Banking in Thailand began in the late 19th century and expanded along with the rise of international trade. The continuous growth led to the modernization of the banking sector in the country. With approximately 30 registered banks, the expansion of the country’s
. Additionally, as one of the
, Thailand’s banking sector now provides various financial services, depending on the types and demands of clientele.
Banking services in Thailand
The most common service among banks in Thailand is retail banking, which focuses on day-to-day financial activities such as deposits, loans, and savings. To keep up with the
expected level of newly established firms, it is also essential for banks to provide corporate banking services, especially since small and medium enterprises are a significant driver of the country’s economy. The recent COVID-19 pandemic has given even greater importance to corporate banking services, since
financial policies greatly assisted smaller businesses in Thailand during the pandemic compared to other government policies. Furthermore, larger businesses may also engage in investment banking, emphasizing corporate demands for expansion and funding opportunities. Despite the great variation of services already provided by mainstream banks, consumers or smaller businesses in specific industries may also engage in banking services from cooperatives such as thrift and credit union cooperatives.
Directions of Thailand’s banking sector post pandemic
Despite the significant impact of the COVID-19 outbreak on the country’s economy, the banking sector remains resilient through efficient credit practices by providing soft loans and lower interest rates. Meanwhile, social distancing measures helped promote digital banking as contactless transactions appeared more desirable. Thus, since the outbreak, purchasing goods and services through mobile banking and
digital payment in Thailand has risen in popularity. Mobile banking allows transactions to be made on the go, where transfers between domestic accounts can be made within minutes. This can be seen from
the growing volume of PromptPay QR Code payment transactions in Thailand since the pandemic in 2019. To keep up with client demands, many Thai banks collaborated with fintech firms or established a sister company to maneuver innovative financial products. The goal is to create faster, more efficient, and easy-to-use financial systems, as well as maintain customer bases through appealing credit and loan structuring programs.
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