Thailand has certainly evolved into an interesting landscape for fintech as of late, thanks to a big push by the government in developing its fintech industry as part of the country’s broader Smart Cities and Thailand 4.0 initiative.
Turn Thailand into a fintech hub
The goal is to turn Thailand into a fintech hub in its own right. Thailand is particularly susceptible to fintech thanks to a gap in connectivity between urban and rural areas, where fintechs can jump in to disrupt existing processes and bring much-needed financial services to many citizens.
Throughout the relatively scant years of fintech as an ecosystem in Thailand, quite a few startups have risen to the top in capturing their market segment.
The following list represents the cream of the crop. Do note that the list compiled was based on disclosed funding rounds on websites like Crunchbase. Actual valuations may vary.
Total Funding US$45M
Omise develops and operates a solution that accepts both online and offline payments.
Users are not requires to make minimum monthly commitments, offers lower transaction fees, and even offers payment acceptance via social media networks.
Omise also raised US$25 million from an ICO to develop Omise Go, a decentralised payment platform that they hope will disrupt the current banking system.
Total funding: US$18M
2C2P is a payments solution provider that mainly helps e-commerce merchants accept payments online. 2C2P was founded in 2003 by Aung Kyaw Moe, an entrepreneur from Myanmar who is based in Singapore and Thailand. 2C2P positions itself as a payments provider tailored for the local needs of Asians.
3. Rabbit Internet (Rabbit Finance)
Total funding: US$9.1M
Industry: Insurance, Comparison Portal
Rabbit Internet is the company behind Rabbit Finance, one of Thailand’s premier comparison portals for insurance and other financial products. Rabbit Finance was previously Ask Hanuman.
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