The Distillery #11: Monzo Goes Mobile & Thailand's Big Crypto Bet
Last week, we asked you which cutting-edge topic deserved its own whitepaper - and you chose Agentic Commerce!
Next month, you’ll receive a free whitepaper exploring how AI-powered agents are beginning to make autonomous purchasing decisions on behalf of consumers - and what this means for retailers, brands, and the future of digital commerce.
Also in this edition:
- Monzo isn’t stopping at finance — its next move could make it your mobile network too
- Smart buildings are set to triple worldwide — here’s the tech reshaping tomorrow’s cities
- Thailand is rolling out crypto-to-baht conversion for tourists — and betting big on travel recovery
- Our latest insights on branded calling, digital payments, stablecoins, banking fraud, agentic messaging, and network APIs
TELECOMS & CONNECTIVITY
Monzo Wants to Be Your Bank & Mobile Network
Monzo is eyeing a surprising new frontier: mobile services. The UK fintech is exploring the launch of its own digital SIM; positioning itself as a Mobile Virtual Network Operator (MVNO) by leasing network capacity from an existing operator.
The move reflects a broader trend among fintechs. Revolut, Klarna, Nubank and N26 have all announced similar plays over the last year; signalling that fintechs view telecoms as ripe for disruption.
Distilled…
🟣 Bundling finance and connectivity makes sense. Unlike traditional MVNOs that compete mainly on price, fintechs can integrate mobile services directly into their financial apps. A single platform for money management and connectivity strengthens customer lock-in and opens the door to innovative bundles - think discounted international calls tied to travel cards, or data allowances linked to spending behaviour.
🟣 MVNOs complement, not threaten, host operators. Carriers such as Vodafone and EE use MVNOs to target price-sensitive, mass-market customers, while they concentrate on premium and enterprise subscribers. This means Monzo et al won’t be competing directly with the host networks, but rather with other low-cost MVNOs - where their strong brand recognition and digital-first distribution gives them a clear advantage.
🟣 Demographics and trust are on the fintechs’ side. MVNOs traditionally succeed with younger, budget-conscious consumers - the same audience that fintech apps already attract. By layering mobile services onto existing banking relationships, fintechs can extend the trust they've built in financial services into telecoms. This overlap positions them to capture share in what is otherwise a highly competitive, low-margin market.
SUSTAINABILITY & SMART CITIES
Clicks & Mortar: What's Driving the Smart Buildings of Tomorrow?
Smart buildings aren't just the stuff of sci-fi anymore. Our latest research shows that the number of smart buildings worldwide is set to grow 194% over the next five years; from 165 million to almost 490 million.
Here’s a closer look at three systems that are quietly reshaping the blueprint of tomorrow’s buildings: from the way they connect to the grid, to the intelligence running behind the walls, to the defences that keep them secure.
🟣 Open-source building automation systems and interoperable platforms are reshaping smart building deployment models. By cutting licensing fees and enabling vendor-agnostic integration, they can reduce upfront costs by half, and unlock more tailored solutions across HVAC, lighting, and security. However, the trade-off is higher technical complexity and fresh security vulnerabilities - which shifts the focus onto upskilling and stronger governance, rather than simply chasing lower costs.
🟣 Smart grid integration turns buildings into active energy players. By linking directly with city-wide grids, smart buildings can optimise consumption in real-time; balancing demand with renewable supply and cutting waste. This convergence supports both net-zero goals and lower operating costs, while government incentives accelerate adoption - but success depends on seamless interoperability and resilient infrastructure.
🟣 Security innovation must balance convenience and trust. Biometrics, AI-driven surveillance, and network segmentation promise tighter control and faster responses to threats; strengthening both physical and cyber defences. But the more data these systems collect, the greater the risk of backlash if privacy protections aren’t watertight - trust will be won or lost not on the technology itself, but on how responsibly it is deployed.
FINTECH & PAYMENTS
Thailand to Launch Crypto-to-baht Conversion for Tourists
Thailand is preparing to launch a crypto payment sandbox for tourists.
The TouristDigiPay project, starting in Q4 2025, will run for 18 months and allow visitors to convert cryptocurrencies into Thai baht through eMoney providers. Developed with the Ministry of Finance, the Anti-Money Laundering Office, and the Ministry of Tourism and Sports, the scheme is aimed at giving fresh momentum to the country’s tourism sector.
Distilled...
🟣Thailand’s Securities and Exchange Commission (SEC) says the sandbox will run on existing rails; connecting the SEC-regulated digital asset trading system with the Bank of Thailand’s eMoney framework. In addition, safeguards such as Know Your Customer and Customer Due Diligence will be mandatory for all participants - while conversions will be capped at just under $17,000 during the pilot to limit exposure to money laundering risks.
🟣 If successful, the scheme could generate around 175 billion baht for Thailand; providing a much-needed safety net for a tourism sector that saw visitor numbers fall 5% in H1 2025 compared with the same period in 2024. By letting tourists seamlessly convert crypto into baht, Thailand can remove the pain points of FX fees and limited payment options; making the country more appealing to younger, crypto-fluent travellers who might otherwise choose cheaper destinations like Japan - currently boosted by a weaker yen.
🟣 Thailand isn’t alone in turning to crypto. In July 2025, the UAE struck a deal with Crypto.com to allow passengers to pay for flights and in-flight purchases in digital assets. Bhutan has gone down a similar path; teaming up with Binance Pay and DK Bank to bring crypto into its tourism infrastructure. These moves underline a wider trend: countries are betting that easier, more flexible payment options can give them an edge in the fight for global tourists.
ICYMI
The Last Drop
We can’t fit all our work from the last fortnight in one issue, so here’s a hand-picked selection of blogs, infographics, and insights that deserve your attention.
☎️ Spam or legit? By 2030, branded calling will verify 90 billion calls worldwide, so you’ll know who’s really on the line.
💰 Boku’s new eMoney licence could be the catalyst for Brazil’s digital payments revolution - here’s why it’s a big deal.
🚀 Stablecoins are evolving fast - here are the parts they'll play in the next era of digital finance.
⚠️ Fraud will cost financial institutions $58.3 billion by 2030 - can we reinvent verification to stop synthetic IDs?
🤖 Agentic messaging could transform customer interactions - are businesses ready for bots that take the initiative?
🌐 Network API revenue is on track to top $8 billion by 2030, with KYC, SIM-swap detection, and number verification leading the charge.
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