Fintech friends: Thai-Australian pact seals future prosperity

A landmark Memorandum of Understanding (MoU) has been inked between the Thai Fintech Association and FinTech Australia, setting the stage for increased collaboration in the burgeoning financial technology sector. The agreement was signed this week, reflecting both nations’ commitment to enhancing their fintech industries.

The Deputy Chair of FinTech Australia, Brian Collins, acknowledged the vast potential for growth in Thailand and the broader Southeast Asian region. He noted that many members of FinTech Australia had expressed interest in this area due to the swift uptake of various FinTech solutions.

“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 due to the rapid adoption of various forms of fintech. We look forward to further collaborating with the Thai Fintech Association to improve outcomes for both countries.”

The signing event coincided with the Money20/20 Asia 2024 conference in Bangkok, a global networking platform that draws thousands of professionals from the fintech and financial services sectors. Among those attending were representatives from Australia’s fintech industry.

President of the Thai Fintech Association Chonladet Khemarattana underscored Thailand’s emerging status as a hub for fintech innovation. He expressed a keen desire to collaborate closely with FinTech Australia to enhance the fintech ecosystems in both regions.

“The Thai Fintech Association warmly welcomes the partnership with FinTech Australia, recognising the tremendous growth potential within the Southeast Asian market. We are eager to work closely with FinTech Australia to leverage our respective strengths and enhance outcomes for both regions’ fintech ecosystems.”

Angela Macdonald, the Australian ambassador, remarked during the signing ceremony that Thailand’s fintech sector is among the fastest growing in Southeast Asia. She commended the partnership as a positive step towards greater digital economy cooperation with Thailand.

“Coupled with Australia’s exciting and dynamic fintech landscape, this partnership is a welcome step in digital economy collaboration with Thailand.”

The Australian embassy revealed that the value of the Australian fintech industry, represented by FinTech Australia, surged from 250 million Australian dollars (approximately 6 billion baht) in 2015 to 45 billion in 2023, reported Bangkok Post.

The signing of the MoU aligns with the Invested: Australia’s Southeast Asia Economic Strategy to 2040 initiative, launched by Australian Prime Minister Anthony Albanese last year.