Expanding Market in Southeast Asia, Xendit Officially Enters Thailand

Xendit has again increased its business scope in Southeast Asia by entering Thailand. Following this expansion, Tessa Wijaya, Co-Founder and COO of Xendit Indonesia, was appointed CEO of Xendit in Thailand.

Then, Xendit also appointed Visit Yindisiriwong as COO and Korn Chatikavanij as Chairman in Thailand. Thus, startup fintech It is now officially operational in Indonesia, the Philippines, Malaysia and Thailand.

Xendit said it would offer digital payment solutions and embedded finance which targets the MSME segment, startup players, and large corporations in Thailand.

"We will bring more local payment methods and direct integration into banking in Thailand which can help accelerate economic progress and have a positive impact on Thai society," said Tessa as reported by TechinAsia.

Based on information on its official website, Xendit has served more than 4000 businesses, and processed $21 billion in transactions, and 250 million transaction volumes annually.

In previous news, Xendit had stated that it would diversify its business to increase its revenue and business in a sustainable manner.

In 2022, Xendit invested in Bank Sahabat Sampoerna and released the Nex digital banking application. The company is expanding the digital payment market segment, not only in B2C but also B2B.

Services  embedded finance one of the digital finances that is currently developing in Indonesia. This solution allows companies or business actors to have digital financial services without the need to build infrastructure or create new licenses.

Several solutions embedded finance that are widely used are digital payments, investments, insurance, and remittances. Several embedded finance developers in Indonesia include DigiAsia, Nickel, Finfra, and DOKU.

According to projections Research and Markets, market value embedded finance in Indonesia is estimated to grow at 34,2% CAGR in the 2023-2029 period with estimated revenues increasing from $2 billion in 2023 to $8.2 billion in 2029.

Xendit is also reported to have just carried out a second wave of layoffs in January 2024. The first wave occurred in 2022, where as many as 5% of employees in Indonesia and the Philippines were affected.