Thailand can benefit more from fintech – Veerathai

The Bank of Thailand is encouraging the financial sector to embrace technology in pursuit of higher productivity, greater resilience and more inclusivity, governor Veerathai Santiprabhob said on July 12.

In his remarks, the governor highlighted the potential of blockchain technology for facilitating regional payments, which he said could boost productivity. The Bank of Thailand is operating a regulatory sandbox, with a cross-border blockchain system as one of several technologies on trial. Others include biometrics, machine learning and additional blockchain applications for supply-chain financing and document authentication.

Veerathai said he saw further potential in biometrics and blockchain technology as a means of boosting the resilience of the financial sector. The central bank set up an emergency cyber response unit in partnership with banks to share information on cyber breaches last year.

On inclusivity, the central bank is looking for ways to cut back on outdated regulations that might be stifling digital banking innovations that could allow a broader range of people to access the financial system. The Bank of Thailand is preparing to roll out a basic bank account designed to promote financial inclusion for vulnerable groups.