Events | Speaking

Are SAFE and KISS Contracts Possible in Thailand? New Legal Perspectives on Convertible Agreements

Conventional wisdom is that the SAFE and KISS note funding structures are not possible in Thailand. Or is it? Recent changes to Thai legislation now make pseudo-SAFE notes a viable option. 

SAFE notes, or Simple Agreement for Future Equity, are an investment contract that got popularized by Y Combinator in the US over a decade ago, enabling early-stage startups to raise capital despite uncertain valuation, by offering investors the right to convert their investment into equity at some point in the future under certain conditions, without incurring debt.

Simple, fast and flexible, SAFE notes have experienced massive success among tech founders and early-stage VCs alike, from the Silicon Valley to Singapore. The Thai startup ecosystem, however, has been excluded from this wave of change as Thailand infamously does not recognize convertible securities… until now?

In this presentation, DFDL’s Founding Partner David Doran will explain how the first SAFE note was successfully structured and applied in the country, how it differs from other investment contracts and how startup founders and investors alike will be able to use it for future investment rounds. The presentation will also touch on the key legal concepts, milestones and challenges that founders need to prepare for during their fundraising journey. DFDL’s Singapore based partner, Vinay Ahuja, will provide a comparative view on funding in Thailand and funding in Singapore.


  • David Doran, Founding Partner and Head of Thai Practice, DFDL
  • Vinay Ahuja, Partner DFDL Singapore and Indonesia 
  • Ted Thetnaungsoe, Founder of OUR Startup Community, Venture Partner at A2D Ventures


18:00 – Arrive and Mingle
18:30 – Welcoming words by Ted Thetnaungsoe, Founder of OUR Startup Community Bangkok
18:45 – First Talk: Introduction to SAFE, KISS and other convertible instruments and how they are commonly used in SEA, by Vinay Ahuja, Partner and Managing Director of DFDL Singapore and Indonesia
19:15 – Second Talk: New Legal Developments in Thailand on the use of convertibles contracts, and what it means for the Thai tech ecosystem, by David Doran, Founding Partner and Head of DFDL Thai practice.
19:45 – Q&A
20:15 – Networking
21:30 – After Party (location to be announced)

Click on above register button for registration.