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Business Times
16-07-2025
- Business
- Business Times
Built in Thailand, funded in Singapore, as startups gravitate to city-state
[BANGKOK] In October 2026, Thailand will host the World Bank and International Monetary Fund annual meetings, with digital transformation expected to take centre stage. But even as the country readies for its time in the global spotlight, it is hard to ignore a key gap – its own lacklustre startup ecosystem. Thailand has made big strides in building its digital infrastructure. As at the first quarter of 2025, 70 data centres have been approved, alongside heavy investments in cloud computing, nationwide 5G coverage, and booming digital commerce, with e-commerce transactions reaching six trillion baht (S$237.5 billion) and e-payments hitting eight trillion baht in 2024. Yet despite these promising numbers, the country continues to lag regional peers in critical areas such as information and communications technology manufacturing, digital services, and, most notably, venture capital (VC) funding for startups, according to the World Bank's latest Thailand Economic Monitor. Startups are widely seen as key drivers of digital transformation, yet successive Thai governments have offered limited financial backing and policy support for the sector. 'While Thailand has made progress in e-commerce adoption, this success has not translated into robust investments in digital startups or advanced support for digital entrepreneurship,' said the World Bank in its July report. No government push Part of the challenge lies in the absence of government policy to support the sector. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Douglas Abrams, managing director of Expara, an early-stage VC firm based in Singapore and focused on South-east Asia, said: 'A successful entrepreneurial ecosystem – startups and venture capital – always needs to be catalysed by the government.' Expara was one of several early-stage investors in 2C2P, a payments platform launched in Thailand that has since grown into a regional player. Today, it powers transactions for major clients such as Lazada, Singlife, Lenovo, AirAsia, Thai Airways, Changi Airport Group and luxury hotel brand Capella. The platform was founded by Myanmar national Aung Kyaw Moe, 50, who moved to Thailand in 1997, where he found work as a teacher and software programmer for computer games. In April 2003, Aung Kyaw Moe set up his own company, SinaptIQ, that developed a payment software (providing one-time passwords for credit card transactions) for Thai banks that is still in use today. A year later, he co-founded Paysbuy – a Thai equivalent of PayPal – which was eventually sold to Thai telecom giant DTAC in 2007 for around 200 million baht. At loose ends after the sale, Aung Kyaw Moe joined Sasin School of Management in Bangkok, where he met Abrams, who, besides running Expara, also taught venture capitalism at Sasin. Eager to build a new company offering comprehensive payment solutions for banks and merchants, Aung Kyaw Moe, acting on Abram's advice, relocated 2C2P's headquarters to Singapore in 2008, drawn by the government's active push to promote its enterprise ecosystem programme. Aung Kyaw Moe told The Business Times: 'Singapore is the only country (in South-east Asia) where you can get serious venture capital investment.' Singapore appeal One reason foreign VC gravitates towards Singapore is its legal framework, which is in English and based on British common law, thus offering clarity and investor confidence. Aung Kyaw Moe said: 'The second thing is that in Singapore, you can issue different classes of shares at different prices. In Thailand, if you want to increase your shares, you have to pay for those shares at par value.' Providing free stock options to employees is one of the key early compensation structures in Western startups. 'You basically cannot provide incentive stock options for employees (in Thailand),' said Kasima Tharnpipitchai, SCB 10X's AI strategy head. 'It's an ongoing problem that the government says they will look at, but haven't addressed.' Given the challenges of legal reform in Thailand, Aung Kyaw Moe suggests that Bangkok take inspiration from Dubai, where the government has set up the Dubai International Financial Centre as a separate jurisdiction governed by British common law to attract VC and startups. Scaling up In 2022, Aung Kyaw Moe and his co-founders sold 2C2P to Ant Financial/Alibaba Group for US$590 million. 'If this was a Thai company, the exit would never have happened, because as a Thai company I would never have been able to grow the company to this size,' he said. 'Singapore is where the capital is, and the image too.' The company now has 11 subsidiaries in nine countries, with Thailand still its largest market. 'Eight out of 10 transactions in Thailand today are processed by 2C2P. Every single airline here has its payments processed by 2C2P,' noted Aung Kyaw Moe. Another dynamic Thai startup to watch is Meticuly, founded by Thai national Boonrat Lohwongwatana, a graduate of Caltech in the US. After years of research on mineral science at US universities, Dr Boonrat returned to Thailand and joined Chulalongkorn University's engineering department where he developed a process for speeding up the manufacture of titanium body implants – skulls, kneecaps, hips and others. He currently is in Boston and sells the technology to US hospitals. His technology is already widely used in Thai hospitals. Dr Boonrat said: 'In a nutshell, it is artificial intelligence-powered 3D printing technology for personalised implants, and we can deliver them in a matter of days.' To support its growth ambitions, Meticuly also established its headquarters in Singapore in 2022. While Thailand has struggled to attract independent VC, it does have several corporate VC arms operated by major banks and conglomerates. But Dr Boonrat is wary of going down that route. 'When you don't have enough financial VC (firms) leveraging your growth, then the country is in trouble,' he said. '(All) the bank-backed corporate VC (firms) want is to invest and take over. It's not that they want you to grow and exit.'
