Fintech in Thailand - statistics & facts

Thailand’s fintech market value has been on the rise since 2019. Supported by the public sector, digital banking services in the country are continuously evolving. To accelerate economic recovery through digitalization and innovation, the government laid out the Thailand 4.0 scheme. Digital monetary systems have been established through the involvement of commercial banks and the Bank of Thailand (BOT), the country’s central bank. Online payment infrastructures and systems were developed with the consumer in mind. This ranges from customer-to-customer transfers to cross-border remittances and cryptocurrency usage. For instance, the PromptPay cashless real-time payment transfer system launched by the BOT pioneered and opened doors for e-wallet usage in the country. Non-bank organizations such as retailers, ride-hailing services, and telecommunications also participate in this revolution. This includes, but is not limited to, ShoppeePay, GrabPay, TrueMoney, and other Buy Now Pay Later (BNPL) services.

The involvement of banks in the rise of FinTech

As of January 2024, the fintech sector had the highest number of startups in Thailand, partially due to the immense support these firms receive from banks. Despite being dominated by commercial banks, the Bank of Thailand’s regulatory efforts also significantly direct the movement of the Thai fintech scene. Some crucial regulations include setting lower taxes to promote digital payment use, controlling fintech investment ceilings among commercial banks, and implementing the Regulatory Sandbox, which resulted in the Electronic Letter of Guarantee (e-LG on Blockchain). The major banks in Thailand significantly drive the country’s fintech scene through their products and services. Many restructured their organizations and created subsidiaries to tap into the digital asset ecosystem and blockchain technology. For instance, Thailand’s oldest bank, Siam Commercial Bank, announced its plan to acquire a 51 percent share of Bitkub Online, a cryptocurrency exchange, in 2021 before pulling out from the 500 million U.S. dollar deal as the platform faced regulatory issues in the following year. Meanwhile, Kasikorn Bank has provided institutional support for fintech startups through its Startup Launchpad competition, allowing winners to receive training, prize money, and a chance to work with the bank and its subsidiaries. Currently, both banks possess digital exchange licenses and aim to provide services involving tokens in the near future.

The evolution of FinTech services

Fintech services in Thailand gradually expanded from the development of mobile banking, especially from the PromptPay system introduced in 2017. The system allows users to send and receive payments by connecting their bank accounts to their phone numbers or national IDs, making it faster and easier to transfer money via mobile. Available through all Thai banks, PromptPay paved the way for other forms of digital payments, such as QR code payments and e-wallets. Additionally, digital assets and alternative financing have also grown in popularity. Digital assets, especially cryptocurrency, have shown great success among Thai consumers with the highest number of active trading accounts in December 2021. Despite the rapid expansion of the Fintech sector, Thailand still faces challenges with incorporating Fintech services for small businesses. In 2022, less than half of the business owners of small and medium firms were aware of new technologies, such as cryptocurrency, blockchain technology, and non-fungible tokens. Furthermore, concerns surrounding digital currencies and blockchain transfers persist. Therefore, Fintech firms need to market their products as user-friendly as possible while providing adequate customer service to ease in potential new clients to the latest Fintech developments.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 6, 2024

Key insights

Value of fintech investments in the Asia-Pacific region
10.8bn USD
Market value of the fintech sector in Thailand
42.5bn THB
Forecast of the number of fintech users in Thailand
12.81m
Get more insights

Editor’s Picks Current statistics on this topic

Leading fintech startups in Thailand in 2023, by funding value (in million U.S. dollars)

Fintech (Mobile/online banking)

Leading fintech startups Thailand 2023, by funding value

Penetration rate of the digital payments market in Thailand from 2019 to 2028

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Penetration rate of digital payments in Thailand 2019-2028

Value of fintech investments in the Asia-Pacific region from 2017 to 2023 (in billion U.S. dollars)

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Fintech investments value APAC 2017-2023

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