BangkokPost-Dec 7

The Thai economy witnessed the birth of three unicorn companies this year — Flash Express, Ascend Money and Bitkub Online — debunking the belief that the country doesn’t have the supporting ecosystem for unicorn startups to thrive. A unicorn is a startup company that is valued at more than US$1 billion. These three startups flourished amid the pandemic as they are situated in sectors that are benefiting from more digitalized lifestyles: logistics, fintech and digital tech. Flash Express, a logistics services provider, is the country’s first unicorn, growing in tandem with the e-commerce boom during the lockdown. Komsan Lee, chief executive and founder of Flash Express, was born into a poor family of Chinese descent in Doi Wawee, in the northern province of Chiang Rai. He started his first business his first year of university and went through many jobs before starting Flash Express in 2018 with 400 million baht. Mr Komsan said one of Flash Express’s key factors for success was fortuitous timing, as the company started operations during the e-commerce boom. There was a surge in demand for delivery and logistics services, allowing the company and other new players room to grow and compete in the industry. Read more at: https://www.bangkokpost.com/business/2227915/local-unicorn-trio-prove-naysayers-wrong