Thailand and Japan are exploring ways to use digital finance to simplify cross-border payments, boost investment and connect tourism services, with industry leaders proposing a joint super-app and closer cooperation between financial institutions.
Speaking at a Bangkok event hosted by FinCity Tokyo, Yasuto Watanabe, director of the Asean+3 Macroeconomic Research Office (AMRO), called for a digital finance corridor linking Tokyo and Thailand, including cross-border investment in tokenised real-world assets such as property and condominiums.
He also highlighted the need to turn previous proof-of-concept projects, including trade finance initiatives, into commercially viable products involving financial institutions and startups.
Tokenised money could make payments faster and reduce transaction costs for tourists, migrant workers and small and medium-sized enterprises (SMEs). It could also facilitate investment by Japanese investors seeking opportunities in Thai assets, although implementation would depend on regulatory approval and suitable infrastructure.
Established in 2019, FinCity Tokyo is a public-private partnership aimed at strengthening Tokyo's position as a global financial centre. Supported by more than 50 member organisations, including leading financial institutions and institutional investors, it serves as an entry point for international companies exploring opportunities in Tokyo's fast-growing finance ecosystem.
Regular dialogue on stablecoins, central bank digital currencies (CBDCs) and anti-money laundering and counter-terrorism financing standards would also help address regulatory differences between the two countries.
Tetsuya Inoue, head of policy research at FinCity Tokyo and Sony Financial Group, highlighted Thailand's experience in cross-border QR code payments as a potential model for Japan.
He said common standards established by the Bank of Thailand and relevant agencies, together with shared gateways connecting payment systems, had helped different platforms work together. Japan could draw lessons from this approach, given its diverse payment providers, including mobile network operators, railway companies and e-commerce platforms.
However, broader integration would require compatible data standards, regulatory coordination and knowledge-sharing on CBDCs and stablecoins.
TOURISM IN FOCUS
Chonladet Khemarattana, president of the Thai Fintech Association and Thailand CEO of Webull Securities, identified tourism as a promising starting point for tokenised money and digital asset applications.
He proposed a Thai-Japan tourism super-app integrating travel information, ticket bookings and related services to help visitors overcome language barriers. The platform could combine QR code payments and tokenised money or stablecoins with augmented reality (AR) features that provide information about attractions, cultural activities and local services.
The proposal targets an established travel market, with around one million Thais travelling to Japan annually and approximately 800,000 Japanese visitors coming to Thailand, according to the figures presented.
A unified platform could connect transport, accommodation, tourism activities and everyday payments, creating opportunities for businesses in both countries to serve customers across borders.
FinCity Tokyo is promoting Tokyo as a gateway for Thai banks, asset managers and fintech companies seeking Japanese capital, technology and business networks.
Its Attraction U and Emerging Managers Programme provide market-entry support and connections for overseas firms and investment managers.
The broader goal is to turn digital finance experiments into commercially viable services. Achieving that will require private-sector investment, compatible payment infrastructure and regulatory cooperation between Thailand and Japan.