Yahoo
11-03-2025
- Business
- Yahoo
Southeast Asia's E-Commerce to Reach New Heights, Driven by Digital Payments and Cross-Border Commerce Growth
SINGAPORE, March 11, 2025--(BUSINESS WIRE)--The latest InfoBrief by market intelligence firm IDC, commissioned by global payments platform 2C2P and Antom, revealed Southeast Asia's (SEA's) ecommerce market is projected to reach US$325 billion by 2028, fuelled by the rapid adoption of digital payments and regional interoperability, unlocking more opportunities in cross-border commerce for businesses. This year's research paper, "How Southeast Asia Buys and Pays 2025", marks the fourth edition of the IDC InfoBrief since 2021. IDC surveyed 600 respondents across six Southeast Asia (SEA) markets – Indonesia, Philippines, Malaysia, Singapore, Thailand and Vietnam, examining the evolving digital payments landscape as a whole and in each market.1 As the fifth largest economy in the world, SEA's exceptional growth trajectory is largely driven by its rapidly expanding e-commerce sector, underpinned by increasing digital payment adoption. The research explores the region's evolving digital payments landscape and provides a market-specific analysis of the payment trends in each market. It also sheds light on how these trends are reshaping business strategies and laying the foundation for future growth opportunities in the region. Key highlights from the IDC InfoBrief: It is critical to have a comprehensive understanding of SEA's digital payment landscape to fully tap into this US$325b economy. To maximise reach within local markets, it is essential to offer customers their preferred payment methods to enhance the overall customer experience and drive higher conversion rates. Growth in ecommerce digital payments: By 2028, digital payments are expected to account for 94% of total e-commerce payments in Southeast Asia. The most significant growth can be seen in domestic payments (97.9%) and mobile wallets (94.9%), which have been instrumental in expanding the reach of ecommerce in regions that traditionally relied less on cards. Surge in Real-time payments (RTPs): RTPs will see an exponential growth in 2028, reaching over US$11 trillion. This is already evident in Singapore, where RTPs like PayNow are the third most supported payment methods according to surveyed merchants in 2024. The rise in RTPs in Southeast Asia is largely driven by government initiatives to reduce cash reliance and to promote lower-cost, fast payment methods which meet the needs of both consumers and merchants. Dominance of Mobile Wallets and Domestic Payments: Mobile wallets and domestic payments lead in popularity across Southeast Asia. In 2023, mobile wallets were the top choice in Indonesia, Malaysia, and Vietnam, while domestic payments dominated in Singapore and Thailand. This trend continued in 2024, with mobile wallets being the second most accepted payment method by surveyed merchants in Singapore and Philippines and the third in Indonesia and Thailand. There are also significant opportunities across SEA in intra-SEA cross border commerce. Opportunities in cross-border commerce: Intra-SEA cross-border commerce is projected to reach $14.6 billion by 2028, a 2.8 times growth from 2023. Notably, except for Vietnam and Indonesia, average cross-border transaction values per customer surpass domestic values in SEA markets, highlighting significant opportunities for businesses operating in the region. Driving cross-border commerce with Regional Payment Connectivity (RPC): Cross-border commerce is further supported by initiatives such as the RPC, joined by all six markets in the SEA region. The collaboration aims to strengthen and streamline inter-country payments, focusing on the development of seamless, efficient, and cost-effective cross-border transactions. Higher returns in cross-border commerce: For 62% of surveyed SEA merchants who sold their services and products across borders, such transactions were, on average, 21% higher than domestic transactions. Merchants stand to reap significant rewards by looking beyond their shores and building up their capacity to cater to neighbouring markets. Untapped potential of intra-SEA trade: Despite its promising growth, intra-SEA trade remains underutilised, accounting for only a small fraction of total cross-border commerce in each market. To fully capitalise on this, merchants must gain a deeper understanding of the distinctive operating environments in each market while leveraging shared advantages. By strategically addressing these factors, businesses can unlock the full potential of intra-regional trade and drive sustainable growth. Agnes Chua, Managing Director of Business and Product Development of 2C2P, stated, "Southeast Asia's e-commerce landscape is evolving at a breathtaking pace. Merchants recognise the immense opportunities this growth brings them in driving e-commerce revenue, but also acknowledge the increasing complexity it brings to their operations. This includes common challenges such as customer support and issue resolution, payment gateway integration and technology issues. At 2C2P, we empower businesses to navigate these challenges with confidence by delivering payment solutions that simplify