Bangkok, July 22 – The President of the FinTech Association reveals that Bangkok is suitable to step into the "Fintech Hub", pointing out a strong financial structure - ready Thai people - a regional center - multiculturalism. Preparing to propose to the new government for "Klang-DE" to be the host, ready to jointly drive

Mr. Choladej Khemaratana, President of the Thai Fintech Association, said in an exchange of knowledge on the topic. “Financial services in the fintech world and Thailand's readiness to become a FinTech hub" in the project "Developing the Potential of Economic Journalists (BET) for the year 2023" that according to statistics from the Bank of Thailand (BOT), it was found that Thais used digital payment 5 times more in the past 5 years (2017-2021) from 63 times per person per year. increased to 312 times per person per year These services are familiar today. Both PromptPay and QR Code linking payment services with 6 countries, namely Vietnam, Cambodia, Malaysia, Indonesia, Singapore and Japan, while in 2022, Thai people used digital payment increased to 425 times per person per year and the latest in the first 5 months of 2023 (January-May) increased to 473 times per person per year.

Therefore, the world of fintech is to use technology to benefit more in finance. Agree with the establishment of a branchless commercial bank (Virtual Bank), but considers that the BOT specified in the initial stage of 3 banks should be expanded to 5 banks or liberalized like the UK. Because when there are more players people will benefit But there must be quality control according to the guidelines.

In addition, a system with financial information can be shared. To make it more convenient for users, such as apps that summarize all credit card debt balances in one app, but must have the consent of the user. or using a payment system that can specify payment conditions

Mr. Choladej also views that Bangkok It has an advantage over other Asian cities in becoming a Fintech Hub due to its strong financial infrastructure. The capital market is highly liquid. And listed companies have sustainable management, Thai people are ready to use Fintech services, the location of Bangkok Being a regional hub, it offers a unique diversity of cultures that cater to both work and leisure. And Thai people have a habit of being easy to get along with. Can be coordinated with all channels

In order to make Bangkok a Fintech Hub, the public and private sectors must work together to create an ecosystem that is conducive to setting up offices and conducting business of international Fintech companies, starting with a fast online one-stop service that supports English. Online bank account opening for juristic persons Less convenience and restrictions on hiring foreigners Accounting, legal and regulatory advisory services Including determining the area in Bangkok or group of buildings Or a road to be a symbolic Fintech Hub or Fintech Street. To attract Fintech companies and use it as a sandbox zone for testing new financial services. Universities should collaborate with financial institutions to design courses or courses for fintech personnel.

In addition, all sectors should support each other in terms of investments, grants, tax incentives, advice and other assistance. For a fair Fintech company, the most important thing is to communicate the project to the target audience in each country.

However, it is believed that if an international Fintech company can set up an office in Thailand The country will benefit from both investment. increased employment Thailand will become a gathering place for leading Fintech personnel, creating a new generation in the country to be Fintech Talent on a global level, and in the long term, new Fintech services will help the country to solve important problems such as household debt, unscrupulous debt, wealth inequality. being unprepared for retirement, etc. The benefits of being a Fintech Hub will contribute significantly to both financial innovation and sustainable national development.

“The main agency that should host the drive is the Ministry of Finance. or the Ministry of DE Because there must be coordination with both the public and private sectors in Thailand and abroad. which the association ready to present the Fintech Hub project to the new government And ready to coordinate cooperation to achieve success, ”said Choladej.-Thai News Agency

Source: Thai News Agency