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Cloud-Based Financial Platforms Expand Financial Inclusion in Thailand
Despite near-universal access to formal financial services, many Thai households struggle to find affordable credit, insurance, and remittance services. Cloud-based financial platforms are helping bridge this gap by enabling banks and fintech companies to launch products faster and serve customers at lower operating costs.
While Thailand boasts near-universal access to formal financial services, many households continue to face challenges in accessing affordable credit, insurance, remittance services, and useful mobile banking. Cloud-based financial platforms are emerging as a key solution to bridge this gap. These platforms enable banks and fintech companies to launch new products more rapidly and serve customers at lower operating costs. This facilitates greater reach to segments of the population that have historically been underserved by traditional financial institutions. Compared to significant upfront investment in traditional infrastructure, cloud systems offer lower initial costs, making them more accessible for small to medium-sized financial institutions and startups. Their inherent scalability also allows for flexible adaptation to fluctuating demand. Consequently, these advancements are expected to foster greater financial inclusion across Thailand, ensuring more individuals can access essential financial services affordably and conveniently to participate in economic activities.
Original source
Chiang Rai Times