Central Banking

Thai payments need an overhaul-Gov. Chatumongol

Commercial banks should focus on developing more competitive payment systems to maintain their market share, according to the Bank of Thailand governor, M.R. Chatumongol Sonakul.

Banks will soon face stiff competition from software manufacturers, telecommunications firms and postal business, all of which could adjust to the evolution toward electronic commerce at lower cost, he told a seminar on Feb 20, 2001. Low cost and customer convenience would be critical to the success ofbanks' payment

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