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FinTech Landscape in Thailand: Overview and Key Developments

FinTech Ecosystem Growth

Thailand’s FinTech ecosystem is thriving with 96 registered startups. These startups operate in various areas, including:

• Crowdfunding
• Insurtech
• Remittance payment services

Digital Asset Laws and Regulations

In Thailand, digital asset businesses are subject to specific laws and regulations.

Permitted Activities

• Commercial banks can participate in the Bank of Thailand’s (BOT) regulatory sandbox program to develop financial innovations.
• Institutional investors, ultra-high-net-worth investors, or high-net-worth investors are allowed to engage in digital asset businesses, including:
  • Exchange
  • Broker
  • Dealer

Prohibited Activities

• ICO issuers and portals are not permitted to operate in Thailand.

Cross-Border Payments

Thailand is actively engaged in cross-border payment initiatives with neighboring countries.

International Partnerships

• The Monetary Authority of Singapore (MAS) and the BOT launched a linkage between Singapore’s PayNow and Thailand’s PromptPay real-time retail payment systems.
• Bank Negara Malaysia extended the cross-border link to include Malaysia’s DuitNow.
• The BOT and Bank Indonesia (BI) launched a piloting phase for cross-border QR payment linkage between Indonesia and Thailand.

Other Key Developments

In addition to digital asset laws and cross-border payments, FinTech companies in Thailand must comply with:

• Anti-money laundering laws
• Laws countering the financing of terrorism

Thailand is also collaborating internationally on smart city tech development. Moreover, there has been a boom in Fintech investments, leading to increased competition in digital banking services.