NEC Corporation has introduced three modern digital finance solutions that aim to enable the financial industry in Thailand to cope with fintech challenges. The offering comprises Wealth Management Solutions, a Sales Engagement Module, and a Universal Lending Platform.

Collaborating with Avaloq, a subsidiary of NEC specialising in wealth management technology, and BlackRock, a fintech provider, NEC created a dashboard that enhances asset management efficiency. This dashboard includes risk level assessments, empowering customers to make well-informed portfolio decisions based on return estimates. Embedded finance powered by blockchain 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. Officials from NEC Corporations said they are committed to helping Thailand's financial institutions of all sizes to embrace digital technologies to reshape the future of their financial services. 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 the Bank of Thailand (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. NEC’s representatives added that 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. .