NEC unveils 3 digital finance solutions to respond to fintech challenges in Thailand

NEC Corporation (Thailand), a leading IT consulting company, has announced three cutting-edge digital finance solutions that will enable the financial industry in Thailand to modernize and cope with the fintech challenges. The three solutions include Wealth Management Solutions; a Sales Engagement Module; and a Universal Lending Platform, and are being showcased at the Bank of Thailand (BOT) Digital Finance Conference 2023, September 14-15, 2023.

NEC worked with Avaloq, an NEC company providing wealth management technology, and BlackRock, a leading provider of financial technology, to develop a dashboard that enables efficient asset management by providing risk level assessment to allow their customers to make more informed portfolio decisions based upon satisfactory return estimates.

A direct result of this collaboration, the concept of "Embedded Finance" will be introduced to allow consumers to access various kinds of financial services such as payments, loans, insurance, and investments without having to leave the platform or application they are using. This model offers consumers a seamless and convenient way to manage their financial activities through a Financial-Service-as-a-Platform, which is powered by blockchain technology.

Mr. Ichiro Kurihara, President of NEC Corporation (Thailand) Ltd., said, "NEC is committed to helping Thailand's financial institutions of all sizes to embrace digital technologies to reshape the future of their financial services."

He added, "Although the global investment in fintech in 2023 is lower due to the economic slow-down, fintech investment still remains positive in the long term and its market is expected to grow, especially in the Asia region."

According to a payment statistics report revealed by BoT, online payments through mobile banking, Internet banking and e-Wallets in Thailand have seen continuous growth in 2022, achieving 92.4 % of the total payment transactions. The figure indicates that online financial services are playing an increasing role in people's financial activities.

Mr. Kurihara said, "The arrival of 'Virtual Banking' that BoT plans to grant a license for in Thailand is also regarded as a significant step to help improve financial inclusion. This allows underserved customers who never have had access, or have limited access, to experience the full suite of banking services."