Indonesian fintech giant, Xendit, is spreading its wings even further, this time landing in the bustling market of Thailand. With already established operations in Malaysia, the Philippines, and its homeland, Indonesia, the company is setting its sights on expanding its footprint across Southeast Asia.
- Track Record: Launched in 2015, Xendit boasts a clientele of over 6,000 businesses across various sectors, from small and medium enterprises to e-commerce startups and large enterprises. The company prides itself on processing 320 million transactions annually, covering payment processing, international money transfers, business operations, and shop management.
- Local Adaptation: Xendit plans to tailor its services to meet the specific needs of the Thai market, similar to its approach in other countries like Malaysia and the Philippines. By integrating hyperlocal expertise with global best practices, Xendit aims to introduce more local payment methods and forge direct integrations with banks in Thailand, catalyzing economic progress and fostering positive change within communities.
- Market Extension: Xendit has appointed Tessa Wijaya, one of its co-founders, as the CEO of its Thailand division, signaling its commitment to the Thai market. This move comes as no surprise, given the potential of Thailand’s digital economy.
- Competitive Landscape: In Thailand, Xendit will face competition from established players such as TrueMoney and Rabbit Line Pay. These incumbents currently dominate more than 75% of the nation’s electronic money market. However, with 94% of the population already embracing cashless payments, there’s ample room for innovation and growth.
Xendit’s expansion into Thailand shows both a strategic move to tap into the country’s digital economy and a commitment to innovation and growth across Southeast Asia. With a blend of local insights and global expertise, Xendit is poised to make an impact on the digital payments landscape in Thailand and beyond.
