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Australia and Thailand Working Together to Support Local Fintech Industry

Australia and Thailand Working Together to Support Local Fintech Industry

FinTech Australia and the Thai Fintech Association have signed a new agreement to work together and promote financial technology (fintech) between Australia and Thailand.

Fintech refers to technology and online services that make financial products and services better and easier to use.

The agreement was signed in Bangkok by Mr. Chonladet Khemarattana, President of the Thai Fintech Association, and Mr. Brian Collins, Deputy Chair of FinTech Australia.

FinTech Australia is a group that helps fintech companies in Australia. The fintech industry in Australia grew from being worth A$250 million in 2015 to A$45 billion in 2023.

Leaders from Australian and Southeast Asian fintech companies, as well as investors and representatives from financial companies, were at the signing in Bangkok.

The Australian fintech group is in Bangkok for Money20/20 Asia, a big event where they can find partners and opportunities in Thailand and Southeast Asia.

Last year, Australia’s Prime Minister Anthony Albanese launched a plan called Invested: Australia’s Southeast Asia Economic Strategy to 2040. This plan says that the digital economy (using technology for business) is important for Australia and Thailand to trade and invest more with each other.

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 innovative 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 the 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, recognizing 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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