FinTech Industry in Thailand holds Unlimited Prospects

OpenGov Asia: Thailand looks set to be one of Southeast Asia’s next Fintech Hubs as digital convergence continues to spread. The emergence of a new generation of fintech startups has spurred development of a “complete payments” ecosystem.

In Southeast Asia, technological innovation is rapidly changing the financial services industry. Enabling factors such as steady economic growth, a large population and youthful demographics, a rapidly expanding internet and smartphone penetration, and the proactive stance of a number of national regulators have led investors to direct approximately US$1 billion into the financial technology (FinTech) sector since 2013.

Thailand in particular is well-positioned to capitalize on the new developments in FinTech. The country has seen rapid growth in mobile and internet penetration, with internet access increasing from 67 percent of the population in 2017 to 84 percent a year later.

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