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.
Thai SMEs and startup companies to raise funds via capital markets
The Stock Exchange of Thailand (SET) will be urging SMEs and startup companies to raise funds via capital markets, and improve regulations to provide better ease of doing businesses.
BANGKOK (NNT) – The Stock Exchange of Thailand (SET) is pursuing its initiative to encourage SMEs and startup businesses to raise funds via the capital market, expecting general investment this year to be challenged by external factors, urging investors to properly manage the risks.(more…)
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.
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
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…)
What is Forex Trading and how it works?
Why do the investors choose Forex trading? Forex trading is traded by currency pairs. This is because all currency trading...
APRIL International Care opens up TeleHEALTH service to address Coronavirus worries
The TeleHEALTH service means policyholders do not have to leave their home or workplace to “see” a doctor, with a...
Thailand rolls out New Investment Measures to Boost Economy
The new definition of qualified applicants now includes businesses that have not previously received BOI promotion privileges as long as...
Subscribe via Email
- Banking1 week ago
Thailand’s Banking Outlook changed to negative (Moody’s)
- Economics1 week ago
BOI Announces Measures to Facilitate Investors Affected by COVID-19 Situation
- Economics1 week ago
Covid-19 to cut Asian growth to 2.2%, Thailand -4.8% (ADB)
- Real Estate1 week ago
Crisis-proof assets : Diversification and Real Estate