Fintech is fast becoming an accepted part of the world’s financial systems. Thai and ASEAN-based startups have been just as quick to launch their own fintech business models of new approaches to lending, advising, transfers, and insurance.
Fintech is already disrupting the traditional roles that banks and financial services companies have played for hundreds of years. These old-school financial companies have been caught short and are currently struggling to launch their own applications and catch up to the market leaders.
The concept of 'sandboxing’ in computing is playing a large part in making all these new applications possible. In order to deal online on a large scale with people's money, your program needs to be isolated from the other programs on your system to provide a level of safety from hacking and theft.
Sandboxing keeps the processes of a computer program separate from other programs within a given computer or computer system, much as a child’s sandbox keeps sand from getting everywhere.
By applying this concept to the world of fintech services, it allows a lot less oversight and worries about the security of these transactions. Consequently, it also requires a lot less regulation by the world’s governments and banking authorities. This has been the key to the explosion of simple, accessible, and low-cost financial services that are threatening to undermine the large banking institutions.
These services are also helping to lessen the wealth inequalities in Thailand by making investment services available to anyone that has access to the internet. With 49% of the country regularly online, it seems the market for these new types of financial services has nowhere to go but up.
Here are the top fintech services companies operating in Thailand.
Kredivo comes from the fertile minds of the people behind FinAccel, the Indonesian company previously known for Lime, a program that helps you manage your budget. Kredivo is a credit provider that offers online loans with a 1-month free loan and 3-month, 6-month and 12-month repayment plans at 2.95% per month.
This is a payment management platform that allows people to transfer money to third-party banks accounts, save regular customer card numbers, and return money to customers. It’s a payment management system that suits SMEs and makes it simple to effect transfers to multiple bank accounts.
Insure tech is one of the many related arms that is included under fintech. Claim Di is a car insurance application you can access from your smartphone. In case of a car accident, a subscriber to Claim Di would shake their phone near the phone of the owner of the other car, if the other driver is also a subscriber to the app. The insurance companies of both drivers then will issue a claim report. The drivers don’t need to wait around for surveyors to come to the site of the accident.
Roojai is also a member of the insure tech subset of the revolution in finance technology. They are an insurance broker that provides an online platform for purchasing auto insurance. It allows the user to browse through the policies offered and choose one with a car-repair garage near their location.
Jitta offers an investment platform designed for financial advisors and individual investors. The platform simplifies financial analysis so that investors and advisors can make knowledgable decisions. It also has a 'crowd wisdom' feature for professionals and successful investors to share knowledge and investment advice within a community of supporting individuals.
Finnomena is an online platform offering investment analysis and several categories of market advice and education. It offers blogs, video tutorials, and graphs that explain different types of investments and markets to both retail investors and individuals seeking advice on their investment strategy.
Masii allows users to compare various car insurance and credit card offerings to find the right one for their needs. This site was identified as the top site for expats living in Thailand to compare both health and car insurance rates and coverage, as well as credit card rates.
Deep Pocket is a mobile wallet service provider application that is a product developed by T2P Co. Ltd. Both Android and IOS users can upload their credit or debit details into the app, and the users can make payments for goods and services via their phones after that.
FlowAccount was designed as a cloud-based accounting program to specifically to serve the needs of SMEs in managing their expenses. The user has an account where they can upload photos of their receipts and invoices. The program also generates and sends professional-looking invoices. It can collaborate with partners and track payments. It has won numerous awards since it was launched in 2014.
Piggipo was created for heavy users of multiple credit cards. It’s a credit card management application that prevents the overuse of credit cards by tracking the spending of each credit card entered into it and their payment due dates. It provides infographics about the users spending habits and tracks and stores the details of each transaction.