How Thailand could become Southeast Asia’s next Fintech Hub

How Thailand could become Southeast Asia’s next Fintech Hub

Increased adoption of blockchain technologies, Big Data and artificial intelligence would enable Thai fintechs to enhance the products and services available to existing customers but also to serve the country’s under- and unbanked consumers as well.

Omise, a payment management platform founded by Jun Hasegawa and Ezra Don Harinsut, is Thai fintech’s greatest success story to date. In 2016, it raised a $17.5 million Series B round and currently operates in Thailand, Japan, Indonesia and Singapore. It’s an aspirational story that is indicative of the possibilities for other fintech startups in Thailand, given the right conditions.

“Fintech startups have the potential [to] stimulate innovation across not just the Thai financial services industry, but across other adjacent industries such as commerce, healthcare, and even education,” said Paul Ark, managing director at VC firm Digital Ventures and a Seedstars ambassador. Ark said that increased adoption of blockchain technologies, Big Data and artificial intelligence would enable Thai fintechs not only to enhance the products and services available to existing customers, but to serve the country’s under- and unbanked consumers as well.

Akaradej Disyadej, managing director of the Thai Fintech Association, said he believes the Thai fintech sector is strong, and that it’s capable of competing with its ASEAN neighbors and other markets.

 

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Source: How Thailand Could Become Southeast Asia’s Next Fintech Hub – Forbes

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