Framing the Issues: The Future of Finance in Thailand
Thailand is well-positioned to capitalize on the new developments in FinTech. The country has seen rapid growth in mobile and internet penetration, it has one of the strongest regional track records in improving access to finance, and it hosts the largest number of software and app developers among the Association of Southeast Asian Nations (ASEAN). Recognizing the promise of FinTech innovations for access to capital and financial inclusion more broadly, the Bank of Thailand (BOT) has taken a leading role in creating an enabling environment for FinTech expansion in Thailand.
To explore the implications of technical innovations in the Thai financial services sector, the Bank of Thailand and the Milken Institute convened a day-long roundtable on March 30, 2018, titled, “The Future of Finance.” The event brought together senior Thai policymakers, regional regulators, technology experts from leading international FinTech companies, Thai banking executives, and financial-sector development specialists for an open discussion structured around three main topics: the new technologies and companies reshaping the financial landscape, the response of traditional financial institutions, and the challenges facing Thai policymakers and regulators as they work to encourage innovation while ensuring financial stability and customer protection.
To frame the day-long discussion, Dr. Veerathai Santiprabhob, the Governor of the Bank of Thailand (BOT), laid out three imperatives that should guide FinTech policymaking and private-sector innovation in the Thai financial services industry: productivity, inclusivity, and immunity/resilience. This report summarizes the ideas, recommendations, and outstanding concerns shared by roundtable participants, based on the Governor’s broad call to action.