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

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. But……one last thing before you listen to the latest episode of our financial podcast,,,,you know what season it is? Not just pumpkin spice, it’s conference season and there is a new show to add to your list. The AI-Native Banking & Fintech Conference is happening October 7 in Salt Lake City and Breaking Banks is proud to be a media partner. Our listeners get a 20% discount when they register at conference.springlabs.com and use the code SpringLabsXBreakingBanks. They have an outstanding set of speakers and this is not to be missed. Once again, you have the link http://conference.springlabs.com and the code is: SpringLabsXBreakingBanks, don’t forget to claim your discount! Podcast Chapters: Chapter 1: 0:00 – Introduction – Exploring Thai Tech and Saudi Fintech Brett King introduces the dual focus of this episode: the evolving Thai tech ecosystem and the rapid rise of Saudi Arabia’s Barq. Chapter 2: 3:15 – Thailand’s Economy and Demographic Challenges Kid Pacharianon discusses Thailand’s economic position in Southeast Asia, its aging population, and its recovery post-COVID. Chapter 3: 12:40 – Thai Tech and Startup Landscape The growth of Thai startups, the impact of corporate venture capital, and the success of initiatives like PromptPay and e-commerce. Chapter 4: 23:00 – The Future of Thai Innovation Kid shares insights on emerging deep-tech trends, including AI, blockchain, med-tech, and agri-tech, and their potential for the Thai economy. Chapter 5: 35:10 – Saudi Arabia’s Fintech Boom – Introducing Barq Saad Al-Muhanna discusses Barq’s origins, rapid growth, and its role in revolutionizing financial services for Saudi youth and expats. Chapter 6: 46:25 – Barq’s Technology and User-Centric Offerings A deep dive into Barq’s tech stack, its innovative KYC processes, international remittance capabilities, and customer-centric tools. Chapter 7: 57:00 – Plans for Expansion and Corporate Solutions Saad outlines Barq’s future plans, including SME platforms, payroll management, and expanding its wallet and banking services. Chapter 8: 1:07:50 – Closing Reflections – Fintech Across Borders Brett wraps up the discussion by reflecting on the global nature of fintech and its transformative potential in different markets. Read the entire transcript here. Listen On Your Favorite Platforms: https://www.youtube.com/watch?v=zZNxqyOfV6M