HSBC has become the first global bank to sign a memorandum of understanding with the Thai Fintech Association (TFA) to support growth of key financial services development in the ASEAN region.
In a ceremony hosted at Money 20/20 Asia in Bangkok, the bank’s country CEO was joined by the president of the FIA and representative of the Bank of Thailand (BOT) to sign the agreement.
“HSBC is committed to shape the future of banking services through innovation,” said Giorgio Gamba, CEO of HSBC Thailand. “We were the first commercial bank in Thailand, the first bank to issue banknotes in Thailand and first bank to finance the railways.”
The bank was also the first to launch PromptPay for corporates – Thailand’s method of digital payment using QR codes – that has been created and rolled out by the BoT.
“This MOU will give us the opportunity to make sure HSBC continues to be at the forefront of innovation, specifically digital innovation in Thailand,” said Gamba. “By combining the scale and stability of HSBC with the mindset of a tech start up, we can really nurture new ideas, drive innovation and transform financial services.”
TFA President Chonladet Kemarattana said the association wanted the international fintech community to see the country as a hub that would support innovation “not through competition and disruption, but collaboration”.
He noted Bangkok’s central location to the ASEAN region, and its proximity to major financial services centres including Hong Kong and Singapore.
Gamba at HSBC told the assembled press about several of the bank’s latest digital innovations in the region, including a HK$6bn multi-currency digital green bond and a programme to enable factional ownership of gold in its vaults.
“Collaboration represents HSBC’s drive towards digitalisation and innovation at scale and speed, We will work with the TFA to meaningfully work with the next generation of tech unicorns in Thailand and the vast ecosystem of consumers and merchants,” he said.
In 2023, HSBC launched a $1bn ASEAN growth fund across all six markets in the region to support the scaling of its digital economy.
Gamba said: “We are committed to developing the digital economy. Where it grows, we grow, and ultimately the region grows.”
Money 20/20 Asia is taking place in Bangkok’s Queen Sirikit National Convention Centre, April 23-25.
