Ms. Daranee Saeju, Assistant Governor for Payment Systems Policy and Financial Consumer Protection, participated in the Singapore FinTech Festival 2024 organized by the Monetary Authority of Singapore in Singapore, which took place from November 6-8, 2024. She participated in two panel discussions on these topics:

1. The Future of Cross-border Payments: Transformative Potential of Connecting Instant Payment Systems Across Regions. She shared experiences on linking payment systems both bilaterally and multilaterally, or the Nexus project, which the Bank of Thailand emphasizes and drives together with the BIS Innovation Hub and other central banks of Malaysia, the Philippines, Singapore, and India. The Nexus project is a financial infrastructure for multilateral cross-border fund transfers. Participating countries can connect their fast payment systems through a central system, saving time and increasing efficiency compared to existing linkages. The project aims to make cross-border transfers convenient, low-cost, secure, and transparent, benefiting the public who use the service. This service is expected to expand to connect with other regions in the future.

The panelists included Mr. