Latest news with #AungKyawMoe
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.'
The Star
27-05-2025
- Business
- The Star
Asean urges nationwide expansion of Myanmar ceasefire; leaders also agree tariff deals with US should not harm members
Myanmar's Permanent Secretary of the Ministry of Foreign Affairs Aung Kyaw Moe attends the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit after the 46th Association of Southeast Asian Nations (Asean) Summit in Kuala Lumpur on Tuesday, May 27, 2025. -- Photo by Jam STA ROSA / AFP KUALA LUMPUR (Reuters): South-East Asian leaders reached an understanding on Tuesday that any bilateral agreements they might strike with the United States on trade tariffs would not harm each others' economies, Malaysia's premier Daruk Seri Anwar Ibrahim said. Anwar, the current chair of the Association of South-East Asian Nations, said there was consensus during a leaders' summit in Kuala Lumpur that any deals negotiated with Washington would ensure the interests of the region as a whole were protected. The Asean meeting came at a time of global market volatility and slowing economic growth, and amid uncertainty over a trade war that has ensued since U.S. President Donald Trump's announcement of sweeping "Liberation Day" tariffs. Southeast Asia is among the regions hardest hit by the tariffs, with six of its countries facing levies of between 32% and 49% in July if negotiations on reductions fail. "While proceeding with bilateral negotiations ... the consensus rose to have some sort of understanding with Asean that decisions should not be at the expense of any other country," Anwar told a press conference. "So we will have to protect the turf of 650 or 660 million people," he said of Asean. With a combined gross domestic product of more than $3.8 trillion, Asean members are in a precarious position in relation to the United States, which is the biggest market for the region's exports, key drivers of its growth. Anwar said on Monday that he had written to Trump requesting a meeting on the tariffs between the United States and Asean. Anwar was speaking at the conclusion of the summit on Tuesday, which included an economic gathering of leaders of the Asean bloc, Gulf countries and China, which was represented by Premier Li Qiang. PEACE EFFORT Asean leaders also called for a temporary ceasefire in army-ruled Myanmar to be expanded nationwide, to enable warring sides to build trust and work towards convening dialogue after four years of turmoil. Myanmar has been in crisis since its military overthrew an elected civilian government in 2021, triggering pro-democracy protests that morphed into a widening rebellion, with more than 3.5 million people displaced, according to the United Nations. A devastating earthquake in March that killed more than 3,800 people led to a series of temporary ceasefires in affected areas, a truce that the military government has violated with continued air strikes and artillery attacks, according to data compiled by a conflict monitor and the United Nations. "We further called for the sustained extension and nationwide expansion of the ceasefire in Myanmar, as an initial step towards the cessation of violence," the ASEAN leaders said in a statement. "We encouraged all relevant stakeholders in Myanmar to build trust towards convening an inclusive national dialogue." Anwar hailed "significant" engagement steps on Myanmar on Monday after last month holding a closed-door meeting in Bangkok with junta chief Min Aung Hlaing and virtual talks with the shadow National Unity Government, which is aligned with rebel forces. On Tuesday, Anwar said Asean leaders had agreed that the path forward was to engage all sides in the Myanmar conflict. "Now we have gone to a stage where both parties are now in consultation, although at the lower key level," he said, stressing the need to extend and expand the ceasefire. His remarks come after Maris Sangiampongsa, the foreign minister of Thailand, Myanmar's neighbour, told Reuters he would propose broader international engagement with the junta, which has been ostracised by Western powers, with sanctions imposed on the generals. (By Danial Azhar; Writing by Martin Petty; editing by Sophie Walker) - Reuters
Free Malaysia Today
24-05-2025
- Politics
- Free Malaysia Today
Myanmar delegation to take part in Asean Summit
