Australia and Thailand partner to promote fintech capability

 

A memorandum of understanding (MoU) between Australia and Thailand to boost fintech capabilities marked the conclusion of a successful week for Australia at Money 20/20 Asia in Bangkok.

Key Agreement Signed

At the event, Chonladet Khemarattana, President of the Thai Fintech Association, and Brian Collins, Deputy Chair of FinTech Australia, signed the MoU. This agreement will see both countries collaborate to enhance their fintech sectors.

The signing was witnessed by key figures from the Australian and Southeast Asian fintech industries, including venture capitalists and corporate innovation and financial services representatives.

Growing Fintech Ecosystem

“Thailand’s fintech sector is one of the fastest growing in Southeast Asia,” stated Dr. Angela Macdonald PSM, Australian Ambassador to Thailand. “Significant investment and regulatory support have spurred innovations in payments, lending, and more. Coupled with Australia’s dynamic fintech landscape, this partnership represents a significant step in digital economy collaboration with Thailand.”

Australian Fintechs Shine at Money 20/20 Asia

Austrade hosted a delegation of 16 Australian fintech companies and nearly 30 Australian fintech leaders at Money 20/20 Asia, the premier fintech event in the region. The delegation explored opportunities and partnerships in Thailand and across Southeast Asia, with companies like EzyRemit and Privasec already collaborating with Austrade on regional projects.

Event Highlights:

  • Aus-Thai Fintech Connect Networking Event: Over 100 guests from across Southeast Asia participated, eager to collaborate with Australian fintechs.
  • Expert Speakers: Thirteen Australian fintech leaders shared their insights and expertise as speakers at the event.
  • Facilitated Meetings: Austrade arranged one-on-one meetings between Australian fintechs and key Southeast Asian banks and financial institutions.

Amelia Walsh, Austrade’s Trade Commissioner in Bangkok, emphasized the importance of the event for strengthening digital economy ties between Australia and Southeast Asia. “Hosting the Aussie fintech pitch at the beginning of the week was a highlight,” she said. “I was impressed by how well our companies articulated their value propositions and aligned with regional ambitions. I look forward to the continued growth of Australian fintechs in Southeast Asia.”

Opportunities in Southeast Asia

The MoU underscores the significant growth opportunities for Australian fintechs in Thailand and Southeast Asia. Brian Collins, Deputy Chair of FinTech Australia, noted the region’s rapid adoption of various fintech solutions. “Many of our members are interested in this part of the world due to the swift adoption of fintech. We look forward to collaborating with the Thai FinTech Association to improve outcomes for both regions.”

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

This partnership represents a strategic move to enhance fintech capabilities and drive innovation in both countries, fostering a robust and collaborative digital economy.

Source: austrade.gov.au

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