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Fintech in Thailand: X Leading Startups and Apps

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Fintech in Thailand: X Leading Startups and Apps

Fintech in Thailand is already upending the conventional responsibilities played by banks and financial services firms for hundreds of years. These traditional financial institutions have been caught off guard and are currently attempting to create their own applications in order to catch up to market leaders.

Fintech is quickly becoming a commonplace feature of the global financial system. Thai and ASEAN startups have been eager to establish their own fintech business models based on new methods of lending, advising, transfers, and insurance.

Many people outside of Thailand are surprised to learn that Thailand is now a hub for fintech and, as a result, for every major financial software development company. Without attracting too much worldwide attention, Thailand has generated a wide range of inventive fintechs, whether they are localized versions of international ideas adapted for the particular local setting, or original solutions that foreigners will struggle to comprehend.

Thailand has emerged as a Fintech hotspot

Thailand’s Fintech sector comprises companies that deal with digital payments, blockchain, and distributed ledger technologies (DLT). Fintechs include financial comparison tools, insurance technology, retail investment platforms, peer-to-peer (P2P) lending, personal finance solutions, business tools, crowdfunding services, financial education portals, remittance payment services, and financial infrastructure providers, to name a few.

According to recent statistics, Thailand has emerged as a Fintech hotspot, with equity capital expanding at a CAGR of 55%. In order to develop operations in the Fintech and banking sectors, digital challenger banks in Southeast Asia have used a variety of business strategies. According to a new report from the Singapore Fintech Association, they’ve grown thrice (more than 300%) in the last five years (SFA).

With investment activity picking up in Thailand and a more progressive position on blockchain and cryptocurrencies, it’ll only be a matter of time until the seedling Thai sector blossoms into a serious contender. The Bank of Thailand, the country’s central bank, has launched a number of measures in recent years to encourage FinTech growth in the country, including the Bangkok FinTech Fair 2018, the implementation of the National e-Payment Master Plan, the launch of a regulatory sandbox, and more.

Startups that hold a substantial share in the market

Despite the fact that Thailand’s Fintech sector is still in its infancy, the government has been launching 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 Fintech-focused MoU in August 2020, which is targeted at boosting sustainable economic growth. According to studies, SMEs in Thailand and other Southeast Asian countries still face a $300 billion funding shortfall, which is critical because they account for 42 percent of the region’s overall GDP.

Thailand’s Fintech sector has seen substantial growth in recent years. There are now 100+ Fintech firms in the country, and the number is expanding as new prospects for every financial software development company are emerging. Here are some of the market leaders.

  • Kredivo

Kredivo is the result of the brilliant minds behind FinAccel, the Indonesian firm previously known for Lime, a budget management tool. It is a credit provider that provides online loans with a one-month interest-free loan and 2.95% monthly payback options. It was created in 2015 and has a total financing of $30 million.

  • Omise

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’s a payment management system for SMEs that makes transferring funds to various bank accounts simple.

  • Claim Di

Fintech encompasses a number of related arms, including insurtech. Claim Di is a smartphone app that allows you to purchase vehicle insurance. If the other motorist is also a Claim Di subscription, a subscriber to the app would shake their phone near the other driver’s phone in the event of a car accident. Both drivers’ insurance firms will then issue a claim report. The drivers are not required to wait for surveyors to arrive at the accident scene.

  • Finnomena

A robo-advisory firm that provides investment information and advice was founded in 2015 and has raised a total of $3.2 million in funding. The organisation was formed by some of Thailand’s most renowned financial gurus with the intention of delivering investment and personal finance planning information. Jessada Sookdhis, the CEO of Finnomena, is the president of the Thai Fintech Association and a seasoned fund manager with experience at UOB Asset Management, Krungsri Asset Management, and others. Finnomena has so far raised $3.2 million in funding.

  • Masii

Masii allows customers to evaluate several vehicle insurance and credit card options in order to discover the best one 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.

  • Deep Pocket

It was created in 2015 and has a total funding of US$1.1 million. T2P Co. Ltd. developed Deep Pocket, which is a mobile wallet service provider application. Users of both Android and iOS may enter their credit or debit card information into the app, and then use their phones to pay for products and services.

  • FlowAccount

It is a cloud-based accounting tool that was created primarily to help SMEs manage their spending. The user creates an account and uploads photographs of receipts and invoices. In addition, the application creates and delivers professional-looking bills. It can work with partners and keep track of payments. Since its inception in 2014, it has received various honours and raised a total of $1.15 million in investment.

  • Piggipo

It was created in 2013 and has a total funding of US$70,000. Piggipo was designed for people who have a lot of credit cards. It’s a credit card management programme that avoids abuse of credit cards by recording expenditure and payment due dates for each credit card entered into it. It generates infographics about the users’ spending habits and tracks and saves transaction details.

Summarizing

Thailand has been a pioneer in adopting new technology in order to boost its competitiveness. Thai financial institutions have taken a proactive approach to improving existing systems, adding more stringent consumer protections, and building new systems. Regulators have moved quickly to fill legal and regulatory loopholes created by changes in local and worldwide fintech industry operations.

Thailand’s major 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 in order to develop and expand the country’s capacity for high-value-added industries.

Make contact with a professional financial software development company that can assist you in building a stronger and larger customer base and tapping global marketplaces.

Author Bio:

Jason Camaya loves carrying his camera wherever he goes. When he doesn’t click pictures, Jason loves to write, play video games, and procrastinate. He has been writing for https://appinventiv.com/ for quite some time now, and

as talented as he gets, he is giving tough competition to his fellow writers. He has been featured on many websites and blogs.

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