We all are now on the verge of the next normal phase of the COVID-19 pandemic recovery process. A great transformation has been perceived by the most stable and strong economies of the world. You should know that the same is experienced in all perspectives of business, growth, and profit for businesses in Thailand.
Obviously, this transformation is negative in nature and has adversely affected the business goals. Moreover, it had distracted various prominent business houses from their major goals and visions.
But amidst all these adversities, the Fintech industry witnessed a great volume of growth in terms of transactions and volume of customers. The COVID-19 outbreak completely restricted the use of paper currency. Therefore, the situation has pushed users to adopt the digital interface.
The boost was even greater in Asia, whereby, GCash which is a leading mobile wallet company in the Philippines witnessed an annual increase of 700% in transaction volume.
Scope of Fintech Business in Thailand
The free-and-fair open trade policy of Thailand is inviting foreign investors with brilliant Fintech ideas. Also, Thailand is the gateway to ASEAN nations which will make it simple and rewarding to invest in the region. Let us go through a few more shining figures of the Fintech Industry –
- In 2019, digital platforms generated revenue worth $3.8 trillion globally. It is 4.4% of the global GDP;
- Asia accounted for near about 50% of the revenue generated with the United States contributing 22% of it and 11% by the Euro region.
The above two points are enough to prove that the Asian market is a very promising region for Fintech ventures. Secondly, Thailand is one of the leading nations accepting and promoting foreign direct investment (FDI). Now let us guide you through the process of starting a Fintech business in Thailand.
How Government is Promoting Fintech Business in Thailand?
The Royal Thai Government is concerned about the unequal access of citizens to the capital. The government is also worried about the prevention of the establishment of a modern, inclusive and secure economic system.
For this reason, the Royal Thai Government has promoted significant competitiveness of Fintech connectivity. It aims to connect all types of financial institutions in Thailand with Fintech organizations.
Government Boards and Officials are working to help establish much closer cooperation between the regulating agencies to prevent absolute redundancies. All these activities are sufficient to impede Thailand’s Fintech growth by significant margins.
How to Invest in Fintech Business in Thailand?
To invest in Fintech ventures in Thailand, you must get permission of doing business in Thailand. For that, you must apply for a Business Visa from the concerned Thai authorities.
Henceforth, on getting the Visa approval, you must reach Thailand and apply for the work permit which will enable you to register a company and start your business. The entire process may take up to 30-45 days.
Encouraging Statistics
Asia has perceived proliferating growth in the Fintech business. However, you may wonder that out of 48 nations on the continent, Thailand is the most preferred one. The following are the reasons –
- Thailand ranks in the first 10 most performant countries in Asia.
- Digital banking has increased by 19% in Thailand in the current fiscal year.
- Bangkok, the capital of Thailand is one of the most sought hubs attracting FDI from across the world.
- Thailand is going to be the third Asian company to implement the Fintech Act.
- The Royal Thai government has introduced specialized Fintech regulations which can help investors in planning and implementing their Fintech ideas more smoothly and conveniently.
- Siam Commercial Bank Public Company Limited received 200,000 fresh e-banking applications in March 2020. Henceforth, there is a steep rise in the graph.
Your Take!
The above points are enough to prove that the Royal Thai Government is open to Fintech technology proposals. Secondly, digital platforms supporting Fintech are attracting Thai people greatly.
A concerned government and eager citizens to embrace the Fintech platforms needs no more explanation to force you to start your Fintech business in Thailand.
However, for greater information and details on the same, mail your query to [email protected]. It is worth mentioning that we are operating in the domain for the last 20 years with a 99% client retention rate.
