Fintech

Alipay+ Deepens Tourism Partnership With Thailand to Launch New Digital Features

The Tourism Authority of Thailand (TAT) and Alipay+, a cross-border mobile payment and digitalisation platform by Ant International, have expanded their partnership with new developments to attract more tourists to Thailand and enhance their travel experience. Thailand remains a top destination for Chinese tourists, with over 2.3 million visiting in the first four months of 2024. During the 2024 Labor

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Fintech

Hong Kong and Thailand Launch New Cross-Border QR Payment System

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have launched the FPS x PromptPay Link, facilitating cross-border QR payments between Hong Kong and Thailand. This service, effective from 4 December, allows travellers to make retail payments using QR codes. Through this link, individuals can pay for goods and services by scanning the Hong Kong FPS QR

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Ai

AWS Powers Krungsri’s Transformation Into an AI-Driven Bank

Thailand’s Bank of Ayudhya Public Company Limited, commonly known as Krungsri Bank, has selected Amazon Web Services (AWS) to power its digital transformation efforts. Ranking among the top five banks in Thailand, Krungsri is working with AWS to leverage data analytics, machine learning (ML), and artificial intelligence (AI) to improve its services. These technologies enable more efficient, personalised banking solutions,

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Thai Insurtech Roojai Acquires FWD General Insurance From bolttech

Thailand insurtech startup Roojai has agreed to acquire FWD General Insurance’s local business from bolttech to boost its market share in the country. Details of the transaction was not disclosed. Through this acquisition, Roojai will have a combined portfolio of over US$50 million (THB 1.74 billion) in annual premium. It will also be able to underwrite general insurance products. Following

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Fintech

GHL Enables Alipay+ for Over 2,600 Thai Businesses

GHL Systems (GHL), a payment service company in ASEAN region, has enabled Alipay+ for over 2,600 businesses in Thailand to accept cross-border digital payments from leading Asian mobile wallets. This includes AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch ‘n Go eWallet (Malaysia) and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015. Travellers visiting Thailand

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Fintech

SCBX, KakaoBank Gears up to Apply for Virtual Bank License From Bank of Thailand

SCBX, the financial technology business group of Siam Commercial Bank, announced its readiness to apply for a license to establish a virtual bank with South Korean digital bank KakaoBank. This partnership involves the formation of a consortium, in with SCBX holding a majority stake and KakaoBank holding a stake of at least 20%. Currently, SCBX and KakaoBank are jointly exploring

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Fintech

2C2P, AMK to Expand Remittance Coverage Between Thailand and Cambodia

2C2P, a payment gateway service provider founded in Thailand, has partnered with Cambodia’s AMK Microfinance Institution to expand its international remittance service “easy2send” between Thailand and Cambodia. easy2send by 2C2P was launched in 2019, supporting real-time money transfers from Thailand to Myanmar, Singapore, Vietnam, Cambodia, and UnionPay cardholders in China and worldwide at a starting fee of 99 baht. Through

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Fintech

UOB Has Over 7M Customers After Acquisition of Citi’s M’sia, Thai, Vietnam Retail Businesses

UOB has added another 15 branches to its network across Malaysia, Thailand and Vietnam, bringing the total number to over 200 following its acquisition of Citi’s consumer banking businesses in those three countries. This has pushed UOB’s retail customer base in the region to over seven million as of 31 March. Once UOB completes the acquisition of Citi’s consumer business

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Fintech

10 Fintech Conferences and Networking Events in Thailand to Attend Through 2023

Thailand’s fintech sector has historically lagged behind that of ASEAN counterparts such as Singapore or Vietnam, but recent regulatory efforts by the Bank of Thailand as well as booming adoption of digital payments are set to pave the way for strong growth in the financial startup scene. With the Thai fintech industry poised to enter a new era of development,

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Top Early-Stage Fintech Startups from Thailand to Follow in 2023

