Seven Peaks Insights

Growth Prospects: FinTech in Thailand’s Business Ecosystem

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FinTech in Thailand has matured significantly and is no longer a novel concept, boasting a substantial AUM of 28.91 billion USD in 2023.  This continual growth ensures expansive, convenient, and secure digital financial services that cater to the needs of Thai citizens. Let's take a look into the current state of Thailand's FinTech industry.

FinTech Ecosystem in Thailand


Thai FinTech Ecosystem from Thailand FinTech Association

The Thai FinTech Ecosystem comprises a diverse array of agencies and organizations, with numerous players across various sectors in both public and private domains, reflecting the evolutionary nature of the financial services industry. 

Below is the (non-exhaustive) growing list of agencies and organizations in each sector of the ecosystem:



State regulatory agency

Government-sponsored agency


Investment advisor

Venture capital 

Mobile banking

Payment gateway/e-wallet

Digital asset 

P2P lending/crowdfunding

Innovation lab

Venture builder

Public relations media

Business tools provider



Growth Opportunities

  • Thailand boasts widespread access to financial services.
  • The Inthanon Project, a Bank of Thailand initiative for CBDC development, promises enhanced convenience in digital currency usage.
  • Financial institutions are endorsing and developing their proprietary FinTech solutions to compete for market prominence.
  • New regulations permit non-bank entities to offer a broader spectrum of financial services, including virtual banks.
  • The emerging generation aspires to establish FinTech startups, addressing societal issues and seeking entrepreneurial independence.


  • The technological infrastructure requires improvements, given the limited availability of stable high-speed internet signals.
  • Thailand faces high levels of household debt.
  • Consumers’ understanding of finance and digital technology is limited.
  • A shortage of talent with technology and software engineering skills persists.
  • Cybersecurity within each organization requires close supervision.

Thai FinTech vs Overseas

Upon closer examination, Thailand exhibits a wealth of modern financial technologies, such as prevalent mobile banking and the widespread use of QR code payments via PromptPay. These technologies are well-established across the nation and operate seamlessly.

Moreover, Thai banks support QR codes in neighboring countries through cross-border payment linkages. In terms of the user base for online financial services, Thailand ranks in the middle when compared with other countries. However, it ranks higher than the worldwide average.


2023 Global Statistics: Use of Online Financial Services from Datareportal

According to data from Exim Bank in 2022, Thailand had 268 FinTech companies. In comparison to other ASEAN countries, Thailand falls behind, with fewer FinTech companies than almost all its neighbors. The Philippines has a similar number of companies, and Vietnam has 188, while Singapore boasts 1,350 companies, Indonesia has 785, and Malaysia has 549. 

Considering multiple factors like market accessibility, foreign investment trends, and the support received from the Vietnamese government, it's likely that the number of Vietnamese FinTech companies will soon surpass that of Thailand. In contrast, the United States has 11,651 FinTech companies as of 2023, highlighting the considerable gap.


Overview of Fintech Startups in Thailand from Fintechnews

When FinTech Moves into History and TechFin Seeks to Take Its Place

The concept of TechFin, as articulated by its creator Jack Ma, aims to redefine financial systems using technology. Ma emphasized this distinction in his speech about Alipay at the China Conference in 2016, stating:

“FinTech takes the original financial system and improves its technology, TechFin is to rebuild the system with technology.”

“What we want to do is to solve the problem of a lack of inclusiveness.”

In essence, FinTech seeks to evolve the technology within the conventional financial system. By contrast, TechFin involves a complete overhaul of the financial system using innovative technologies like AI, blockchain, API, contactless payments, digital wallets, and more, all aimed at addressing challenges and enhancing services.

Furthermore, the distinction between FinTech and TechFin lies in their origins: FinTech initially centered on financial business and later incorporated technology, whereas TechFin originated from other industries and subsequently integrated technology into financial services.

TechFin service providers, typically major tech companies like Google with Google Pay, Apple with Apple Pay, or LINE with LINE Pay, introduce novel technological solutions that become new financial services in the market. This disrupts FinTech, compelling it to adapt to maintain a competitive edge by offering diverse modern financial services that cater to evolving consumer needs influenced by TechFin's market entry.

Consult Seven Peaks to Ensure the Success of Your FinTech Solution

Creating a product that caters to the financial needs of the masses offers a promising path to success. With a profound understanding of this technology, we are well-positioned and possess the expertise to offer our assistance.

Consult with us today to explore the possibilities for you and your business.