Financial inclusion strategies in advancing accessibility to financial services: the role of Fintech in Thailand

Financial inclusion is a priority in an expanding number of economies and on a worldwide scale. Furthermore, Thailand has always put a great priority on financial inclusion within the development agenda with numerous policies and development initiatives supporting financial inclusion across the nation. The purpose of this study is to affirm the causality or correlation between Fintech and financial inclusion in Thailand by applying the historical data such as the Financial Access Survey of Thai Households by the Bank of Thailand (BOT), the IMF Financial Access Survey (FAS) and The Global Findex database by the World Bank to analyze. Furthermore, other forms of research, reports, news and literature from private and public organizations are also studied as a secondary research. The findings demonstrate that Thailand has a high level of financial inclusion compared to other nations in the region and the entire world, with excellent improvement. The promotion of Fintech, a crucial tool for boosting financial inclusion, is greatly influenced by the government and financial institutions. Digital payment, particularly the PromptPay scheme, has encouraged the use of financial services and reduced barriers to access and usage. However, certain people, particularly those in the financial and digital illiteracy groups, still struggle to use digital technologies. As a result, there is still opportunity for all sectors to improve financial services' usability and provide services more accessible.