Episode 563: Spanning the Globe: Thai Tech and Saudi Arabia’s Barq

Breaking Banks

In This Episode

Globetrotter and Host Brett King shares banking news and investment conversations from around the world

We start today’s podcast on banking with Brett’s one on one discussion on tech in Thailand with Dr. Supachai Kid Parchariyanon. Dr. Kid is CEO and Co-Founder of consulting company Rise, and managing partner for SeaX Ventures, a Thai venture capital firm with presence in Silicon Valley. Rise’s company goal is to drive 1% of the GDP in Thailand as well as reduce 1% of carbon emissions in all of Southeast Asia. Earlier in his career, Dr. Kid was a key figure responsible for bringing the social media app Twitter (now known as X) to Thailand, it was a technical challenge, and one that had legal barriers as well. Later, he and his team were also able to code software for the Nokia phone, creating in his words a “Robin Hood-like app” for Thailand. He speaks to us today about the Thai tech scene, what’s happening in fintech and the VC world, and specifically what’s helping drive the Thai economy — from fintech to health tourism to the Thai lifestyle movement and digital nomad visas, the conversation is wide-ranging as this small country slowly recovers from covid and faces demographic headwinds. With an aging society they are looking to attract new talent and people to the country, collaborate not compete and expand investment in deep tech, AI, agritech, medical, and tourism tech.

Then, from the 24 Fintech Conference in Saudi Arabia, Brett introduces us to Saudi Arabia’s Barq, making headlines around the region and other parts of the world, as he sits down with its Chief Business Officer, Saad Almuhana. Barq is the newest and fastest growing private wallet and challenger bank in Saudi Arabia, the Middle East and potentially the world, having garnered 1.5M customers in 35 days — having hit the amazing milestone of 1M customers in 21 days. In Saudi Arabia, younger people represent 70% of the population, tech savvy, mobile banking is very successful in the Kingdom with mobile penetration off the charts. Consumer appetite is high for help with finances in a quick manner. Remittance is a big part of Barq’s offering, assuring customers that the optimal rail is selected at the right time for payment transactions. The journey started August 2024 with an EMI license (e-money), expansion plans are already in the works. In their second month, Barq is enhancing service offerings through multiple partnerships and hoping to hit 2M customers. If the evolution of the fintech is such, they have the option to upgrade to a full bank. It’s an interesting and unique journey, one of incredible growth.

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https://www.youtube.com/watch?v=zZNxqyOfV6M