Fearing Foreign Firms’ Monopoly, Thailand’s Fintech Sector Seeks Govt. Support

Thailand’s Fintech sector has called for the government to introduce regulations and support homegrown industry startups in the face of an increasing trend of external operators moving into the Thai market.

The Bank of Thailand, the country’s central bank, does not enforce any regulations for cross-border trade in the financial services sector, leaving external payment platforms to gain a presence in the country. An example sees Thailand’s fourth largest bank by assets, Kasikornbank, partner Chinese fintech firm IBS for baht-yuan cross-country settlements. An alternative to the traditional SWIFT cross-border settlement system, the partnership, formed in December 2016, will enable remittance in Thailand-China corridor with near-instant transfer at cheaper costs.

A more notable move of a payments giant moving into Thailand saw Chinese conglomerate Alibaba announce a partnership with Ascend Money, the Fintech subsidiary of the CP Group which runs over 9,000 7-Eleven outlets in Thailand, the country’s biggest retail network. These partnerships will prove harmful for the local Fintech scene in Thailand, according to The Thai FinTech Association chairman Korn Chatikavanij, as reported

Read more ... source: CryptoCoinsNews

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