17 May 2024

Australia and Thailand partner to promote fintech capability

Australia and Thailand signed an agreement to collaborate on fintech at Money 20/20 Asia.

A memorandum of understanding (MoU) with Thailand to boost fintech capability capped a successful week for Australia at Money 20/20 Asia in Bangkok.

Thai Fintech Association President Chonladet Khemarattana and FinTech Australia Deputy Chair Brian Collins signed the MoU at the event. Under the agreement, Australia and Thailand will collaborate and promote fintech capability between their two countries.

Australian and Southeast Asian fintech leaders, venture capitalists, and corporate innovation and financial services representatives witnessed the signing.

‘Thailand’s fintech sector is one of the fastest growing in Southeast Asia,’ says Dr Angela Macdonald PSM, Australian Ambassador to Thailand.

‘It has seen significant investment and regulatory support, leading to a boom in innovation solutions for payments, lending and more. Coupled with Australia’s exciting and dynamic fintech landscape, this partnership is a welcome step in digital economy collaboration with Thailand.’

A group of three men and one woman. The two men in the middle are shaking hands.

Left to right: Chatchai Khunpittiluck, Senior Executive Vice President, Digital Economy and Promotion Agency; Brian Collins, Deputy Chair, FinTech Australia; Chonladet Khemarattana, President, Thai Fintech Association; and Dr Angela Macdonald PSM, Australian Ambassador to Thailand.

Aussie fintechs impress at Asia’s leading fintech event

Austrade hosted 16 Australian fintechs and nearly 30 Australian fintech leaders at Money 20/20 Asia, the region’s leading fintech event.

The Australian delegation was exploring opportunities and partnerships in Thailand and across Southeast Asia. Australian fintechs such as EzyRemit and Privasec are already working with Austrade on opportunities in Thailand and across the region.

Among the highlights was:

  • the Aus-Thai Fintech Connect networking event, with over 100 guests from across Southeast Asia excited to collaborate with Australia
  • 13 Australian fintech leaders shared their expertise as speakers at the event
  • one-on-one meetings facilitated by Austrade between Australian fintechs and key Southeast Asian banks and financial institutions.

Amelia Walsh, Austrade’s Trade Commissioner in Bangkok, says the event was a great step towards increasing Australia’s digital economy engagement with Southeast Asia.

‘My highlight was hosting the Aussie fintech pitch at the beginning of the week,’ says Walsh. ‘I loved hearing how well articulated the value-add is from our companies and matched to ambitions in the region. I’m excited to watch the continued growth of Australian fintechs in Southeast Asia.’

Opportunities for Australian fintechs in Southeast Asia

Thailand and Southeast Asia offer a massive growth opportunity for Australian fintechs.

‘It’s a part of the world many of our members expressed interest in due to rapid adoption of various forms of fintech,’ says Brian Collins, Deputy Chair, FinTech Australia. ‘We look forward to further collaborating with the Thai FinTech Association to improve outcomes for both regions.’

‘With Thailand emerging as a hub for fintech innovation, this collaboration promises to drive mutual benefits and foster cross-border synergies,’ says Chonladet Khemarattana, President, Thai Fintech Association. ‘We are eager to work closely with Fintech Australia to leverage our respective strengths and enhance outcomes for both regions’ fintech ecosystems.’

More information

Read more about Southeast Asia’s digital economy in Invested: Australia’s Southeast Asia Economic Strategy to 2040.

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