Over the past decade the "financial world" has often been described as divided into two camps: on one side, traditional financial institutions that are stable, regulated, and have large customer bases; on the other, the world of digital assets and decentralized finance characterized by innovation, volatility, and uncertainty. However, today those boundaries are becoming blurred.
In recent years, the financial sector has reached a critical turning point, shifting from Traditional Finance to the new realm of Digital Finance. Technologies like tokenization, stablecoin, and blockchain are not just innovations but are becoming the "new infrastructure" of financial systems.
This is why Thairath Money has invited Danny Levy, Executive Vice President & Managing Director, APAC & Middle East of Money20/20 Asia, a leading global finance and technology forum, to help unpack this transformation, especially within the context of Thailand, which is currently in a very interesting position.
As a seasoned figure in Asia’s financial industry, Danny Levy points out that the convergence of these two worlds is no longer just a trend to watch. The integration of Traditional Finance and Digital Finance has moved beyond the experimental phase into a structural transformation reshaping finance and investment across the region, with Thailand positioned better than many realize.
Thailand has already demonstrated success with "PromptPay", the mobile phone-based online payment system using QR code payments that accelerated during the COVID-19 pandemic, permanently changing consumer behavior nationwide. The key question now is whether digital assets or stablecoins can follow a similar path.
Danny explains that digital assets will not follow the same trajectory. Their adoption will not be as rapid as QR payments but will be deeper, addressing clear everyday problems that consumers can directly experience. This explains the fast growth in technology use. At the same time, digital assets solve more complex backend issues such as transaction management and liquidity, especially improving efficiency and effectiveness in cross-border transactions.
This shift will begin with financial institutions before expanding to the general public, unlike mobile payments which were consumer-driven from the start. However, this does not mean the impact will be smaller; today, global stablecoins handle transactions worth trillions of U.S. dollars annually and are actively used in asset trading, cross-border remittances, and securities settlement systems.
Stablecoins and tokenization have proven they can reduce payment settlement times from several days to just minutes. This presents a significant opportunity for the ASEAN region, which processes huge volumes of cross-border remittances each year, including Thailand, which has strong potential to become a key player in the system, Danny notes.
Currently, over 90% of central banks worldwide are studying digital currencies, and several Asian countries have begun real-world implementations. Thailand serves as a case study of a "ready player," thanks to the proactive role of the Bank of Thailand (BOT) with clear projects on digital currencies and cross-border payments, development of payment infrastructure, and commercial banks investing in blockchain and digital tokens.
Danny says Thailand’s current context clearly reflects the integration of digital assets into the traditional financial system, making it a highly watchable market. Major Thai commercial banks are not resisting change but are among the key investors in digital infrastructure. For example, Kasikornbank and Siam Commercial Bank have invested heavily in digital transformation, becoming some of the most advanced players in the region. Meanwhile, fintech firms help expand access and accelerate innovation at the user level. Altogether, this indicates digital assets are moving from speculation toward becoming genuine infrastructure.
"Fintech was once seen as a threat to banks, but that is no longer the case. Banks are not opposing change; they are investing to be part of the new system. Digital assets are not here to disrupt but to integrate with the existing system. This fusion will create a new “financial stack” or mechanism, where both sides complement each other and collaborate to shape the next era of finance."
Danny adds that although Thailand has experienced rapid adoption in the past, digital assets present different factors. The first and most important factor is "trust." Without trust, widespread acceptance will not occur. Trust here is not just a feeling but requires strong regulatory frameworks, secure infrastructure, and clear supervision—especially integrating decentralized finance with traditional finance, which demands very clear accountability.
The second factor is "regulatory clarity." Danny praises the Bank of Thailand for its progressive approach and strong foundational frameworks. The Securities and Exchange Commission (SEC) also plays a crucial role in regulating digital asset platforms. These two institutions serve as the core of this transition, collaboratively building a balanced ecosystem between innovation and consumer protection.
The third factor is "education and understanding," across all stakeholders. Because digital assets solve complex problems unfamiliar to consumers, creating broad, accurate understanding is essential for sustainable acceptance and growth.
Danny concludes by outlining five key upcoming trends that will shape the future of finance and technology. First is AI, which will enhance infrastructure intelligence and usher in the era of Agentic Finance, where payments are automated, credit models update in real time, and financial services become more proactive. AI acts as a layer connecting and expanding both worlds.
He reveals that a Money20/20 survey of over 150 fintech executives across the region shows AI is moving from experimentation to broad real-world use, evolving from basic efficiency tasks like fraud detection and chatbots to much more complex decision-making and execution.
Next is Embedded Finance, which will become invisible as it integrates with daily life platforms; smoother cross-border payments with Asia leading; digital assets integrating into payment and liquidity systems; and financial inclusion, turning into genuine business opportunities.
Danny points out that although ASEAN has greatly improved financial access, there remains a $300 billion (approximately 9.6 trillion baht) financial gap. New financial technologies will open doors for SMEs and previously unbanked populations to access credit, markets, and new investment opportunities, enabling growth in ways traditional finance never could because "the past decade was about building fintech; the next ten years will be about real-life impact on people’s lives."
For Thailand, this fusion of the two worlds is not just about technology or global trends, but represents a major structural opportunity. With infrastructure ready, a strong banking sector, proactive regulators, and consumers open to innovation, Thailand has the chance to evolve from a "fast adopter" to a "regional leader," defining its new role in the next generation financial system.
This year, Money20/20 Asia’s theme is "From Infrastructure to Impact (Where Technology Meets Humanity)," reflecting the industry’s important transition from focusing on what technology can do to the more critical question of what real impact technology can create. The event also introduces a new zone called "The Intersection," designed to bring together all players—traditional financial institutions and new entrants—to meet and collaborate.
All of this illustrates that fintech is seriously entering a new phase. As traditional finance and digital assets increasingly connect, change will extend beyond technology to producing real economic outcomes for Thailand and Asia in the coming decade.
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