The Relationships of FinTech with the Financial Industry in Thailand
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Abstract
This academic article aims to investigate the relationship between financial technology (FinTech) in the digital age and the financial industry in Thailand. The importance of FinTech is intimately tied to the financial sector, which emphasizes customer-centricity and the adoption of financial technologies that foster competition and growth through digital transformation. Government and private organizations in many countries have placed a top priority on utilizing modern innovative technologies to create new types of financial services and improve the efficiency of already-existing ones. This includes the potential for these financial innovations to create value and benefits in transactions and other activities, particularly within the financial industry in Thailand. The financial innovations by FinTech businesses thus align with government policies aimed at driving Thailand toward future digital trends, leading to a significantly greater awareness of FinTech businesses. However, it has been observed that in Thailand, relevant sectors still have a limited body of research focused on enhancing understanding of the FinTech industry and promoting knowledge and awareness among stakeholders involved in this sector. Studies indicate that interaction between FinTech and the financial industry in Thailand influences the future direction of FinTech businesses, leading to a phenomenon in the development of Fin Tech in Thailand that is continuous, sustainable, timely, and aligned with current trends. This evolution could raise the potential to enhance the competitiveness of the Thai financial sector, bringing it in line with that of other countries. Therefore, the development of FinTech should be consistently advanced through the formulation of clear guidelines, strategic preparedness, and the adaptation of innovative technologies for seamless integration. The skills and knowledge required for digital citizens encompass access, communication, commerce, and understanding of etiquette, rules, rights, and responsibilities. As well as security, physical and mental well-being, and the ability to forecast changes in securities values more accurately to reduce financial costs.
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