operations, enhance cross-border capabilities, and drive growth in the region's rapidly expanding digital economy so merchants can quickly unlock new opportunities and thrive in this dynamic environment." Gary Liu, General Manager of Antom, Ant International, said, "Southeast Asia is rapidly emerging as a global hub for digital commerce and innovation. As businesses expand across borders, seamless and efficient transactions are essential for maintaining competitiveness. At Antom, we see payments not just as infrastructure but as a catalyst for business growth. By working with 2C2P and other businesses within Ant International's ecosystem, we empower merchants with unified payment and digitisation solutions covering the full payment lifecycle while also exploring opportunities in global account services, financing, and treasury management to further support their expansion. Through close collaboration with local regulators and industry partners, we aim to unlock new opportunities for businesses of all sizes, helping them thrive in Southeast Asia's evolving digital economy." About 2C2P 2C2P is a full-suite payments platform that empowers the world's leading enterprises to securely accept and make payments through one point of integration. Its extensive network spans across online, mobile and offline channels including over 600,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need. Headquartered in Singapore with operations across Southeast Asia and Hong Kong, 2C2P is the preferred payments partner for airlines, online marketplaces, retailers and other enterprises. To learn more, please visit About Antom Ant International's Antom is the leading payment and digitisation services provider for merchants around the world. It offers unified, vertical-specific digital payment solutions to serve businesses of all sizes. Antom supports merchants in over 50 countries and regions, enabling them to connect with consumers in more than 200 markets, with the flexibility to accept payments in more than 100 currencies. Beyond payments, it provides digital marketing solutions and merchant digitisation services to help merchant streamline operations and enhance customer engagement. To learn more, please visit 1IDC InfoBrief, commissioned by 2C2P, How Southeast Asia Buys and Pays 2025, Doc #AP242491IB, February 2025 View source version on Contacts For media queries Scott Sign in to access your portfolio
Yahoo
25-02-2025
- Business
- Yahoo
Ant International Appoints Worachat Luxkanalode as 2C2P CEO Designate as 2C2P Expands to Serve More Regional SMEs with Innovative Products
Fintech veteran Worachat Luxkanalode will lead 2C2P's strategic upgrade from offering payment gateway services to enterprise customers, to a full-stack digitisation and financial services provider for businesses of all sizes, including SMEs in Southeast Asia; Founder and current CEO of 2C2P Aung Kyaw Moe will step down in April to pursue personal endeavours after heading the company for 22 years, building 2C2P into a leading regional payment service provider and winning tremendous trust from key customers in aviation, e-commerce, OTA sectors, etc.; Ant International (previously Ant Group's International Business Group) made strategic investment in 2C2P in April 2022. Since then, the two companies demonstrated strong synergy, integrating their products and teams to deliver more innovative and impactful solutions to customers. BANGKOK & SINGAPORE, February 25, 2025--(BUSINESS WIRE)--Ant International, a leading global digital payment, digitisation and financial technology provider, today announced the appointment of Worachat Luxkanalode, as the new Chief Executive Officer (CEO) of 2C2P. Mr. Worachat will assume the role in April 2025, subject to regulatory approval. In his role, Worachat will oversee the overall business strategy and operations of 2C2P, spearheading the company's strategic upgrade from mainly serving enterprise customers to businesses of all sizes including SMEs across the Southeast Asia region. 2C2P is part of Antom, Ant International's global payment and digitisation solutions provider, and currently serves leading players in travel, online retail, entertainment and more. Gary Liu, General Manager of Antom, Ant International, said, "Antom and 2C2P have built on our joint innovation and ecosystem reach to serve leading global and local merchants, driving their transformation and growth in Southeast Asia. Amidst the region's evolving digital transformation and payments landscape, Antom and 2C2P will remain at the forefront of this evolution as one unified team. Our shared mission is to empower merchants of all sizes with cutting-edge solutions and world-class services, continuously fueling their growth so that they can thrive in a digital era." "Worachat is a fintech veteran with proven experience and track records with payments, digital banking, and driving sustainable business growth. I am confident that 2C2P's legacy of innovation will thrive under Worachat's leadership, expanding our services to cover more regional SMEs on top of enterprise customers," said Mr. Liu. Mr. Worachat is currently with SEA leading superapp Grab, serving as the Managing Director of Grab Thailand. He joined in 2019 and held several