Government to launch “Creative Innovation Hub” to support startup businesses

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BANGKOK – The Royal Thai Government is now working with financial institutions in a bid to support startup businesses.

Somchai Sujjapongse, Permanent Secretary for Finance, chaired the signing ceremony of a memorandum of understanding (MOU) between the Ministry of Finance, SME Bank, Government Savings Bank, Krung Thai Bank, and the Stock Exchange of Thailand (SET).

The MOU seeks to establish the “Creative Innovation Hub” whose main responsibility is to support startup businesses in Thailand in terms of education. New entrepreneurs can seek advice on how to run or start a business from this center.

The signing of the agreement shows the government’s intention and commitment to assisting new businesses.

Under the MOU, the project will be financed by the three mentioned banks and the Stock Exchange of Thailand. Each institution will pitch in 100 million baht to put forth the project.