Thailand with internet penetration at 39%, 1.2 mobile phones per person, an urban population of 49%, and one of the lowest unemployment rates among Asian countries, presents a modest market for FinTech innovators.
The country’s central bank, Bank of Thailand, has undertaken several initiatives in the last couple of years to motivate FinTech developments in the country, such as Bangkok FinTech Fair 2018, introduction of the National e-Payment Master Plan, launching regulatory sandbox, and more.
Payments is one of the most concentrated segments in Thailand, but other areas such as insurance are emerging.
Here is a list of the 10 top FinTech startups in Thailand to watch out for in 2020.
was founded in 2015 and has raised US$30 million in total funding. Kredivo is a product of FinAccel. It is engaged in providing retail credit solutions that give users the convenience to buy now and pay later in 30 days with no interest or with 3-month, 6-month, or 12-month installments. Users need to put in basic details and their social networking account details to avail the loans provided by Kredivo.
2. Claim Di
was founded in 2000 and has raised U $2 million in total funding. Claim Di is a mobile application used for facilitating communication and claims between drivers and their insurance companies. The drivers or car owners, upon an incident, can download Claim Di and shake the phone near the phone of another party who also uses Claim Di. The insurance companies of both sides will issue a claim reports via the Claim Di application, and the drivers can then separate immediately without the need to wait for surveyors. The company has won many awards for many years for its services including ISO, TICTA, APCTA, ICT, SSW, and more.
was founded in 2014 and has raised US$7 million in total funding. Roojai is an insurance broker that provides an online platform for auto insurance. It also lets the user choose and buy an insurance plan with an auto repair garage.
was founded in 2015 and has raised US$3.2 million in total funding. It is an online platform for investment analysis in the public market. It helps retail investors and individuals in making investment decisions.
5. Deep Pocket
was founded in 2015 and has raised US$1.1 million in total funding. DeepPocket is a part of T2P Co. It is a mobile wallet service provider and an e-wallet application that simulates the creation of a debit card. The company allows Android and iOS users to upload their credit/debit card details once in the app; users can make payments after that anytime.
was founded in 2014. It has raised US$1.15 million in total funding. FlowAccount is a cloud-based accounting software platform for SMEs to manage their expenses. This platform helps SMEs to manage their expenses by uploading pictures of invoices, receipts, etc. It creates and sends professional invoices, track payments, and collaborates with partners. It was one of the finalists in the Echelon Asia Summit in 2015. The company has won the AIS the Startup 2015, Frost & Sullivan’s Thailand Companies to Action Award 2017, and Innovation Coupon 2017.
was founded in 2013 and has raised US$70k in total funding. Piggipo develops credit card management application that helps users manage and track their credit card spending and payment due dates to prevent the overuse of credit cards. The company manages the spending of each card, provides infographics about spending habits, and stores information about the transactions in its database.
(formerly known as Setscope) was founded in 2013 and has received undisclosed fund from the Startupbootcamp accelerator. Deepscope is AI-powered stock research and portfolio management platform. Its system/tools help individual stock investors to find opportunities in quality stocks in term of valuation. The system also helps in managing investors’ portfolios.
was founded in 2015. The company has developed the technology to digitize and transact on the bitcoin blockchain. It digitizes securities, commodities, currencies on the blockchain which are to be used for investments, trading, and payments. AmiLabs’ project ‘Everex’ allows investing, trading, and making payments with physical gold using bitcoin technology. It also provides technology to enhance and optimize the online gambling & betting industry by providing transparency and automation using smart contracts.
was founded in 2006 and is a trading software service provider for investors. The company provides stock analysis software, real-time data of trade, analysis tools, information & services, investor plugin, stock charts, market tickets, etc.
Thailand currently has about 145 registered Fintech Startups and it is expected that by 2020, that figure might go up to 250 Fintech startups.