roles including Country Head of Grab Financial Group – Thailand and Executive Director of Grab Thailand. Before joining Grab, Worachat held key senior executive positions at leading Thai and international banks and financial institutions for over 17 years, and is among the pioneers of digital banking in Thailand. "I'm thrilled to join Ant International and lead 2C2P at such an exciting time of transformation. As we continue strengthening our position in Southeast Asia's payments landscape, my focus will be on driving a strategic transition to better serve regional SMEs alongside our enterprise customers by standing on the strong foundation built by 2C2P's current leadership, especially by its visionary founder Aung," said Worachat. "2C2P will integrate with Antom more deeply, becoming an integral part of the innovative full-stack services Antom offers to all of its global merchants. Together, we will deliver more tailored and efficient payment, digitisation and financial services that empower businesses of all sizes in this region to thrive in the digital economy," said Worachat. 2C2P was founded by Aung Kyaw Moe in Bangkok, Thailand in 2003. In April 2022, Ant International, previously Ant Group's International Business Group, made a strategic investment in 2C2P and the two companies started to demonstrate strong synergies by integrating products and keeping innovating at the forefront of the payment industry through close collaboration between the two teams. In the past two years, 2C2P's annual acquiring payment volume has nearly doubled, and the total payment volume (TPV) generated from Antom core merchants served by the two companies through strategic collaboration has grown more than ten times. The robust growth came from various sectors including eCommerce, retail, airlines, online travel agencies (OTA), hospitality, food and beverages (F&B), digital content, and online-to-offline (O2O), across the SEA markets, including Thailand, Singapore, Malaysia, the Philippines, Indonesia, and Vietnam. Several innovative initiatives such as the Antom Business Account, which allows merchants to collect payments and make local and cross-border payouts seamlessly with a single account, and 2C2P's integration with Ant International's Platform Tech, which enables merchants to make cross-border settlements efficiently with competitive exchange rates, were co-launched to create value for customers. "With 2C2P in good hands, I am thrilled to embark on new adventures. I will dedicate some of my time to my research: How Southeast Asia Startups Succeed and Fail—Understanding the Growth Gap. I am also working on my memoir, 'Red Kite', recounting my personal and entrepreneurial journey. And I can't wait to spend more time flying my little plane to new places and meeting new people," Aung Kyaw Moe (Aung) revealed in a LinkedIn post. Liu thanked Aung for his leadership and dedication alongside the journey and extended gratitude to Aung for his extraordinary contribution, "Under Aung's visionary leadership, 2C2P has achieved remarkable milestones, solving complex payment challenges for enterprise merchants across the region and earning its reputation as a trusted payments partner. These accomplishments stand as a testament to Aung's unwavering dedication, strategic foresight, and ability to inspire teams to deliver excellence." 2C2P Thailand CEO Piyachart Ratanaprasartporn will also be retiring in April. Aung and Piyachart will remain on the board of 2C2P until June 30. "We wish both Aung and Piyachart continued success and fulfillment in their future endeavours," said Liu. About Ant International Headquartered in Singapore, Ant International powers the future of global commerce with digital innovation for everyone and every business to thrive. In close collaboration with partners, we support merchants of all sizes worldwide to realize their growth aspirations through a comprehensive range of tech-driven digital payment and financial services solutions. To learn more, please visit About Antom Ant International's Antom is the leading payment and digitisation services provider for merchants around the world. It offers unified, vertical-specific digital payment solutions to serve businesses of all sizes. Antom supports merchants in over 50 countries and regions, enabling them to connect with consumers in more than 200 markets, with the flexibility to accept payments in more than 100 currencies. Beyond payments, it provides digital marketing solutions and merchant digitisation services to help merchant streamline operations and enhance customer engagement. To learn more, please visit About 2C2P 2C2P is a full-suite payments platform that empowers the world's leading enterprises to securely accept and make payments through one point of integration. Its extensive network spans across online, mobile and offline channels including over 600,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need. Headquartered in Singapore with operations across Southeast Asia and Hong Kong, 2C2P is the preferred payments partner for airlines, online marketplaces, retailers and other enterprises. To learn more, please visit View source version on Contacts Media Inquiries:Fanny media@ Sign in to access your portfolio
