Xendit’s launch in Thailand / Photo credit: Xendit
Indonesian fintech unicorn Xendit has expanded its business to Thailand, extending its market presence in Southeast Asia.
The payment gateway firm – which already operates in Malaysia, the Philippines, and its home country of Indonesia – appointed its co-founder, Tessa Wijaya, as the CEO of its Thailand business.
In a statement, the company said that the potential of Thailand’s digital economy was a key factor in its decision to enter the country. According to Google’s e-Conomy SEA 2023 report, Thailand is the second-largest digital economy in Southeast Asia, projected to grow to between US$100 billion to US$165 billion by 2030.
Xendit said it will adapt its service strategies according to local business needs, similar to its approach in Malaysia and the Philippines.
“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,” Wijaya said in the statement.
In Thailand, Xendit will compete with incumbents such as TrueMoney and Rabbit Line Pay. The two companies reportedly hold more than 75% of the nation’s electronic money market combined. These players are vying to lead the digital payments segment in the country, where 94% of the population is said to have used cashless payments.
Launched in 2015, Xendit currently serves over 6,000 clients across its markets, ranging from SMEs and ecommerce startups to large enterprises.
The firm claims to have processed 320 million transactions per year via payment processing, international money transfers, business operations, and shop management.
In January, it laid off hundreds of employees as part of its efforts to streamline its business. This marks the second round of job cuts for the company, following a retrenchment in August 2023 that affected a “small number” of employees from its product team.
See also: New unicorn Xendit, rivals double down on regional play
Editing by Miguel Cordon and Jaclyn Tiu
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