Mitihoon – The digital economy continues to grow, and ‘Xendit,’ an Indonesian unicorn startup, is advancing its strategy to penetrate the Southeast Asian fintech market with a new step into Thailand. It offers digital financial solutions to a diverse customer base, ranging from small and medium-sized enterprises (SMEs) to large regional corporations. With the mission “Making Payments Simple,” it aims to make payments easier and more convenient by being committed to creating the best payment infrastructure in Southeast Asia.
The digital economy in Southeast Asia is gaining global investor attention due to its bright and continuous growth prospects, with an average annual growth rate of 27% since 2021. This growth is supported by several factors, including the expansion of digital consumers, the drive for new businesses, the popularity of e-commerce, and the growth of digital finance.
From the e-Conomy SEA Report 2023, a collaboration between Google, Temasek, and the consulting firm Bain & Company, which surveyed the economies of six ASEAN countries: Vietnam, Thailand, the Philippines, Malaysia, Singapore, and Indonesia, it is reported that the revenue from the digital economy of Southeast Asia in 2023 is around 100 billion US dollars. This revenue is divided into $70 billion US dollars from businesses like E-commerce, Online Travel, Transport & Food Delivery, and Online Media. Meanwhile, over $30 billion US dollars come from Digital Financial Services, which have seen significant growth, including investment services, wealth management, loans, payments, insurance, and others.
With the rapid growth of digital payments in the Southeast Asian market, this is a challenging and opportune time for Thailand’s digital economy to enhance its technological competitiveness and foster business growth. Currently, Thailand’s digital economy is the second largest in Southeast Asia, following Indonesia, and is projected to grow to between 100,000 – 165,000 billion US dollars by 2030. These supporting factors serve as a significant push for Xendit, a rising unicorn startup specializing in B2B payment solutions and the first of its kind in Indonesia, to continue its strategy for expansion into the Southeast Asian market. With a commitment to promoting the digital economic infrastructure in Thailand, Xendit is ready to offer solutions that cater to the market’s needs and the current consumer demands.
Moses Lo, co-founder and CEO of Xendit Group, stated that Xendit is a financial technology company with a strong foundation in Southeast Asia, providing financial solutions for various businesses from small SMEs to large corporations, aiming to make the payment process more convenient. It offers a safe and easily integrated payment infrastructure, supported by a professional team dedicated to providing close customer care for the best service. Since its launch in 2015, Xendit has gained trust from various businesses in Indonesia and regulators, managing financial solutions for leading companies such as Traveloka, Garuda Indonesia, and Tech in Asia, among others.
Following its impressive success in Indonesia, Xendit has expanded its business into the Philippines and Malaysia, adapting its service strategies according to the local areas and business needs of each country to help propel business expansion and rapid growth. Taking into account the diverse user needs in each area, Xendit is prepared in 2024 to serve as a regional payment infrastructure provider under its mission “Making Payments Simple.” This initiative aims to enhance the opportunity for businesses in Thailand to expand their digital transaction capabilities across Southeast Asia, simply by connecting with Xendit’s modern system.
“Expanding into new markets isn’t just about reaching new customers; we believe in empowering businesses with the tools they need to thrive. At Xendit, our mission has always been to build the best digital payment infrastructure for Southeast Asia and to make payment processes simple. By expanding into Thailand, we are taking another step towards making that vision a reality for even more people.” Moses Lo stated.
Tessa Wijaya, co-founder and CEO of Xendit Thailand, mentioned that Xendit currently serves over 6,000 clients across Southeast Asia, with more than 320 million transactions per year through payment processing, international money transfers, business operations, and shop management, along with many other digital financial services. Customers range from small SMEs and e-commerce startups to large enterprises. Xendit plans to develop its services with a variety of products, offering great value and accessibility to all customer groups, with service highlights as follows:
- Simple: Providing a secure payment system that is easy to integrate.
- Speed: Fast verification and connection.
- Service: 24/7 care with world-class standards.
Xendit aims to identify and solve payment system needs for each company and is ready to create solutions that fit the digital payment market in Thailand, targeting groups from small shops and startups dreaming of regional expansion to large regional corporations.
“At Xendit, we believe in breaking barriers and empowering local businesses through global connectivity and seamless digital transactions. With our hyperlocal expertise and global best practices, we will be bringing more local payment methods and direct integrations to banks
in Thailand that can help to catalyze economic progress and drive positive change for the communities.” said Ms. Tessa Wijaya.
Xendit, recognized internationally as a provider of seamless and easy-to-use payment systems at a regional level and supported locally, collaborates for its expansion in Thailand with financial experts like Mr. Korn Chatikavanij who has joined as an advisor and Chairman of the company.
“Payments is an extremely important cog in the overall economic machine. In the digital age, a world class robust payments system is essential for success. Xendit will work closely with Thai financial institutions as well as directly with local businesses to deliver world class service and technology. We will collaborate with Regulators to ensure transparency and good governance in all our activities.” Mr. Korn Chatikavanij stated.
This partnership aims to drive innovation, elevate the potential for economic growth in the digital economy, and develop financial technology in Thailand sustainably.
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