Rethink Fintech - Thailand
18 January 2022
In Thailand, COVID-19 has become the catalyst for the adoption of digital financial technology, particularly electronic payment, which has grown into one of the most effective channels for the government to distribute financial aid to those affected by the outbreak.
According to recent statistics, Thailand has emerged as a Fintech hotspot, with equity capital expanding at a CAGR of 55%. In order to develop operations in the Fintech and banking sectors, digital challenger banks in Southeast Asia have used a variety of business strategies. According to a new report from the Singapore Fintech Association, they’ve grown thrice (more than 300%) in the last five years (SFA).
With investment activity picking up in Thailand and a more progressive position on blockchain and cryptocurrencies, it’ll only be a matter of time until the seedling Thai sector blossoms into a serious contender.
Content adapted from BDO Global.