Transforming digital finance

Leading fintech company Ascend Money, under the leadership of co-president Monsinee Nakapanant, has played a key role in promoting financial inclusion and transforming the digital finance landscape in Southeast Asia.

The fintech arm of Charoen Pokphand Group became Thailand's first fintech unicorn in 2021. It is now aiming to list on the Nasdaq stock market, according to its founder and chairman Suphachai Chearavanont.

Now the company has around 32 million active customers in Thailand.

“I am incredibly proud of leading Ascend Money’s journey towards financial inclusion and transforming the digital finance landscape in Southeast Asia," Ms Monsinee said.

"One of my proudest milestones is reaching over 32 million users in Thailand, which reflects our ability to deliver inclusive financial services to underserved populations nationwide.”

Another key moment for the company was expanding the presence of its TrueMoney application across six countries — Myanmar, Cambodia, Vietnam, the Philippines, Indonesia, and Malaysia — and establishing Ascend Money as a leading regional fintech company, she said.

"Bringing essential financial services to previously unserved populations and witnessing the positive impact on their quality of life is one of my greatest achievements," Ms Monsinee added.

The TrueMoney app began as a payment platform for those with limited access to traditional financial services. The app's users can make payments and transfers from their mobile phones at any time.

TrueMoney has transformed into a digital financial super app, offering offline and online payments, high-interest savings accounts, retirement savings, mutual funds, gold investments, microcredit, and personal loans.

"I am especially proud of how our platform has improved the lives of migrant workers in Thailand, particularly from Myanmar and Cambodia, enabling them to make cashless purchases and transfer money home quickly, safely, and affordably," Ms Monsinee said.

She said the continued support from the firm's investors and partners is a testament to the trust they place in the company and its mission.

Customer focus

Ms Monsinee said that in the early days of the Thai fintech industry, overcoming challenges required innovative thinking, strong teamwork, and a commitment to the company's mission.

Key to the company's success was prioritising customer needs. By understanding the pain points of underserved populations, Ascend Money developed groundbreaking digital financial products. This customer-first approach led to tangible benefits, such as micro-insurance and accessible investment options, empowering individuals to secure their financial futures

"Innovation is woven into our DNA, and we cultivate a culture of continuous learning and experimentation. Our strong startup spirit encourages us to push boundaries and respond urgently to market changes, ensuring we stay ahead in the fast-evolving digital economy," Ms Monsinee said.

This mindset has led to initiatives like the company's rapid loan processing and buy-now-pay-later solutions, providing accessible credit to those without traditional income records and ensuring they can secure financial assistance responsibly.

The company also prioritises a harmonious team culture rooted in clear communication and collaboration without hierarchy. It also promotes the team's analytical thinking to drive continuous improvement in customer service and product innovation.

Bright future

Ms Monsinee said Thailand’s fintech sector is poised for significant growth over the next two years, thanks to ongoing digital transformation and rising demand for cashless solutions.

“We are at the forefront of a revolution in financial services. The rise of virtual banking, embedded finance, and AI-driven solutions will play pivotal roles in shaping the future of how people interact with financial institutions,” Ms Monsinee added.

She said that Ascend Money sees tremendous opportunities to further expand financial inclusion. It will focus on enhancing digital payments, providing more credit solutions, and leveraging alternative data to empower unserved and underserved segments, particularly micro and small enterprises.

"We also recognise that financial literacy is crucial for ensuring sustainable growth, and we will continue to invest in initiatives that help individuals better manage their finances," Ms Monsinee said.

In terms of challenges, the rapid pace of technological advancements and regulatory changes will require agility and collaboration. Cybersecurity will remain a top priority as more people engage with digital financial services.

“We will focus on leveraging AI and machine learning to personalise financial solutions and offer targeted services and continue working closely with regulators and stakeholders to foster innovation while safeguarding consumer interests,” Ms Monsinee said.

“Ultimately, our goal is to lead the industry in creating a more inclusive, sustainable, and secure financial future for all Thais."