Digital lending in Thailand - statistics & facts
Online lending is nothing new among Thai consumers. Nowadays, borrowing money online can be as simple as downloading an application. Due to its convenience and ease of access, digital lending has come to prominence over the last decades alongside the rise of Fintech and digital transformation in Thailand. Seeing the importance of hi-tech integration in financial services, the government keeps pace with the development of regulations and promotes products that help leverage it. Notably, in recent years, purchasing goods and services through QR code scans and/or with e-wallets has become a common practice among the public. With Fintech in place, multiple online platforms, both banks and non-banks, offer loans to serve individuals and businesses with limited access to traditional banking services. The popularity of these platforms led to increased online traffic and usage. Among consumer loans in Thailand, personal loans accounted for the second-highest growth rate. However, all that glitters is not gold. Many Thais have fallen victim to digital lending scams, especially during the COVID-19 pandemic.
