Why Thai startups are chasing growth in Singapore

Thailand may be pumping billions of dollars into its digital infrastructure, but its startup ecosystem still hasn’t reached its potential.

In October 2026, the country will host the annual meetings of the World Bank and International Monetary Fund, with digital transformation high on the agenda.

Photo credit: tampatra / 123RF

Thailand has recently invested heavily in cloud computing and nationwide 5G coverage, with 7o data centers approved as of the first quarter of 2025.

The country even has a booming digital commerce sector, with ecommerce transactions reaching 6 trillion baht (US$185.3 billion) and e-payments hitting 8 trillion baht (US$247.1 billion) in 2024.

But where are the successful startups driving innovation? And why does their journey so often lead through Singapore?

No government push

The World Bank’s latest Thailand Economic Monitor report says the country lags behind its regional peers in critical areas such as information and communications technology manufacturing, digital services, and, most notably, VC funding for startups.

Part of the challenge lies in the lack of government policies to support the sector.

“A successful entrepreneurial ecosystem – startups and venture capital – always needs to be catalyzed by the government,” says Douglas Abrams, managing director of Expara, an early-stage VC firm based in Singapore that focuses on Southeast Asia.

See also: 25 rising startups in Thailand

Expara was an early-stage investor in payments platform 2C2P, which has grown into a regional player since launching in Thailand. Today, it powers transactions for major clients like Lazada, Singlife, Lenovo, AirAsia, Thai Airways, Changi Airport Group, and luxury hotel brand Capella.

The platform was founded by Myanmar national Aung Kyaw Moe, who created his own company, SinaptIQ, in 2003. The firm developed a payment software that provides one-time passwords for credit card transactions for Thai banks – something 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 about 200 million baht (US$6.2 million).

After the sale, Aung joined the Sasin School of Management in Bangkok. It was where he met Abrams, who taught VC courses on top of running Expara.

Singapore appeal

Scaling up

Conglomerates’ role