In Thailand, fintech innovation has been largely driven by the country’s large banking institutions. Incumbents have inked partnerships with startups and taken participations into companies in the sector to acquire the latest fintech developments and launch new innovative products. Siam Commercial Bank (SCB), for example, has made several investments in the fintech sector, injecting US$100 million into Indonesia digital finance

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Fintech

Thailand’s 8 Most Well-Funded Fintech Companies

Thailand has a small and nascent startup ecosystem that’s mostly made up of early-stage ventures focusing on product development as well as securing their first group of customers. Within this small yet burgeoning ecosystem, fintech is not only the largest sector by the number of companies, but also the vertical that has secured the most funding, according to a 2023

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Fintech

Thai Insurtech Roojai Bags US$42 Million Series B to Fuel Expansion Plans

Thailand’s insurtech startup Roojai has raised US$42 million in a Series B funding round according to a report by The Reporter Asia. The firm had previously raised US$20 million seed investment from Primary Group as well as an additional US$7 million Series A funding from IFC, a member of the World Bank Group. This brings Roojai’s total funds raised to

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Fintech

KASIKORNBANK Onboarded Two Million Users to Its App Last Year

KASIKORNBANK (KBank) onboarded two million new users on its K PLUS online banking app in 2022, more than a million of them were new to the bank itself. The surging use of its digital platforms with 98% of all KBank’s transactions now being conducted online follows the launch of its challenger bank programme six months ago. The programme aimed to

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KASIKORNBANK Doubling Down on Vietnam Expansion Efforts

KASIKORNBANK (KBank) is doubling down on the expansion of its operations in Vietnam, setting its sights to achieve US$400 million in net income and a customer base of 8.4 million in Vietnam by 2027. The bank had already established a footprint in Vietnam by opening its first branch in November 2021 and is looking to become one of the top

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Siam Commercial Bank Plans to Be a Fully Digital Bank

The Siam Commercial Bank (SCB) has unveiled its plans to become a fully digital bank in wealth management through its “Digital Bank with Human Touch” vision. The bank will be doubling down on its efforts to create “cutting-edge digital products and services that cater to a wide variety of demographics”. SCB has also revamped its management structure where the digital

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Thai Lender MONIX Raises US$20 Million Ahead of IPO Plans

MONIX, a Bangkok-based AI-powered digital lending platform, announced that it has secured US$20 million in the first close of its pre-IPO fundraising. The new funds raised brings its total funds raised to US$40 million. The investment was led by Siam Commercial Bank’s SCBX and a new investor Lombard Asia, a Southeast Asia’s growth-focused private equity manager. MONIX is a joint

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Thailand Embraces Digital Banking with Customer Protection in Mind

Thailand has recently approved digital banking but has warned against irresponsible lending. This comes from the growing digital banking trend in Southeast Asia, which has seen an influx of financial technology firms entering the market.  The Bank of Thailand (BoT) has stated that it will assess the applicants’ qualifications in several areas, including their financial status, to ensure that they are

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Gaming

Thailand’s House of Representatives approves report on legalized casinos

The House of Representatives of Thailand has approved a report that proposed the foundation of casino-integrated resorts in a certain number of locations across the country. The approval is a step forward to more detailed discussions about legalized casinos among the members of Parliament propelled by recent surveys testifying about broad support among the Thai population in this regard. Comprehensive

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Blockchain

First Virtual Banks By 2025 From Bank Of Thailand

The announcement that the Bank of Thailand intends to initiate the very first transaction in the country via virtual banking was made by the institution. According to the findings of a research conducted by Bloomberg, financial institutions would be able to provide their services by the year 2025.  In the Consultation Paper on Virtual Bank Licensing Framework that was distributed

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Blockchain

BMW Partners With Coinweb to Develop Blockchain-Based Vehicle Financing Automation and Loyalty Program in Thailand

BMW, the luxury car manufacturer, has partnered with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations. The company will develop blockchain-based automation for vehicle financing processes, and also a rewards program for customers of the automotive company adapted to compliance processes in Thailand. BMW to Introduce Blockchain to Its Operations More companies are introducing

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