Xendit, a leading Indonesian fintech unicorn specializing in payment solutions, has announced its expansion into Thailand, marking its foray into the thriving digital economy of Southeast Asia’s second-largest digital market.
Previously operating in Indonesia, Malaysia, and the Philippines, Xendit aims to capitalize on Thailand’s growing digital landscape.
Citing the substantial potential of Thailand’s digital economy, Xendit highlights the country’s position as the second-largest digital economy in Southeast Asia, with projections indicating significant growth between US$100 billion to US$165 billion by 2030, according to the Google e-Conomy SEA 2023 report.
Tessa Wijaya, one of the co-founders, has been appointed as the CEO for Xendit’s operations in Thailand. In a statement quoted by TechinAsia on March 12, 2024, Tessa expressed confidence in Xendit’s ability to leverage its hyper-local expertise and global best practices to introduce more local payment methods and direct bank integrations in Thailand, facilitating economic progress and positive change for the community.
Xendit emphasizes its commitment to tailoring its service strategy to meet local business needs, mirroring its approach in Malaysia and the Philippines.
In Thailand, Xendit will face competition from established players such as TrueMoney and Rabbit Line Pay, which reportedly dominate over 75 percent of the electronic money market in the country.
With 94 percent of Thailand’s population already embracing non-cash payments, Xendit sees ample opportunity for growth.
Since its inception in 2015, Xendit has served over 6,000 clients, ranging from MSMEs to large enterprises, processing 320 million transactions annually across payment processing, international money transfers, business operations, and store management.
Earlier in January 2024, Xendit announced layoffs as part of its efforts to enhance long-term resilience and profitability.
The move was aimed at aligning resources with the company’s business strategy and optimizing team efficiency to pursue new growth opportunities.
While challenging, the layoffs were deemed necessary by Managing Director of Xendit Indonesia, Mikiko Steven, to position the company for long-term success and capitalize on emerging growth prospects.
