Recently, an internal audit at Sendit Tech revealed an online gambling transaction scandal involving more than 10 billion Thai Baht, shocking the Thai fintech sector.
Sendit Tech is a joint venture supported by Indonesian and American investors, which entered the Thai market in 2022 by acquiring a local licensed payment gateway provider. By the end of 2023, the company completed a management transition and was renamed at the beginning of 2024.
After taking over, the new management team reviewed the company's major clients and discovered a large volume of payments related to online gambling sites. Reportedly, these transactions totaled over 10 billion Thai Baht and involved more than 100 gambling websites.
Board members Tom Kruesopon and legal advisor Witoon Keng-ngarn announced the results of the internal audit at a press conference. Two executives were dismissed for allegedly aiding illegal activities but subsequently filed labor lawsuits against the company.
Although the court found that these two executives indeed assisted in illegal activities, it still ordered Sendit Tech to pay 300 million Thai Baht in contractual bonuses. The company has appealed this decision.
Additionally, Witoon revealed that under unusually swift orders from law enforcement, approximately 8 million US dollars of client funds were frozen on April 30. The process was initiated and concluded within minutes, raising concerns about the fairness of the procedures.
Kruesopon stated that he received calls from several influential individuals asking him to drop the case. He expressed concerns that this pressure could undermine the confidence of foreign investors. He also confirmed that Sendit Tech intends to submit its investigation findings to the Cyber Crime Investigation Bureau, the Department of Special Investigation, the Anti-Money Laundering Office, and the Technology Crime Suppression Division.
This incident has exposed loopholes in regulatory and compliance aspects of the Thai fintech industry and has also raised concerns about the confidence of foreign investors. As the investigation deepens, more insider information may emerge, warranting continued attention.