The Myanmar delegation is led by its permanent secretary of the foreign affairs ministry, Aung Kyaw Moe. (Bernama pic) PETALING JAYA : The Myanmar delegation, led by its permanent secretary of the foreign affairs ministry Aung Kyaw Moe, is in Kuala Lumpur to attend the 46th Asean Summit and related meetings. Kyaw Moe, who arrived yesterday morning, will lead the delegation during the high-level regional gathering taking place at the Kuala Lumpur Convention Centre. He is scheduled to take part in the Asean Senior Officials' Meeting today, as well as two key informal consultations related to the implementation of the Five-Point Consensus on Myanmar, a regional peace plan first agreed upon in 2021, Bernama reported. The informal consultation on the implementation of the Five-Point Consensus is expected to centre around Asean's continued efforts to address the protracted political and humanitarian crisis in Myanmar following the 2021 military coup. Discussions will likely focus on the effectiveness and limitations of the current engagement framework, particularly the lack of tangible progress in halting violence, initiating inclusive dialogue, and delivering humanitarian aid. Member states may also explore alternative diplomatic approaches, including enhanced coordination with the Asean chair's special envoy, engagement with key stakeholders excluded from the peace process, and the possibility of expanding humanitarian corridors to reach affected communities. Myanmar remains suspended from high-level Asean meetings due to the military-led government's failure to implement the Five-Point Consensus, which was adopted by Asean in 2021 to address the crisis following the February coup. The consensus called for an immediate cessation of violence, inclusive dialogue among all parties, the appointment of a special envoy, humanitarian assistance and a visit by the envoy to Myanmar.
Malaysiakini
24-05-2025
- Politics
- Malaysiakini
Myanmar to participate in Asean summit, informal discussions
The Myanmar delegation, led by its Permanent Secretary of the Ministry of Foreign Affairs, Aung Kyaw Moe, has arrived in Kuala Lumpur to attend the 46th Asean Summit and related meetings. Kyaw Moe, who landed at 11am yesterday, will lead the Myanmar delegation during the high-level regional gathering taking place at the Kuala Lumpur Convention Centre (KLCC).
The Sun
24-05-2025
- Politics
- The Sun
Myanmar delegation set to participate in ASEAN Summit, informal consultations on five-point concensus
KUALA LUMPUR: The Myanmar delegation, led by its Permanent Secretary of the Ministry of Foreign Affairs, Aung Kyaw Moe, has arrived in Kuala Lumpur to attend the 46th ASEAN Summit and related meetings. Kyaw Moe, who landed here at 11 am yesterday, will lead the Myanmar delegation during the high-level regional gathering taking place at the Kuala Lumpur Convention Centre (KLCC). As part of the summit proceedings, he is scheduled to participate in the ASEAN Senior Officials' Meeting (SOM) today, as well as two key informal consultations related to the implementation of the Five-Point Consensus on Myanmar, a regional peace plan first agreed upon in 2021. The informal consultation on the implementation of the Five-Point Consensus is expected to centre around ASEAN's continued efforts to address the protracted political and humanitarian crisis in Myanmar following the 2021 military coup. Discussions will likely focus on the effectiveness and limitations of the current engagement framework, particularly the lack of tangible progress in halting violence, initiating inclusive dialogue, and delivering humanitarian aid. Member states may also explore alternative diplomatic approaches, including enhanced coordination with the ASEAN Chair's Special Envoy, engagement with key stakeholders excluded from the peace process, and the possibility of expanding humanitarian corridors to reach affected communities. Myanmar remains suspended from high-level ASEAN meetings due to the military-led government's failure to implement the Five-Point Consensus, which was adopted by ASEAN in 2021 to address the crisis following the February coup. The consensus called for an immediate cessation of violence, inclusive dialogue among all parties, the appointment of a special envoy, humanitarian assistance, and a visit by the envoy to Myanmar. The 46th ASEAN Summit is being held under Malaysia's 2025 Chairmanship theme, 'Inclusivity and Sustainability'. This year also marks the country's fifth time at the helm of the regional bloc since its previous chairmanships in 1977, 1997, 2005, and 2015. In addition to the ASEAN-level meetings, the summit will also feature two important inter-regional platforms, the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC-China Summit – signalling growing engagement between Southeast Asia and its strategic partners in the Gulf and China. The ASEAN Summit and its related meetings are expected to address a wide range of pressing regional and global issues, with the situation in Myanmar remaining a critical topic of concern for ASEAN member states.
