FinTech Australia and the Thai Fintech Association have joined forces through the signing of a memorandum of understanding (MOU) to promote fintech collaboration between Australia and Thailand.
The MOU was signed in Bangkok, Thailand, by Thai Fintech Association president Chonladet Khemarattana and Brian Collins, deputy chair at FinTech Australia. They were accompanied by a delegation comprising fintech lenders, venture capitalists, corporate innovators, and financial services representatives from Australia and Southeast Asia.
The Australian fintech delegation visited Bangkok for Money20/20 Asia to explore potential partnerships and opportunities in Thailand and the broader Southeast Asian region.
Brian Collins emphasized the significance of collaboration between the two regions, citing Thailand and Southeast Asia as significant growth opportunities for the local fintech sector. He expressed eagerness to enhance outcomes for both regions through further collaboration with the Thai Fintech Association.
FinTech Australia, a member-driven organization dedicated to building an ecosystem for Australian fintechs, has witnessed substantial growth. The Australian fintech industry expanded from a A$250 million industry in 2015 to a A$45 billion industry in 2023.
Australia’s Prime Minister Anthony Albanese launched Invested: Australia’s Southeast Asia Economic Strategy to 2040 in September 2023, highlighting the digital economy as a key sector for enhancing trade and investment relations with Thailand.
Dr. Angela Macdonald PSM, Australian ambassador to Thailand, acknowledged Thailand’s rapidly growing fintech sector, fueled by significant investment and regulatory support. She emphasized the potential for collaboration between Australia and Thailand to drive innovation in payments, lending, and other fintech domains.
Chonladet Khemarattana, president of the Thai Fintech Association, welcomed the partnership with FinTech Australia, recognizing the tremendous growth potential within the Southeast Asian market. He highlighted the opportunity to drive mutual benefits and foster cross-border synergies, particularly with Thailand emerging as a hub for fintech innovation. Khemarattana expressed readiness to collaborate closely with FinTech Australia to leverage their respective strengths and enhance outcomes for both regions’ fintech ecosystems.
Source: thefintechtimes.com
