THAILAND Law and Practice Contributed by: John Formichella, Naytiwut Jamallsawat, Onnicha Khongthon and Supitchaya Akeyati, Formichella & Sritawat Attorneys at Law
technology firms with internal compliance programmes, reviews of AI and digital marketing practices, and enforcement issues before the PDPC and MDES. Her work exemplifies a rigorous analytical approach to intricate data governance frameworks and the intersection of technology and regulatory law.
Formichella & Sritawat Attorneys at Law 399, Interchange 21 Building, 23rd Fl
Unit 3, Sukhumvit Road Klongtoey-Nua, Wattana Bangkok 10110 Thailand Tel: +66 21071882 Email: info@fosrlaw.com Web: www.fosrlaw.com
1. Market Trends 1.1 Technology M&A Market
successful applicants expected in 2025, leading to a wave of strategic acquisitions as market players pre- pare for fully digital banking operations. AI, automa- tion and cybersecurity targets gained premium valu- ations as traditional industries seek quick technology integration. 1.2 Key Trends Clear themes shaping technology M&A in 2025–2026 include: • strong demand for AI, machine learning and gen- erative AI capabilities, with acquirers purchasing start-ups to integrate these technologies into exist- ing platforms; • continued boom in data centre and submarine cable investments, particularly from operators based in Singapore, Malaysia and Hong Kong; • fintech restructuring driven by virtual bank applica- tions and the growth of embedded finance; • heightened emphasis on ESG and green tech, especially renewable energy software and carbon- accountability tools; • widespread use of earn-outs and deferred consid- eration to address valuation gaps in a higher-rate environment;
The technology M&A market in Thailand has remained one of the most active sectors in South-East Asia throughout 2025, supported by the country’s digital economy roadmap and strong government incen- tives. Transaction values in the broader M&A space reached about USD4.2 billion in the first three quar- ters, with technology-related deals – including fintech, data centres, e-commerce platforms, health-tech and enterprise software – consistently accounting for 35%–45% of total volume. Cross-border acquisi- tions lead the market, primarily driven by buyers from Singapore, Japan, the United States, Malaysia and, increasingly, India, while domestic conglomerates and private equity funds pursue bolt-on acquisitions to speed up digital transformation. Data centre and cloud infrastructure transactions have been especially prominent, driven by hyperscaler growth and the Board of Investment’s (BOI) promo- tion of the Eastern Economic Corridor as a regional digital hub. Fintech consolidation sped up after the Bank of Thailand launched its virtual-bank licensing programme, with applications submitted in 2024 and
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