MDEC linked M’sian startups with Thailand’s tech scene & identified deals worth RM200M so far

[This is a sponsored article with MDEC.]

In the dynamic landscape of Southeast Asia’s digital economy, Thailand has become a hub for tech innovation. The nation has a growing startup ecosystem, with over 13,000 startups and an influx of venture capital investment, making it a prime target for cross-border collaborations. 

Recognising this, Malaysia is expanding its technological footprint through DEX Connex Thailand 2024. This initiative is part of the Malaysia Digital Economy Corporation’s (MDEC) Digital Export (DEX) facilitation programmes. 

It’s part of MDEC’s GAIN (Gateway, Amplify, Invest, Nurture) initiative, which empowers high-potential Malaysian tech companies to broaden their regional and global reach.

Connecting startups across borders

DEX Connex Thailand is a platform designed to connect Malaysian tech companies with potential partners in Thailand. 

This initiative aims to boost cooperation between Malaysia and Thailand and promote digital exports. It does so by providing access to a strong support network, including channel partners, government agencies, corporate associations, and venture capital firms. 

In simple terms, it means that Malaysian tech companies get the connections and resources they need to grow, like introductions to key partners and opportunities for funding.

This year, DEX Connex Thailand partnered with True Digital Park, which is a key MDEC ecosystem partner in Thailand. 

To further increase the network effect, MDEC also partnered with Techsauce, one of Thailand’s leading tech publishers, which hosted the Techsauce Global Summit 2024 on August 7-9 at True Digital Park, Bangkok. 

DEX Connex brought together 51 Malaysian tech companies and more than 40 Thai partners. This was made possible with backing from the Malaysian Embassy in Bangkok, Malaysia External Trade Development Corporation (MATRADE), and Thailand’s Digital Economy Promotion Agency (depa).

According to MDEC, the summit attracted around 16,000 visitors from over 60 countries, centred on the theme, “The World of Tomorrow with AI”. 

Fostering growth partnerships

The DEX Connex Thailand programme was packed with key events and activities that facilitated cross-border collaboration. One of the highlights was the Malaysia Diaspora Night, a networking event that brought together the Malaysian diaspora in Bangkok including Thai-based Malaysian technopreneurs, Malaysian tech companies, and Thai tech leaders to build stronger relationships.

Partners like True Digital Park and depa played a role in driving the digital economy collaboration between Malaysia and Thailand. 

The Memorandum of Understanding (MoU) exchanged between MDEC and depa further solidified this partnership, paving the way for more local technology companies to penetrate the Thai market.

The main event at True Digital Park featured the MoU and Partnership Exchange Ceremony, where 10 agreements were signed between Malaysian and Thai companies. They include: 

These partnerships resulted in more than RM200 million worth of engagements, highlighting the programme’s role in promoting Malaysian technology and innovation on the global stage.

Notable Malaysian companies such as Carsome, Macrokiosk Thailand, and Ashisuto Global Technologies also participated in DEX Connex Thailand. 

They too exchanged MoUs during the event, each focusing on expanding business opportunities and fostering collaboration between Malaysian and Thai tech companies.

For example, Carsome has injected a major investment to refurbish its centre in Samut Prakan to solidify its presence as a top player in Thailand’s car ecommerce market. The Malaysian unicorn also has Thai-based platforms—One2Car and Autofun Thailand—which attract millions of visitors every month.

Macrokiosk Thailand, which has been active since 2004, has formed a strong partnership with a major Thai holding company. They’re working together across mobile retail, food and beverage, asset management, and property development.

Meanwhile, Ashisuto Global Technologies has partnered with RICOH Thailand to launch DocKITA® services. They’re focusing on helping SMEs with targeted social media campaigns and exhibitions.

Setting up the next stage

DEX Connex Thailand 2024 has played a vital role in strengthening the tech collaborations between Malaysia and Thailand, driving the digital economy across Southeast Asia. 

As MDEC continues to support Malaysian tech companies in expanding their global footprint, the success of DEX Connex in Thailand sets the stage for future collaborations. MDEC is now setting up their next initiative, DEX Connex Vietnam, and they’re looking for participants.

If you’re growing a startup that’s ready for global expansion, join MDEC’s growing network by applying for Malaysia Digital (MD) status and expose your startup to the rest of SEA and beyond. Through the MD national strategic initiative, MDEC is transforming the country’s digital landscape by leveraging technology and innovation to drive sustainable economic growth

DEX Connex Vietnam will begin on November 14-15, alongside the Vietnam Innovation Summit. 

Featured Image Credit: MDEC