Thailand, with a population of 70 million and a strong tourism industry, has seen growth in its startup ecosystem, but it lags behind neighbors like Singapore and Indonesia in producing unicorn startups—privately held companies valued at over $1 billion.
As of July 2025, Thailand has 5 such unicorns, including LINE MAN Wongnai, Opn, Flash Express, Ascend Money, and Bitkub, a significant increase from none in 2019. However, this number is still low compared to Singapore’s 32 unicorns, highlighting the challenges Thai startups face.
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