FinTech Australia, the member-driven group building an ecosystem for Australian fintechs, is collaborating with the Thai Fintech Association after the two organisations signed a memorandum of understanding (MOU), to promote fintech capability between Australia and Thailand.
Thai Fintech Association president Chonladet Khemarattana and Brian Collins, the deputy chair at FinTech Australia, signed the MOU in Bangkok, Thailand, joined by a group of fintech lenders, venture capitalists, corporate innovation and financial services representatives from Australia and Southeast Asia.
The delegation of Australian fintech representatives arrived in Bangkok for Money20/20 Asia, to explore partnerships and opportunities in Thailand and the broader Southeast Asian region.
Brian Collins, deputy chair at FinTech Australia, explained the importance of collaboration between the regions: “Thailand and Southeast Asia represent a massive growth opportunity for our local fintech sector. It’s a part of the world many of our members expressed interest in due to the rapid adoption of various forms of fintech, not to mention Thailand playing host to Money20/20 this month. We look forward to further collaborating with the Thai Fintech Association to improve outcomes for both regions.”
FinTech Australia, the not-for-profit peak industry body for the Australian fintech sector, has overseen significant growth in recent history. In fact, the Australian fintech industry grew from a A$250million industry in 2015 to a A$45billion industry in 2023.
Overseeing Australian growth
Australia’s Prime Minister Anthony Albanese launched Invested: Australia’s Southeast Asia Economic Strategy to 2040 in September 2023 which identified the digital economy as a key sector to boost two-way trade and investment with Thailand.
Dr Angela Macdonald PSM, Australian ambassador to Thailand, said: “Thailand’s fintech sector is one of the fastest growing in Southeast Asia. It has seen significant investment and regulatory support, leading to a boom in innovative solutions for payments, lending and more. Coupled with Australia’s exciting and dynamic fintech landscape, this partnership is a welcome step in digital economy collaboration with Thailand.”
Chonladet Khemarattana, president of the Thai Fintech Association, also commented: “Thai Fintech Association warmly welcomes the partnership with FinTech Australia, recognising the tremendous growth potential within the Southeast Asian market.
“With Thailand emerging as a hub for fintech innovation and the upcoming Money20/20 event, 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.”
