Australia and Thailand partnering to promote local fintech industry
23 April 2024
FinTech Australia and the Thai Fintech Association have signed a new memorandum of understanding (MOU) to collaborate and promote fintech capability between Australia and Thailand.
Financial technology – or ‘fintech’ – refers to technology and cloud services to improve and automate the delivery and use of financial products and services.
The MOU was signed in Bangkok by Thai Fintech Association President Mr Chonladet Khemarattana and FinTech Australia Deputy Chair Mr Brian Collins.
FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector. The Australian fintech industry grew from a A$250 million industry in 2015 to a A$45 billion industry in 2023.
Australian and Southeast Asian fintech leaders alongside venture capitalists, corporate innovation and financial services representatives were present for the MOU signing in Bangkok.
The delegation of Australian fintech representatives are in Bangkok for Money20/20 Asia, to explore partnership and opportunities in Thailand and the broader Southeast Asian region.
Australia’s Prime Minister Anthony Albanese launched Invested: Australia’s Southeast Asia Economic Strategy to 2040 last year which identified the digital economy as a key sector to boost two-way trade and investment with Thailand.
Quote attributable to Dr Angela Macdonald PSM, Australian Ambassador to Thailand:
“Thailand’s fintech sector is one of the fastest growing in Southeast Asia. It has seen significant investment and regulatory support, leading to a boom in innovation solutions for payments, lending and more. Coupled with Australia’s exciting and dynamic fintech landscape, this partnership is a welcome step in digital economy collaboration with Thailand.”
Quote attributable to Mr Brian Collins, Deputy Chair, FinTech Australia:
“Thailand and Southeast Asia represent a massive growth opportunity for our local fintech sector. It’s a part of the world many of our members expressed interest in due to rapid adoption of various forms of fintech, not to mention Thailand playing host to Money20/20 this month. We look forward to further collaborating with the Thai FinTech Association to improve outcomes for both regions.”
Quote attributable to Mr Chonladet Khemarattana, President, Thai Fintech Association:
“Thai Fintech Association warmly welcomes the partnership with FinTech Australia, recognising the tremendous growth potential within the Southeast Asian market. With Thailand emerging as a hub for fintech innovation and the upcoming Money20/20 event, this collaboration promises to drive mutual benefits and foster cross-border synergies. We are eager to work closely with Fintech Australia to leverage our respective strengths and enhance outcomes for both regions’ fintech ecosystems.”
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