HSBC and The Thai Fintech Association’s New Collaboration

HSBC, a global banking pioneer, reaffirms its commitment to fostering innovation in the ASEAN region by partnering with the Thai Fintech Association (TFA) at Money20/20 Asia in Bangkok. This landmark collaboration marks HSBC as the first international bank to join forces with TFA, signalling a significant step towards shaping the future of financial services in Southeast Asia.

Commitment to Innovation

Giorgio Gamba, CEO of HSBC Thailand, underscored the bank’s commitment to innovation, stating, “HSBC is devoted to shaping the future of banking services through innovation.” This pledge resonates with HSBC’s history of pioneering initiatives in Thailand, from being the country’s inaugural commercial bank to spearheading innovations like PromptPay for corporates, a digital payment method endorsed by the Bank of Thailand (BOT).

Collaborative Endeavours

The memorandum of understanding (MOU) inked between HSBC and TFA highlights the collaborative ethos propelling innovation in the region. Chonladet Kemarattana, President of the Thai Fintech Association (TFA), stressed the significance of collaboration over competition, positioning Bangkok as a strategic hub for fintech innovation within ASEAN.

TFA’s Recent Collaborations

Simultaneously, at the same event, the Thai Fintech Association (TFA) bolstered Thailand’s standing in the global fintech arena by forging alliances with FinTech Australia and The Luxembourg House of Financial Technology (LHoFT). These strategic partnerships solidified through memorandums of understanding (MOUs), underscore Thailand’s pivotal role as a fintech innovation hub within the ASEAN region and beyond.

Innovative Initiatives

HSBC is spearheading digitalisation through innovative endeavours such as introducing a multi-currency digital green bond and a programme enabling fractional ownership of gold. These demonstrate the bank’s commitment to digital innovation at scale while harnessing its stability alongside the agility of a tech startup.

The Bank of Thailand Perspective

Wijitleka Marome, Director of the Payment Systems & Financial Technology Policy Department at the Bank of Thailand, highlighted, “By combining HSBC’s strength with the Thai Fintech Association’s expertise networking, creating an unprecedented opportunity and a very powerful catalyst for Thai fintech communities and startups to drive innovations.”

Nurturing the Digital Economy

Furthermore, HSBC’s launch of a $1 billion ASEAN growth fund in 2023 exemplifies its dedication to nurturing the region’s digital economy. Giorgio Gamba emphasises that the bank’s growth is intricately linked to the region’s digital advancement, benefiting the entire ASEAN community.

The Human Connection in Innovation

John A Cordova, General Counsel at HSBC Thailand, remarked, “This isn’t solely about technology – it’s about human connection. We’re thrilled to collaborate with the Thai Fintech Association for grassroots access to the next generation of innovators.”

Leadership in Digital Innovation

In conclusion, HSBC’s alliance with the Thai Fintech Association (TFA) and its ongoing initiatives in ASEAN underscore the bank’s leadership in driving digital innovation in the region. By fostering collaboration and leveraging its global expertise, HSBC is positioned to play a pivotal role in shaping the future of banking and finance in Southeast Asia.