Thailand, Australia to advance fintech
Considering the substantial growth experienced by the Australian fintech industry, which expanded from USD 164 million in 2015 to nearly USD 30 billion in 2023, as well as the growth opportunities of Thailand and Southeast Asia, the MoU was signed to promote fintech advancement between the two regions. Additionally, the move aligns with the ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’ introduced by Australia in September 2023, which underlined four priorities, including solidifying markets, sectors, and emerging trends’ understanding, addressing barriers to trade and investment, ensuring collaborative capabilities, and assisting investors in identifying, developing, and finalising prospective deals in the region. Also, the strategy recognised the digital economy as a key industry to increase two-way trade and investment with Thailand.
Australia and Thailand’s fintech development strategy
Furthermore, as Thailand emerges as a hub for fintech innovation, the partnership is set to increase mutual benefits and foster cross-border synergies. The Thai Fintech Association aims to work with Fintech Australia to utilise their relevant capabilities and improve results for their fintech ecosystems. Since 2019, Thailand’s fintech market value has been increasing, with digital banking services constantly evolving. To advance the industry, the government introduced several supportive measures, including establishing digital monetary systems via the involvement of commercial banks and the Bank of Thailand and developing consumer-focused online payment infrastructures. In addition, non-bank organisations, such as retailers, ride-hailing companies, and telecommunication firms participate in this movement.
