A Booming FinTech Industry
Thailand is home to a swift-growing FinTech ecosystem. Ascend Money, which operates the country’s leading digital payment and financial service platform, TrueMoney, recently became the country’s first FinTech unicorn. Following its latest $150 funding, Ascend Money reached a valuation of $1.5 billion. TrueMoney serves more than 50 million users spanning six Southeast Asian countries, including Myanmar, Cambodia, Indonesia, the Philippines, and Vietnam.
In fact, one of the reasons for the FinTech boom in the country has been cloud adoption. In fact, many businesses were thrown into unprecedented predicaments during the pandemic. They unexpectedly had an opportunity to reassess how they communicate within the organization and bank on their mission-critical technology applications. Most of them migrated to the cloud to ensure the delivery was resilient and consistent and the deliverables maintained high quality. According to marketsandmarkets.com, the global cloud computing market size is expected to grow to $947.3 billion by 2026 at a CAGR of 16.3 percent during the forecast period.
Technology services companies have played a significant role in enabling this migration across industries. The software-as-a-service(SaaS) industry in Asia has made the most of this favorable ecosystem. According to Statista, the SaaS segment in Asia is projected to grow by 12.99 percent (2023-2027), resulting in a market volume of $63.38 billion in 2027. Additionally, the SaaS segment in Thailand is projected to grow by 9.00 percent (2023-2027), resulting in a market volume of $448.10m in 2027. It’s no secret that the country is betting big on technology, especially the FinTech industry.