Thailand and Australia have signed a pact on financial technology cooperation to promote the local financial technology (fintech) industry.
The memorandum of understanding (MoU) was signed this week between the Thai Fintech Association and FinTech Australia.
Brian Collins, FinTech Australia Deputy Chair, said that Thailand and the Southeast Asian region had shown massive growth opportunities for the Australian local financial technology sector.
"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 due to the rapid adoption of various forms of fintech. We look forward to further collaborating with the Thai Fintech Association to improve outcomes for both countries," he said.
Australian Fintech representatives were in Bangkok to join the Money20/20 Asia 2024, one of the world's leading networking platforms and conferences, joined by thousands of fintech and financial services professionals.
Chonladet Khemarattana, President of the Thai Fintech Association, said that Thailand was emerging as a hub for fintech innovation.
"The Thai Fintech Association warmly welcomes the partnership with FinTech Australia, recognising the tremendous growth potential within the Southeast Asian market. We are eager to work closely with FinTech Australia to leverage our respective strengths and enhance outcomes for both regions' fintech ecosystems," he added.
Angela Macdonald, the Australian ambassador, said during the signing ceremony that Thailand's financial technology sector is one of the fastest growing in Southeast Asia.
"Coupled with Australia's exciting and dynamic fintech landscape, this partnership is a welcome step in digital economy collaboration with Thailand," she added.
According to the Australian embassy, FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector. The industry's value grew from A$250 million (about 6 billion baht) in 2015 to A$45 billion in 2023.
She said the MoU signing was in line with the "Invested: Australia's Southeast Asia Economic Strategy to 2040" launched by Australian Prime Minister Anthony Albanese last year.