In 2016, a record-breaking 32.6 million people visited Thailand for the beautiful beaches, ancient culture and bustling Bangkok. While the tourist industry is booming, Thailand also has its eye on being a dominant fintech player in the Pacific East. Thailand enjoys an entrepreneurial culture and is located in the heart of rapidly developing South-East Asia. It also has seen growth in VC-backed startups with the recent formation of several Thailand based corporate VC funds.
The Thai government has taken substantial steps to move to a 21st-century economy. For example, last year they started rolling out national e-payment system, which aims to create a cashless society. Over the last four decades, Thailand has made remarkable progress in social and economic development, moving from a low-income country to an upper-income country in less than a generation.
In addition, the government and local fintechs are pushing the use of biometric identification systems.
"Apart from Singapore, Thailand has the highest potential for biometric identity usage in Southeast Asia thanks to burgeoning digital banking services," according to Dutch Ng, CEO for I-Sprint Innovations.
Thailand is an ASEAN leader in Blockchain and expects widespread adoption of the technology in various sectors within two years. According to a recent Forbes article, Thailand could become Southeast Asia's next fintech hub.
We are excited to announce that our flagship identity verification solution, GlobalGateway, now covers Thailand (the Kingdom of Thailand). For companies looking to enter or streamline operations in Thailand, GlobalGateway now provides a quick, easy way to perform identity verification checks for the country of 68 million people.
Adding Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance capabilities coverage for citizens Thailand is part of Trulioo’s overall strategic expansion in South-East Asia Pacific.
“Extending GlobalGateway coverage to Thailand offers another significant market for our customers,” said Trulioo CEO Stephen Ufford. “They’re quickly making progress in many aspects of fintech, so this bodes well for companies looking for new markets that are open to development.”