Connect with us

Startups

Thailand’s Fintech growth among the fastest in ASEAN

Thailand is regarded as an ASEAN country with rapid Fintech development, with 140 Fintech companies registered, while about half of them are new companies.

National News Bureau of Thailand

Published

on

BANGKOK, (NNT) – The growth of Financial Technology in Thailand is said to be among the fastest in ASEAN. The World Bank meanwhile, has suggested the government reduce inequalities in access to capital to enable variations in Fintech development to emerge.

The World Bank’s senior country economist for Thailand, Kiatipong Ariyapruchya has revealed the World Bank’s analysis of financial technology or Fintech, saying that Thailand is regarded as an ASEAN country with rapid Fintech development, with 140 Fintech companies registered, while about half of them are new companies.

About 43 percent of Fintech companies in Thailand are focused on the development of digital transaction services, however most of these companies are under the supervision of large banks which also develop their own digital transactions system or purchase one from another company, which discourages independent development by Fintech companies, and inhibits development of their full potential.

The government has however, created legal frameworks and establishd organizations to support the expansion and diversity of digital financial service providers with clear development guidelines. The Thai public has however limited capacity to access capital based on household income levels; this is despite the high volume of digital transaction usage compared to the rest of the world.

The government needs to address this unequal access to capital, which would help the country develop a modern, inclusive, and secure economic system.

The government should promote the competitiveness of Fintech connectivity, cooperation between traditional banks and Fintech companies, and create closer cooperation between regulating agencies to prevent redundancies, which might obstruct the country’s Fintech development.

Source link

Continue Reading
Advertisement
Comments

China

China’s new tech board is a rising STAR

On 9 August 2019, the 27 STAR-listed companies achieved a total market cap of 660 billion RMB (approximately US$93 billion) and together raised over 37 billion RMB (US$5.2 billion) in net funding from the initial public offering (IPO) after fees and expenses.

East Asia Forum

Published

on

China’s new tech board is a rising STAR 6 September 2019 On 13 June 2019, as part of its capital market reform, China officially launched the Science and Technology Innovation Board (STAR).

(more…)

Continue Reading

Startups

Regulating Asia’s Fintech future

In Southeast Asia, 60 per cent of the population does not have a bank account and the credit card penetration rates in Indonesia, the Philippines, Vietnam and other countries are less than 2 per cent

East Asia Forum

Published

on

Asia has seen a rise in demand for digital connectivity in recent years. Leapfrogging development in China with mobile payments is significantly contributing to increasing financial inclusion.

(more…)

Continue Reading

Asean

Saigon Innovation Hub joins ASEAN startup programme

The Saigon Innovation Hub (SIHUB) has been appointed by the government of Malaysia as the only representative of Vietnam to join the ASEAN startup programme.

Avatar

Published

on

The Saigon Innovation Hub (SIHUB) has been appointed by the government of Malaysia as the only representative of Vietnam to join the ASEAN startup programme.

(more…)

Continue Reading

Most Read

Upcoming Events

Tue 10

21st World conference pharmaceutical chemistry and drug design

December 9 @ 8:00 am - December 10 @ 5:00 pm BMT
DUBAI,UAE
Dubai
Jan 23

12th World Congress on Alzheimers Disease & Dementia

January 23, 2020 @ 9:00 am - January 24, 2020 @ 5:00 pm BMT
Feb 12

Future Energy Asia

February 12, 2020 - February 14, 2020
BITEC
Bangkok
Feb 19

13th World Congress on Nursing and Health Care

February 19, 2020 @ 9:00 am - February 20, 2020 @ 5:00 pm BMT
Phuket
Phuket city
Mar 11

Food science conferences

March 11, 2020 @ 8:00 am - March 12, 2020 @ 5:00 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 11,908 other subscribers

Trending