Thai FinTech Association has called upon the Thailand government to assist local tech startups and financial institutions to enhance local competition and prevent foreign companies from monopolizing in the country’s fintech market, according to the Bangkok News. During a recent interview, chairman of the Thai Fintech Association, Korn Chatikavanij, stated:
Chatikavanij discussed his concerned about foreign companies controlling e-payment services after China’s e-commerce platform Alibaba strengthened its presence in Thailand through its partnership with CP All. He explained at the Brother Commercial Thailand’s “The New Era of Digital for Business Solutions” seminar that the “alliance between the companies poses critical challenges to the fintech companies in Thailand.
Chatikavanij also encouraged the country’s banks to partner with fintech startups to improve innovation to compete with international e-payment companies. He stated that the Thai government should update the countries regulations to supper tech-based businesses and force on the development of the Thailand 4,0 initiative, which he says is intended to reshape the country’s economic structure.
“[Thailand 4.0] will encourage companies to embrace digital technology to improve their efficiency and increase productivity.”
Chatikavanij then added the initiative is expected to increase Thailand’s earnings per person per year from US$6,500 (229,060 baht) to copy3,500 over the next 10-15 years.