The age of e-commerce, big tech, social media and fintech has dawned on Asia and Thailand is at the epicentre of this wave of industry disruption
October 01, 2019 | Matthew DooleyThailand has outpaced other developing and developed nations to position itself as a leader in the digital financial marketplace. With a gross domestic product (GDP) worth $602 billion, Thailand is the second largest economy in Southeast Asia, surpassed only by Indonesia.
What makes Thailand a breeding ground for e-commerce and digital financial services is its great number of internet users (57 million), their high use of social media and e-commerce coupled with Thailand’s growing middle class with a higher acquisitive power.
Thailand’s industry and consumer experience is fast changing along with the country’s digital revolution. The open ecosystem of the future will feature apps and platforms which will challenge the traditional offerings of the local banks. The successful financial services firms will be required to assume a position that aligns their core capabilities with the needs of Thai millennial consumers and the external operating environment.
Big tech players and platforms in China and across Asia are also shaping ecommerce, health, payments and financial experiences in Thailand, enhancing the value for each of these roles by leveraging data and expanding into non-financial products and services.
In this year’s Thailand Innovation Study Tour, eight institutions opened their doors and shared how they individually applied different platforms, apps and ecosystems to improve how they run their business and provide service to their customers.
Krungsri Finnovate
Krungsri Finnovate is a corporate venture capital arm of Krungsri, Thailand’s fifth largest bank and a joint venture with Japans largest bank, MUFG. Founded in May 2017, ...
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The age of e-commerce, big tech, social media and fintech has dawned on Asia and Thailand is at the epicentre of this wave of industry disruption
October 01, 2019 | Matthew DooleyThailand has outpaced other developing and developed nations to position itself as a leader in the digital financial marketplace. With a gross domestic product (GDP) worth $602 billion, Thailand is the second largest economy in Southeast Asia, surpassed only by Indonesia.
What makes Thailand a breeding ground for e-commerce and digital financial services is its great number of internet users (57 million), their high use of social media and e-commerce coupled with Thailand’s growing middle class with a higher acquisitive power.
Thailand’s industry and consumer experience is fast changing along with the country’s digital revolution. The open ecosystem of the future will feature apps and platforms which will challenge the traditional offerings of the local banks. The successful financial services firms will be required to assume a position that aligns their core capabilities with the needs of Thai millennial consumers and the external operating environment.
Big tech players and platforms in China and across Asia are also shaping ecommerce, health, payments and financial experiences in Thailand, enhancing the value for each of these roles by leveraging data and expanding into non-financial products and services.
In this year’s Thailand Innovation Study Tour, eight institutions opened their doors and shared how they individually applied different platforms, apps and ecosystems to improve how they run their business and provide service to their customers.
Krungsri Finnovate
Krungsri Finnovate is a corporate venture capital arm of Krungsri, Thailand’s fifth largest bank and a joint venture with Japans largest bank, MUFG. Founded in May 2017, ...
Categories:
Keywords:
