Superapps and the Future of Financial Services in Thailand: Build, Embed, or Enable?

The Superapp Imperative in Thailand

Thailand is at the epicenter of Southeast Asia’s digital revolution, with superapps rapidly transforming how consumers live, transact, and manage their finances. With 90% internet penetration and a population that spends over five hours daily on mobile devices, the country is primed for superapp adoption. The digital economy is projected to reach USD 53 billion by 2025, with consumer-facing sectors like e-commerce, payments, and food delivery leading the charge. For Thai banks and financial institutions, the rise of superapps is both a challenge and an unprecedented opportunity to redefine their role in customers’ lives.

Strategic Choices: Build, Embed, or Enable?

As the superapp model gains traction, Thai financial institutions face a pivotal decision: should they build their own superapp, embed their services within third-party platforms, or enable the ecosystem as an infrastructure provider? Each path offers distinct advantages and challenges, and the right choice depends on an organization’s ambition, capabilities, and market context.

1. Build: Develop a Proprietary Superapp

Pros:

Ownership of Customer Relationship: Building a superapp allows banks to retain direct control over the customer experience, data, and brand.
New Revenue Streams: By integrating lifestyle, commerce, and financial services, banks can cross-sell, drive higher engagement, and unlock new fee-based income.
Personalization and Loyalty: Proprietary platforms enable hyper-personalized journeys, leveraging data to anticipate needs and foster sustained loyalty.

Cons:

High Investment and Execution Risk: Developing and scaling a superapp requires significant capital, digital maturity, and the ability to orchestrate a diverse partner ecosystem.
Competition: Banks must compete with tech giants and digital natives who have already achieved scale and engagement.
Complexity: Integrating non-financial services and managing regulatory compliance across multiple verticals adds operational complexity.

Case in Point:

Siam Commercial Bank (SCB) exemplifies this approach. By launching Robinhood, a food delivery and lifestyle superapp, SCB rapidly expanded beyond traditional banking, leveraging a cloud-native, API-driven platform to deliver new services at speed. The result: a scalable, resilient ecosystem that drives customer engagement and opens new business verticals.

2. Embed: Integrate Services into Third-Party Superapps

Pros:

Rapid Market Access: Embedding banking services into established superapps (e.g., Grab, LINE, Shopee) provides instant access to large, engaged user bases.
Lower Acquisition Costs: Banks can reach new segments efficiently, especially in markets where superapps dominate digital engagement.
Focus on Core Strengths: By partnering, banks can focus on delivering best-in-class financial products while leveraging the distribution and engagement of superapps.

Cons:

Loss of Direct Relationship: Banks risk becoming commoditized service providers, with limited control over the customer journey and data.
Dependence on Platform Partners: Strategic direction, data access, and customer insights may be constrained by the superapp’s policies.
Brand Dilution: The bank’s brand may be less visible within the broader ecosystem.

Example:

Many Thai banks and fintechs have chosen to embed their services within leading superapps, offering payments, lending, and insurance products to millions of users through seamless API integrations.

3. Enable: Become an Infrastructure Provider (BaaS/PaaS)

Pros:

Monetize Core Capabilities: By offering Banking-as-a-Service (BaaS) or Payments-as-a-Service (PaaS), banks can power multiple platforms, generating new revenue streams from their technology stack.
Operational Excellence: Focus on compliance, risk management, and operational efficiency, without the need to compete for end-user engagement.
Scalability: Modular, API-driven platforms allow banks to serve a wide range of partners and use cases.

Cons:

Lower Margins: Infrastructure roles may yield lower margins compared to direct-to-consumer models.
Limited Influence on Experience: Banks have less control over the end-user journey and may be relegated to a utility role.
Continuous Investment: Success depends on ongoing investment in automation, real-time data, and regulatory controls.

Case Study:

A leading SME digital bank in Southeast Asia orchestrated 22 fintech partners on a cloud-native, API-driven platform, targeting 350,000 SMEs with fully automated operations and real-time analytics—demonstrating the power of modular architecture and partner-centric delivery.

Technology Foundations: Building for Agility and Scale

Regardless of the chosen path, success in the superapp era requires a robust technology foundation:

API-First, Modular Architecture: Enables rapid integration, customization, and scalability across partners and services.
Real-Time Data Lakes and Analytics: Power hyper-personalization, risk management, and regulatory compliance.
Cloud-Native Platforms: Support resilience, cost efficiency, and the ability to scale on demand.
Agile, Cross-Functional Teams: Accelerate product development, iterate quickly, and respond to evolving customer and partner needs.

SCB’s Robinhood app, for example, was built in just five months using a cloud-native, microservices-based architecture, enabling 24/7 operations, seamless scaling, and rapid feature releases.

Regulatory and Ecosystem Considerations

Thailand’s regulatory environment is evolving to support digital innovation while ensuring consumer protection and systemic stability. Financial institutions must:

Align with Local Compliance: Data residency, privacy, and open banking requirements must be addressed from the outset.
Foster Ecosystem Partnerships: Open APIs and modular integration are essential for onboarding partners and expanding service portfolios.
Build Trust and Resilience: Security, transparency, and crisis management capabilities are non-negotiable in a digital-first world.

Decision Framework: Choosing the Right Path

To determine the optimal superapp strategy, Thai banks and financial institutions should assess:

Strategic Ambition: Is the goal to maximize reach, deepen engagement, or drive operational efficiency?
Core Capabilities: Does the organization have the technology, data, and operating model to support embedded, enabling, or platform-led strategies?
Partner Landscape: Which partners—tech, fintech, or non-financial—are best aligned to co-create value?
Regulatory Environment: What are the compliance implications of each model in the Thai context?
Customer Experience Vision: How will the institution differentiate on experience, trust, and personalization?

The Road Ahead: Compete, Collaborate, and Thrive

The superapp opportunity in Thailand is immense, but success demands more than technology—it requires a strategic, ecosystem-driven approach. Whether building a proprietary platform, embedding services, or enabling the ecosystem as an infrastructure provider, Thai financial institutions must act decisively. By investing in modular technology, agile operating models, and robust partnerships, banks can unlock new value pools, deepen customer relationships, and lead in the next wave of digital disruption.

Ready to define your superapp strategy? Publicis Sapient partners with financial institutions to design, build, and scale digital ecosystems that deliver lasting impact in Thailand’s dynamic financial landscape.