari, Penang EXCO for Infrastructure, Transport, and Digital, as well as Digital Penang’s Vice Chairman.
Ts. Ng Kwang Ming, the CEO of Digital Penang, emphasised the establishment of an extensive network with prominent venture capital firms and investors in Thailand. “We will forge a strategic partnership with Techsauce, a leading ecosystem builder in the country. This alliance will equip Penang startups with essential local expertise and mentorship, crucial for a successful market foothold in Thailand.” He added that this collaboration offers invaluable insights and facilitates navigation through Thailand’s regulatory landscape, ensuring streamlined business operations.
Shaping The Future of Penang Startups
Supported by Digital Penang and Thai ecosystem builders, Penang startups are poised to set new industry benchmarks and inspire future cohorts to pursue ambitious expansion goals. The Penang State Government remains unwavering in its commitment to nurturing these startups, providing the resources and opportunities they need to excel on the regional stage.
