In Thailand, women are no longer a minority in the world of business. According to data from the Trade Policy and Strategy Office (TPSO), Thailand has an estimated 3 million Micro, Small and Medium Enterprises (MSMEs). Of this number, the majority of business operators are female.
Such a progressive situation is echoed in a report titled "Rebuilding Better: Assessment Of Women Entrepreneurs' Needs And Available Support Services During Covid-19" carried out in Malaysia, the Philippines and Thailand by the International Labour Organisation (ILO) as well as in the 2020 MasterCard Index of Women Entrepreneurs where Thailand ranks 14 from 58 countries with women as entrepreneurs and business leaders.
To promote and support women in business, UOB Thailand launches the "Womenpreneur: Tech and Sustainability" programme to empower women to transform their businesses through digital acceleration and sustainability. This also coincides with the theme of the 2023 International Women's Day which underlines technology and innovation for gender equality.
"Innovation plays a significant role in the improvement of gender equality. It provides people with better access to education and healthcare services. Technology and innovation also create financial opportunities for women while also helping lower the risk of violence and gender discrimination. Technology and innovation create gender equality whereby all employees regardless of gender can work together equally and efficiently," said Sirinun Jiradilok, head of Digital Engagement and FinTech Innovation, UOB Thailand.
Sirinun Jiradilok, Head of Digital Engagement and FinTech Innovation, UOB Thailand, second right, shared how the bank supports women entrepreneurs to build businesses that are both sustainable and profitable at the launch of Thailand's Womenpreneur: Tech and Sustainability programme.
Run by The FinLab Thailand in collaboration with Business Incubators and Science Parks Association (Thai-BISPA), O2O and Reporter Journey, the Womenpreneur: Tech and Sustainability programme aims to unlock the potential of women so that they can showcase their business talent amid the challenge of male-dominated industries. The first cohort of UOB Thailand's Womenpreneur: Tech and Sustainability programme will undergo a three-month business transformation curriculum starting this month until May. Apart from receiving relevant knowledge, tools and skills to digitalise their businesses that drive productivity, save costs and grow revenue, participants will also be guided by subject matter experts and mentors from UOB and its ecosystem partners in the area of sustainability practices and wellness.
"In addition, women entrepreneurs will also have access to networking sessions helping them to foster collaboration and facilitate peer sharing of expertise, information and experiences," Sirinun added.
The programme is an example of initiatives and support from local stakeholders to enable the country to make significant progress in terms of corporate gender equality. According to Grant Thornton's Women in Business 2020 report, women currently hold 32% of senior leadership positions in Thailand while globally they only hold 27% and in Asia-Pacific 26%. Also, 86% of businesses in Thailand were reported to have at least one woman in senior management.
The numbers from Thailand show promising trends, although there is still room for improvement. Among mid-market companies, the number of businesses with no women in senior management has decreased by 5% -- from 19% in 2019 to 14% in 2020. As with several other related indicators, Thailand's numbers on this metric show more diversity than the overall averages for both the region (20%) and the world (17%).
Thailand is also performing comparatively well when it comes to having women in the very highest positions of power: 24% of CEOs or managing directors in Thailand are women, compared to 20% worldwide and only 13% in Asia-Pacific.
To be part of the contribution in creating such a positive shift in the corporate gender paradigm, UOB Thailand has made a huge effort to paint a gender-equal future through its Womenpreneur: Tech and Sustainability programme. For four years, the company has supported Thai small and medium-sized businesses (SMEs) on their journeys towards digitalisation. Through the programme, female entrepreneur alumni have reported positive comments including higher productivity, customer engagement and sales growth. They are also looking into new business opportunities and guidance to embrace sustainability in their business.
"Speaking of strengths, women entrepreneurs are understanding and open to differences and are thus good at team management," Sirinun added. "Women are also full of creativity. They consider customer service and people relations as their priority which can be key towards business success."
The Covid-19 pandemic wreaked havoc on a huge number of companies and organisations. Among the MSMEs in Thailand, companies with female business owners were the first group to be affected by the public health crisis as reported by the ILO. They were forced to face the challenge of rescuing their businesses.
Unfortunately, although they were doing their best to open doors for new business opportunities and transformation, a number of them still fell short in terms of know-how, especially in the field of e-commerce, online marketing, content creation and the development of business connections, to name a few.
"Women entrepreneurs in Thailand are making strides despite the lack of a favourable business environment. With this Womenpreneur programme, we help create an ecosystem to support women-led businesses, connecting them to their peers and opening doors to new opportunities. They should also have access to digital tools and guidance as they seek ways to embrace sustainability in their operations. This will future-proof their enterprises and allow them to keep abreast of emerging market developments," Sirinun said.
The achievement of gender equality is one of the United Nations' Sustainable Development Goals (SDGs) laid out in the Sustainable Development Agenda. With a sustainability mindset, companies around the world are heading towards this direction despite challenges. Consequently, in the next five to 10 years, Thailand is expected to see more equality not just in terms of gender but also freedom of expression and a more open culture.
"Gender discrimination and bias did exist in the corporate world in the past but the issue has become less and less visible, thanks to a more open world," Sirinun said. "Today we see a lot of talented working women all around us. The 'you are a man, I am a woman' mindset no longer exists. So in the near future, modern business leaders will be all equal and will be packed with tech, sustainability and wellness know-how which can certainly drive organisations towards sustainable growth."
For more details about the Womenpreneur: Tech and Sustainability programme, visit facebook.com/uob.th or thefinlab.com/th/thailand.
This article is part of a 20-part series that explores what it takes to create and secure a sustainable future. In collaboration with UOB. You can view the whole series here.
