Digital identity revolution to transform Thai economy

Thailand stands at the forefront of a digital identity revolution, having transformed its early blockchain uncertainties into one of Asia's most promising decentralised identities ecosystems, says Andre Barros, strategy and project director at LIMIX, a fast-growing IT outsourcing startup based in Thailand.

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He said Thailand's blockchain security roadmap is no longer a future aspiration.

It is a data-driven, legally grounded, and citizen-facing platform shaping the country's secure digital future, said Mr Barros.

Thailand's financial and digital services sectors have faced critical challenges: unclear regulatory frameworks, manual-heavy know your customer (KYC) processes, and a growing wave of crypto-related fraud, he said.

Yet that narrative began to change with the emergence of NDID (National Digital ID), a decentralised, blockchain-based identity system backed by the Bank of Thailand and developed in partnership with both the public and private sectors.

NDID serves more than 9 million active users and supports cross-bank, cross-platform ID verification.

Since the end of 2022, adoption has grown by more than 50%, with over 40 million Thais having verified digital identity levels sufficient for online financial services, thanks in part to a widespread push via the government's digital wallet programme.

TURNING STRATEGY INTO ACTION