5 Fintech Solutions Shaping The Future Of Finance In Thailand

In this blog post, we will explore why fin-tech solutions are essential for the future of finance in Thailand, and introduce you to the top 5 fintech solutions that are shaping the financial landscape in the country. 

Why fintech solutions are essential for the future of finance in Thailand?

Thailand is one of the fastest-growing economies in Southeast Asia, with a population of over 69 million people and a GDP of $495 billion in 2022. However, the country still faces some challenges in the financial sector, such as low financial inclusion, high cash dependency, and limited access to credit and insurance.

Fintech solutions can help address these challenges and unlock the potential of the financial sector in Thailand. Here are some of the benefits of financial technology solutions for the future of finance in Thailand:

Meet the growing demand for digital and mobile payments

Thailand has a high mobile penetration rate of 133%, meaning that there are more mobile subscriptions than people in the country. Moreover, the COVID-19 pandemic has accelerated the adoption of digital and mobile payments, as people prefer contactless and convenient ways to pay and receive money.

Fintech solutions can offer various options for digital and mobile payments, such as e-wallets, QR codes, mobile banking, and peer-to-peer transfers. These solutions can reduce the reliance on cash, increase the speed and security of transactions, and enhance the customer experience.

Watch more: 10 Best Fintech Apps You Must Try in 2024

Enhance financial inclusion and literacy

According to a survey by FinScope, only 74% of adults in Thailand have a bank account, and only 23% have access to formal credit. This means that millions of people are excluded from the formal financial system and rely on informal or alternative sources of finance, such as moneylenders, pawnshops, or friends and family.

Fintech solutions can help bridge the gap between the banked and the unbanked, and provide more affordable and accessible financial services to the underserved segments of the population. For example, new tech for financial services can use alternative data and algorithms to assess the creditworthiness of borrowers, and offer microloans, savings, and insurance products to low-income and rural customers. Fin-tech solutions can also leverage digital platforms and gamification to educate and empower customers on financial literacy and management.

Support the development of the digital economy and society

Thailand has a vision to become a digital hub in Southeast Asia, and has launched several initiatives to promote the digital transformation of the economy and society. These include the Thailand 4.0 strategy, the National e-Payment Master Plan, the Digital Government Plan, and the Smart City Plan.

Fintech solutions can play a key role in supporting the development of the digital economy and society, by enabling more efficient and transparent financial transactions, fostering innovation and entrepreneurship, and creating social impact. For example, financial technology solutions can facilitate cross-border trade and remittances, support the growth of eCommerce and online businesses, and address social and environmental issues such as poverty, inequality, and climate change.

The 5 fintech solutions that are shaping the future of finance in Thailand

Thailand has a vibrant and diverse fintech services ecosystem, with over 100 fintech startups and companies operating in various segments, such as payments, lending, wealth management, insurance, blockchain, and more. Among these, we have selected the top 5 fintech solutions that are shaping the future of finance in Thailand, based on their innovation, impact, and growth potential.

SmartOSC

SmartOSC is a leading provider of digital banking solutions for customers of the future. We help banks and financial institutions to stay ahead of the curve by offering innovative, cloud-based, and data-driven solutions that enhance customer experience, security, and product innovation.

We have been working with leading financial institutions since 2006, delivering highly adaptable and intuitive solutions that meet the changing needs of their clients. We create unexpected new ecosystems that serve a broad suite of customer needs, while competing with big tech that have deep pockets, cutting-edge technologies, and loyal audiences.

Our solutions are trusted by industry’s top names, such as Eway, Paypal, HTATouch, MSB, Sacombank, Nam A Bank, VPBank, OSB, and CIMB. We have also been recognized as a gold winner for IT Solutions for Financial Services at the 18th annual Globee Information Technology Awards 2023.

Our offerings include:

• Digital Onboarding: We help you remove online account-opening roadblocks so that you can get new customers up and running quickly.
• Digital Banking: We design best-in-class functions to help you integrate digital channel adoptions, be available at every touchpoint, invite new customers, and boost retention.
• Digital Lending: We enable intuitive, fast, and risk-free funding opportunities for personal loans, auto loans, SME loans, and more.
• Core Banking: We give you complete control to build and run any financial product or payment scheme you want with maximum flexibility and power.

With SmartOSC, you can transform your banking capabilities, assets, and channels to achieve your business goals faster and easier. Contact us today to find out how we can help you create digital banking solutions for customers of the future.

Opn

Opn is a company that provides online payment and digital transformation solutions. It was founded in 2013 and has a range of products, such as Opn Payments, a comprehensive online payment platform; Opn Tag, a contactless digital interaction tool; and Opn Wallet, a blockchain-based digital wallet. It also offers consulting services through Opn Pro.

The company began as Omise in Thailand in 2015 and then expanded to other countries, such as Japan, Singapore, Malaysia, Indonesia, the Philippines, and Vietnam. It claims that more than 22,000 businesses and organizations worldwide use its fintech solutions.

In May 2022, Opn secured US$120 million in a Series C+ round, bringing its total funding to over US$222 million. It plans to use the funds to further develop its core payment solutions and to enter new markets in and beyond Southeast Asia and Japan.

In February 2023, Opn opened a new development center in Hanoi, Vietnam.

Ascend Money

Ascend Money is a Thai fintech app development company that runs TrueMoney, a platform offering various digital financial products and services. It is part of Ascend Group, a conglomerate of digital businesses in eCommerce, data and cloud. TrueMoney has over 50 million users and 88,000 agents in Southeast Asia. In Thailand, it grew from 2.5 million to 14 million monthly active users in five years, and increased its revenue and transactions by 25% and 60% respectively in early 2022. In 2021, Ascend Money raised US$150 million at a US$1.5 billion valuation to expand its TrueMoney Wallet app and other digital financial services across the region. It launched its e-wallet in Malaysia in 2023.

Sunday

Sunday is an insurtech company that started in 2017. It uses AI and digital platforms to provide customized insurance solutions for individuals and businesses. It has three main brands: Sunday Ins, a life and non-life brokerage; Sunday Care, a healthcare and electronics protection provider; and Sunday Technologies, a data science and technology provider. Sunday has over 1 million policies sold, 100,000+ health members, and 700+ local enterprises. It has raised US$75 million in funding, with US$45 million from its Series B round in September 2021. It plans to grow its presence in Indonesia and reach more customers through insurance agents and SMEs.

Roojai

Roojai is a startup that provides online insurance products that are easy, affordable and reliable. It has various types of insurance, such as car, bike, health and travel. It works with top insurers in Thailand and Southeast Asia, such as AXA, KPI and FWD.

Roojai entered Indonesia in 2022 after its success in Thailand, where it increased its premium income by 25% and its customers by 40%. It has raised US$69 million, including US$42 million in March 2023. It plans to grow more in Thailand and Indonesia, expand to the Philippines, and look for acquisitions.

Watch more: Top 10 Fintech App Development Services in 2024

Conclusion

Fintech solutions are transforming the financial sector in Thailand, and creating new opportunities for growth and development in the digital economy and society. In this blog post, we have explored why financial technology solutions are essential for the future of finance in Thailand, and introduced you to the top 5 financial innovation solutions that are shaping the financial landscape in the country.

If you are interested in learning more about fintech solutions, or want to leverage the power of fin-tech solutions for your online business, please contact us at SmartOSC. We are a premium, full-service eCommerce agency that provides end-to-end solutions for online businesses, including financial technology solutions such as digital wallets, cards, and payment gateways. We look forward to hearing from you soon.