Fintech in Thailand - statistics & facts
Thailand’s fintech market value has been on the rise since 2019. Supported by the public sector, digital banking services in the country are continuously evolving. To accelerate economic recovery through digitalization and innovation, the government laid out the Thailand 4.0 scheme. Digital monetary systems have been established through the involvement of commercial banks and the Bank of Thailand (BOT), the country’s central bank. Online payment infrastructures and systems were developed with the consumer in mind. This ranges from customer-to-customer transfers to cross-border remittances and cryptocurrency usage. For instance, the PromptPay cashless real-time payment transfer system launched by the BOT pioneered and opened doors for e-wallet usage in the country. Non-bank organizations such as retailers, ride-hailing services, and telecommunications also participate in this revolution. This includes, but is not limited to, ShoppeePay, GrabPay, TrueMoney, and other Buy Now Pay Later (BNPL) services.
