Given the technological advancement in the financial sector, these three businesses are expected to be trending in Thailand in 2020;
- Mobile Wallet
Between 2014 and 2018, there has been a significant increase of 116% in online financial transactions particularly through mobile devices. And a continuous growth in mobile banking with e-wallet being the most-used platform has been forecasted by the Grab Financial Group. In fact, e-wallets are already a vital part of the national payment infrastructure of Thailand and apparently a popular alternative to cash for daily spending. Additionally, users get privileges like special discounts and rewards, working as a motivation for using cashless payments.
To this, the country head of Grab Financial Group said that the mobile wallet is likely to cover both domestic and international spending. More banks are expected to collaborate on connecting payment infrastructure to enable faster, secure cross-border, and more convenient transactions, whereas partnerships between technology and bank providers play a significant role in propelling e-wallet service in Thailand.
- Digital Nano-finance
Being one of the most anticipated financial services, 2020 is likely to see digital lending execution considering the technological readiness and the ever supportive regulatory environment in Thailand. Those with more comprehensive credit scoring models will stand out in the competitive market. Likewise, digital debt collection is going to be another emerging trend. Here, borrowers will be able to customize their installment repayment method.
- Financial Solutions to MSME’s
With almost 93% of small as well as medium-sized businesses in Thailand, comprehensive financial services are likely to be in great demand. Also, it can contribute to the development of the national database with an in-depth perspective of the micro-entrepreneurs.
Fintech companies are expected to have both the capacity and the expertise to cater to the needs of the entrepreneur segment as these providers have insights of the digital customers and agile business operations, enabling them to provide optimal financial solutions and value-added services like sales tracking, marketing campaigns, and payment systems.
Given the above, in short, 2020 is going to be a dynamic year for online finance businesses.
