The growth of financial technology in Thailand is set to continue, with increasing numbers of banks now choosing to engage with fintech, said PwC.

An increasing number of Thai banks have been joining forces with fintech providers or developing in-house tech solutions in order to expand service offerings and retain customer engagement levels, according to PwC Thailand partner, Vilaiporn Taweelappontpng.

Speaking at a fintech event at the Securities and Exchange Commission office last week, Taweelappontpng said that statistics collected by PwC confirmed the current focus on collaborative measures between banks and disrupters.

“Although fintech in Thailand has yet to be popular like in the US, we have seen a lot of banks entering the fintech business,” he said.

“We found the banking industry was rated the most laggard in good services while the retail sector was ranked the best performer.”

Investment in fintech companies globally is set to rise by close to $200 billion over the next three to five years, said Taweelappontpng of the findings. New market entrants creating innovative products and services may have the edge, but are still in the learning game for the burgeoning sector.

PwC Asia fintech leader, John Shipman, said: “There is no clear straightforward solution to navigate this fintech world.”

“Financial institutions and tech companies are stepping over one another for a chance to get into the game.”