Thailand Fintech Digital Remittances Market Size and Forecast by Transfer Channel, End Users, Industry, Remittance Type, and Transaction Purpose: 2019-2033

Thailand Fintech Digital Remittances Market Growth and Performance

• The Thailand fintech digital remittances market size expanded to US$ XX5.1 Million in 2023, marking a XX.1% YoY growth.
• This projection indicates a CAGR of XX.9%, resulting in the market value reaching US$ XX6 Billion by 2033.

Thailand Fintech Digital Remittances Market Outlook

Thailand is rapidly emerging as a key player in the fintech digital remittances market, driven by a surge in regulatory reforms, public-private partnerships, and advancements in cross-border digital infrastructure. The country’s fintech evolution has reached an inflection point, especially with the Bank of Thailand's (BOT) strategic move to approve three virtual bank licenses. The consortia led by Krungthai Bank, SCB X, and Ascend Money are poised to redefine digital financial access by 2026. These consortiums not only boast strong financial backers like PTT, KakaoBank, and Ant International, but also reflect a serious commitment to regulatory compliance, scalability, and inclusivity—an important consideration in a region where the underbanked still represent a significant market segment.

In this dynamic landscape, cross-border remittances and digital payments are gaining extraordinary traction. During the 24th Money Expo Bangkok 2024, BOT emphasized the expansion of QR code payment linkages and PromptPay, Thailand’s national real-time payment system. With eight economic territories already interconnected through PromptPay, including major economies like Singapore and Malaysia, the system is increasingly seen as a template for regional integration. The BOT is also finalizing a QR code payment framework with China, aiming to reduce dependence on USD settlements and minimize foreign exchange risk—a forward-looking policy that supports both macroeconomic stability and regional trade.

Thailand’s approach stands out in its effort to not only enhance transaction speed and lower remittance fees but also ensure financial literacy and user protection. Regulatory sandbox projects, such as the one between Siam Commercial Bank (SCB) and Lightnet, exemplify this balance of innovation and compliance. SCB’s launch of stablecoin-based cross-border remittance services—utilizing blockchain and Fireblocks custody solutions—offers clients real-time, low-cost transactions while eliminating pre-funding requirements between banking partners. This aligns Thailand with global leaders in digital remittance technologies, where stablecoins are increasingly used to counter high currency volatility and expensive intermediary fees.

Efforts to digitalize Thailand financial sector also include strategic plans like the BOT Payment Systems Development Plan (2022–2024). This plan focuses on transitioning to a less-cash society through the principles of openness, inclusivity, and resilience. The openness initiative promotes the adoption of ISO 20022 messaging standards and integration with government platforms for seamless interoperability. Inclusivity targets unbanked communities, such as daily wage workers and small merchants, with a strong emphasis on financial education. Meanwhile, resilience ensures secure, compliant, and adaptable systems in response to evolving technological risks.

The 29th APEC Finance Ministers’ Meeting further cemented Thailand’s role in regional fintech leadership. Demonstrations of cross-border QR payments and digital supply chain innovations illustrated Thailand’s capacity to spearhead frictionless commerce across Southeast Asia. Collaboration with leading banks such as KBank, Krungthai, and Bangkok Bank has shown that institutional alignment can fast-track digital transformation even in legacy financial systems.

In parallel, legislative measures are reinforcing digital safety and asset transparency. The cybercrime and digital asset business regulation acts, recently approved by Thailand’s cabinet, are instrumental in ensuring foreign digital asset operators comply with Thai law. This includes mandates on Thai-language support and local payment acceptance, which will help secure consumer interests and reduce illegal online activities.

Thailand fintech digital remittances market is strategically leveraging technology, policy, and partnerships to address longstanding inefficiencies in cross-border transactions. By reducing costs, accelerating speed, and fostering inclusion, Thailand is not just catching up—it’s leading the charge in ASEAN. As digital banks go live in 2026 and initiatives like mBridge and Your Data take shape, Thailand is well-positioned to redefine how digital remittances and financial services function at scale in the post-cash era.

Thailand Fintech Digital Remittances Market Scope