The fintech industry in Thailand has rapidly grown since 2014, with startups including Piggipo, StockRadars, PeakEngine, Flowaccount, and Finnomena securing major venture capital investments and partnerships. Local banks such as the Siam Commercial Bank launched various fintech-focused investment programs and VC funds to assist entrepreneurs in their early stages to lead the local fintech market. The announcement of the central bank and government of Thailand to impose tightened financial regulations towards startups and platforms in its fintech industry prompted serious concerns over the Thai fintech ecosystem from local investors and entrepreneurs.
In contempt of the government’s strict regulatory frameworks, the fintech market remains the second largest industry in the country, due to the emergence of truly innovative and popular fintech startups and platforms over the past few years. Here are five innovative startups in Thailand that maintain substantial percentage of the industry’s market share. Finnomena & Piggipo Finnomena and Piggipo are the two latest fintech startups to secure major VC investment deals from reputable global investors including 500 Startups and Golden Gate Venture. The two startups both successfully raised large funding rounds from Dave McClure-led early-stage venture fund and seed accelerator 500 Startups, as a part of the investment firm’s fintech-focused program in Thailand.