UOB FinLab drives sustainable innovation in Thailand with GreenTech Accelerator Programme 2024

UOB Thailand has unveiled UOB FinLab’s 2024 GreenTech Accelerator (GTA) programme, marking a significant step towards addressing pressing sustainability challenges. This initiative aims to empower GreenTech companies to pilot innovative solutions that create positive environmental impact.

12 Thai GreenTechs are among the final 33 companies selected for the programme from a competitive pool of 350 applicants across ASEAN. The selected enterprises will participate in a rigorous six-month regional programme designed to foster growth, transformation, and networking opportunities.

Participants will benefit from an unparalleled learning experience, gaining access to masterclasses led by 30 world-class mentors from Singapore, Thailand and Malaysia. They may also tap into UOB FinLab’s network for sustainability know-hows and tools, comprising 25,000 industry leaders from businesses, governments, SMEs, and tech suppliers.

In a bold move to accelerate sustainable innovation, UOB is offering selected GreenTech companies up to 2.7 million baht to pilot innovative, relevant, and deployable solutions to help corporates tackle sustainability challenges.

UOB FinLab has worked closely with its corporate partners across ASEAN to identify major sustainability challenges faced by companies and the industry. The selected GreenTech companies will collaborate with these partners and UOB FinLab to develop innovative solutions addressing real-world sustainability issues. They will focus on key areas such as energy efficiency, circular economy and waste management, carbon management and reporting, food and agriculture, and urban planning.

The GTA programme first launched in May 2022 in Singapore and has already seen significant success. Its inaugural run attracted over 150 applications, resulting in 8 pilots and partnerships, and generating more than 160 meaningful business connections.

One standout success story is HydroNeo, one of the Thai GreenTech companies that participated in the 2022 GTA programme, which has made substantial strides in enhancing the sustainability of Thailand’s aquaculture sector through a smart farm management system in Thailand. With HydroNeo’s pilot, shrimp farmers have experienced significant improvements in harvest size, energy efficiency and profitability. The company currently manages 150 production ponds, showcasing the tangible impact of GreenTech solutions.

Mr Banlang Wongthawatchai, Head of Digital Engagement and FinTech Innovation, UOB Thailand, said, “We are truly excited to launch the GreenTech Accelerator Programme in Thailand, as this initiative reflects our strong dedication to fostering innovation and promoting sustainability. We have designed this programme to help startups take their green technologies to the next level. By connecting them with business opportunities and expert mentors from UOB FinLab and our industry partners, we are providing the resources and support they need to thrive. Our aim is to help these companies develop practical solutions that make a real difference in addressing environmental challenges. We are committed to driving a significant impact and contributing to a more sustainable future for Thailand and the world.”

Mrs Sansanee Huasomboon, Director Business Innovation Division, National Science and Technology Development Agency (NSTDA) and one of this year’s programme mentors, said, “At NSTDA, one of our goals is to help GreenTech companies transform their ideas into products that can enter the market for traction and scale. I look forward to working closely with UOB as a mentor to provide guidance and to nurture these companies, in growing and bringing meaningful changes to their own and to clients’ businesses. I am excited to see how each company will bring a unique approach to devise solutions that can address real-world environmental challenges.”

Ms Mayuree Aroonwaranon, Co-Founder & CEO, GEPP SA-ARD Co. Ltd, shared, “We are thrilled to be participating in UOB FinLab’s GTA programme this year. Through this programme, we aim to showcase our integrated waste technology solutions, gain valuable insights from mentor sessions on sustainability and the circular economy, and explore new business collaborations.”

Recognising the significant impact of the programme, The GreenTech Accelerator Programme by UOB FinLab Thailand has been recently honoured with the Prime Minister Award: Innovation for Sustainability 2024 at the Startup x Innovation Thailand Expo 2024 (SITE2024) hosted by the National Innovation Agency of Thailand. The award recognises the efforts of partners and relevant parties and encourages the development of initiatives to support businesses on their sustainability journeys.