Next government urged to transform Thailand into a fintech hub
The next government should promote Thailand as a fintech hub for the region with support from the Finance Ministry and the Ministry of Digital Economy and Society, Chonladet Khemarattana, president of the Fintech Association told the Economic News Journalists' Association on Saturday.
Chonladet said Thailand has several advantages in the region that can help it develop into a fintech hub:
Strong financial infrastructure, a highly liquid capital market, and registered companies with sustainable management.
The readiness of Thai people to use fintech services.
The central location of Bangkok in the region, along with Chiang Mai and Phuket being important tourism hubs.
The unique lifestyle and culture of Thailand, which supports both work and leisure activities.
Thailand's ability to engage with all parties, reducing geopolitical risk.
The government and private sector must collaborate to create an ecosystem for international fintech companies, Chonladet said.
This should begin with a fast and English-friendly online one-stop service for company registration, as well as online banking account opening for corporations, with minimal limitations, he added. Additionally, specific areas of Bangkok could be designated as fintech streets to attract fintech companies.
Universities should also collaborate with financial institutions to develop fintech professionals.
If Thailand can attract international fintech companies to set up offices here, the direct benefits will include increased foreign investment and more jobs.
