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.