This year, Thailand’s financial industry is witnessing a remarkable transformational phase, as both traditional financial institutions and alternative players are in position to reap the benefits of financial technology. Yet, Thailand’s banking industry is still facing its own set of problems from low demand on loans, loan delinquency, and inefficient processes. On the other hand, the government has shown a lot of support and initiative, after establishing the foundation for digital innovation and digital economy in order to attract more investments into the start-ups’ ecosystem, with the aim of raising $902.3 million (THB30 billion) in funds from investors by 2020 and several other initiatives.
Small- and medium-sized enterprises (SMEs), which represent a huge part of the start-ups’ ecosystem,are considered to be very essential players in the financial market in Thailand, especially after the recent progress this field has encountered. Although this improvement was a good indication for a better business outlook, it’s still not easy to survive on the long term with all the challenges the SMEs are facing in the market mainly when they are quiet reliant on bank lending, making them vulnerable to credit market conditions and the economic climate.
All in all, the outlook for Thailand’s finance look pretty stable and exciting!
The Future of Finance Thailand, formerly called “Thailand International Banking Convention”, seeks to bring all financial institutions, investors, payment providers, start-ups and alternative players together under one roof, taking you through all challenges facing the business and giving solutions to key problems and a proper outlook for finance’s future in Thailand in the coming period.
Key focus areas include