Thai fintech sector calls for state support
The Thai FinTech Association has called on the government to increase its support for local tech startups and financial institutions to enhance their competitiveness and prevent foreign giants from monopolising the fintech market. “It’s time for the government to create a level playing field between local and foreign players and prevent monopolies from taking hold through the use of the Trade Competition Act,” said chairman Korn Chatikavanij. He expressed concern at the prospect of foreign players controlling the e-payment service market after Chinese e-commerce giant Alibaba moved aggressively to increase its presence in Thailand through a partnership with CP All, the operator of 7-Eleven convenience stores in the country. “The alliance between the two giants poses critical challenges to Thai fintech companies,” Mr Korn said on January 24 at a seminar entitled, “The New Era of Digital for Business Solutions”, hosted by Brother Commercial Thailand.
