BANGKOK, Thailand – Thailand and Singapore are exploring joint funding and business development opportunities to help startups expand across both markets, focusing on healthcare, climate change and future food. Yodchanan Wongsawat, Thailand’s Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, met Ng Boon Heong, Executive Director and Chief Executive Officer of Temasek Foundation, at Government House in Bangkok on October 16 to discuss cooperation with the National Innovation Agency (NIA).
The proposed partnership aims to build stronger links between the two countries’ startup ecosystems. Thai startups with growth potential could receive support to enter Singapore, while Singaporean startups would be encouraged to establish businesses in Thailand and adapt their technologies to local market needs.
Funding plans include a co-funding arrangement between NIA and Temasek Foundation. The foundation could provide grants while helping startups connect with venture capital firms and private equity funds for longer-term financing. The two organizations also plan to link their business accelerator programs. Cooperation will focus on three industries: healthcare and medical technology, climate change solutions, and future food.
In the healthcare sector, Thailand aims to attract startups seeking to conduct clinical trials and expand their businesses, drawing on the country’s medical expertise and existing infrastructure.
Future food innovation will be supported through SPACE-F, a startup incubator and accelerator program involving NIA, Thai Union Group and Mahidol University’s Faculty of Science.
Yodchanan also invited Temasek Foundation, which organizes The Liveability Challenge, a sustainability innovation competition, to bring a Global Innovation Challenge to Thailand in 2027. The proposed event would give Thai startups an opportunity to showcase their technologies while attracting innovative solutions from around the world.
