- Xendit expands into Thailand, appointing co-founder Tessa Wijaya as CEO.
- Thailand’s digital economy is projected to reach US$165 billion by 2030.
- Xendit faces competition from established players like TrueMoney and Rabbit Line Pay.
Xendit, an Indonesian fintech unicorn, has announced its expansion into Thailand, further extending its market presence in Southeast Asia.
The payment gateway firm, which already operates in Malaysia, the Philippines, and Indonesia, has appointed its co-founder, Tessa Wijaya, as the CEO of its Thailand business. The decision to enter the Thai market was driven by the country’s immense potential in the digital economy.
Thailand’s digital economy poised for growth
Thailand’s digital economy, the second-largest in Southeast Asia, is projected to grow to between US$100 billion and US$165 billion by 2030, according to Google’s e-Conomy SEA 2023 report.
Xendit plans to adapt its service strategies to cater to local business needs, a similar approach it has taken in Malaysia and the Philippines. “Our hyperlocal expertise and global best practices will enable us to bring more local payment methods and direct integrations to banks in Thailand, catalyzing economic progress and driving positive change for the communities,” Wijaya stated.
Competing in Thailand’s digital payments landscape
Xendit will face competition from established players in Thailand, such as TrueMoney and Rabbit Line Pay, which reportedly hold a combined market share of over 75% in the nation’s electronic money market.
These companies are vying for leadership in the digital payments segment, where 94% of the population is said to have used cashless payments.
Since its launch in 2015, Xendit has grown to serve over 6,000 clients across its markets, ranging from SMEs and e-commerce startups to large enterprises.
The firm claims to process 320 million transactions annually, encompassing payment processing, international money transfers, business operations, and shop management.
However, the company has recently faced challenges, leading to two rounds of job cuts in August 2023 and January 2024, the latter affecting hundreds of employees in an effort to streamline its business.
To read the original article in its entirety: https://www.techinasia.com/xendit-expands-thailand-cofounder-ceo
