Fintech in Thailand: X Startups and Leading Applications
Fintech in Thailand is already overturning the conventional responsibilities held by banks and financial services companies for hundreds of years. These traditional financial institutions have been caught off guard and are currently trying to create their own apps to catch up with the market leaders.
Fintech is fast becoming a common feature of the global financial system. Thai and ASEAN startups have been eager to establish their own fintech business models based on new lending, advisory, transfer and insurance methods.
Many people outside of Thailand are surprised to learn that Thailand is now a hub for fintech and, as a result, all major financial software development company. Without attracting too much global attention, Thailand has spawned a wide range of inventive fintechs, be they localized versions of international ideas tailored to the particular local environment, or original solutions that foreigners will have a hard time understanding.
Thailand has become a Fintech hotspot
Thailand’s Fintech sector comprises companies dealing with digital payments, blockchain, and distributed ledger technologies (DLT). Fintechs include financial comparison tools, insurance technology, retail investment platforms, peer-to-peer loans (P2P), personal finance solutions, business tools, crowdfunding services, financial education portals, remittance payment services, and infrastructure providers. financial, to name a few. .
According to Recent statistics, Thailand has become a Fintech hotspot, with registered capital expanding at a CAGR of 55%. To develop operations in the Fintech and banking sectors, challenging digital banks in Southeast Asia have used a variety of business strategies. According to a new report from the Singapore Fintech Association, have grown three times (more than 300%) in the last five years (SFA).
With investment activity picking up in Thailand and a more progressive position in blockchain and cryptocurrencies, it will only be a matter of time until the Thai seed sector flourishes and becomes a serious competitor. The Bank of Thailand, the country’s central bank, has launched a number of measures in recent years to foster FinTech growth in the country, including the Bangkok FinTech Fair 2018, the implementation of the National Electronic Payment Master Plan, the launch of a sandbox and more.
Despite the fact that Thailand’s Fintech sector is still in its infancy, the government has been taking steps to encourage the establishment of contemporary financial services, which have become critical in the wake of the COVID-19 epidemic. The Bank of Thailand and the UK government signed a Memorandum of understanding focused on fintech in August 2020, which aims to drive sustainable economic growth. According to studies, SMEs in Thailand and other Southeast Asian countries still face a financing gap of $ 300 billion, which is critical because they account for 42 percent of the region’s total GDP.
Thailand’s Fintech sector has seen substantial growth in recent years. There are now more than 100 Fintech firms in the country, and the number is expanding as new perspectives emerge for each financial software development company. Here are some of the market leaders.
Kredivo is the result of the brilliant minds behind FinAccel, the Indonesian firm formerly known for Lime, a budget management tool. It is a credit provider that offers online loans with an interest-free loan for one month and monthly repayment options of 2.95%. It was created in 2015 and has a total funding of $ 30 million.
This is a payment management tool that allows users to send money to third-party bank accounts, save consumer card data, and refund money to customers. It is a payment management system for SMEs that simplifies the transfer of funds to various bank accounts.
Fintech encompasses a number of related branches, including insurtech. Claim Di is a smartphone application that allows you to purchase vehicle insurance. If the other driver also has a Claim Di subscription, an app subscriber would wave their phone near the other driver’s phone in the event of a car accident. The insurance companies of both drivers will issue a claim report. Drivers are not required to wait for surveyors to arrive at the crash site.
An automated advisory company providing investment information and advice was founded in 2015 and has raised a total of $ 3.2 million in funding. The organization was formed by some of Thailand’s most renowned financial gurus with the intention of providing information on investment planning and personal finance. Jessada Sookdhis, CEO of Finnomena, is the President of the Thai Fintech Association and an experienced fund manager with experience in UOB Asset Management, Krungsri Asset Management and others. Finnomena has so far raised $ 3.2 million in funding.
Masii allows clients to evaluate various vehicle and credit card insurance options to find out which one is best for them. This site has been identified as the best place for expats living in Thailand to compare health, car and credit card costs and coverage.
It was created in 2015 and has a total financing of US $ 1.1 million. T2P Co. Ltd. developed Deep Pocket, which is a mobile wallet service provider application. Android and iOS users can enter their credit or debit card information in the app and then use their phones to pay for products and services.
It is a cloud-based accounting tool that was created primarily to help SMEs manage their expenses. The user creates an account and uploads photos of receipts and invoices. Plus, the app creates and delivers professional-looking invoices. You can work with partners and track payments. Since its inception in 2014, it has received various honors and raised a total of $ 1.15 million in investment.
It was created in 2013 and has a total financing of US $ 70,000. Piggipo was designed for people who have a lot of credit cards. It is a credit card management program that prevents credit card abuse by recording expenses and payment due dates for each credit card entered. Generate infographics on user spending habits, track and save transaction details.
Thailand has pioneered the adoption of new technologies to boost its competitiveness. Thai financial institutions have taken a proactive approach to improving existing systems, adding stricter consumer protections, and building new systems. Regulators have moved quickly to fill the legal and regulatory gaps created by changes in local and global fintech industry operations.
Thailand’s main growth strategy is to attract investment in high-value-added businesses such as blockchain, artificial intelligence (AI), big data, robotics, cloud computing, and machine learning to develop and expand the country’s high-value capacity. aggregate industries.
Contact a professional financial software development company which can help you build a stronger and larger customer base and tap into global markets.
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