The Future of Thai Finance
FinTech in Thailand
BOT's roles to support FinTech
The Bank of Thailand (BOT) promotes and encourages financial service providers in Thailand to recognize FinTech from abroad and adopt the cutting-edge technology rapidly, creatively, and in line with Thai society. However, these technologies come with inherent risks. Therefore, the BOT has instituted a regulatory sandbox program in which new technologies such as QR code, biometrics, blockchain, and AI were introduced under limited scope at the initial stage, together with appropriate risk management to ensure that these new technologies truly benefit the Thai economy and not cause any impact on consumers and public.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida. Risus commodo viverra maecenas accumsan lacus vel facilisis. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida. Risus commodo viverra maecenas accumsan lacus vel facilisis. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Quis ipsum suspendisse ultrices gravida. Risus commodo viverra maecenas accumsan lacus vel facilisis. Lorem ipsum dolor sit amet, consectetur adipiscing elit,
FinTech in Thailand
In recent years, the behavior of using financial services of Thai people has changed rapidly. For example, purchasing goods with cashless by using a QR code scan was not existed in the past 5 years.
Nowadays, Thai people are familiar with cashless for purchasing something. We can transfer money abroad easily via mobile phone with significantly lower fees and less time. We can also open a bank account online conveniently and fast via a smartphone without going to the branch by using facial recognition technology. In addition to financial services, digital technologies facilitate other services expansion such as National Digital Identity (NDID) and electronic letter of guarantee on blockchain (e-LG on blockchain)
This is just an example of financial innovation using FinTech.