While Thailand’s fintech ecosystem has witnessed exponential growth in recent years, the landscape isn’t as rosy as one may think.

Overview of How Thais Perceive Fintech

• While 85% of Thai consumers have welcomed financial digitalisation, only 60% of consumers think their data is safe.
• Security beats convenience by a margin of around 49 percentage points on the priority list among Thai customers.

Why Are Thai Customers So Cautious?

The hangover of a major data breach involving the data of more than 120,000 customers by two major Thai banks, Kasikorn Bank and Krungthai Bank, still lingers in the minds of the Thai population. The incident has discouraged many people from switching to virtual banks.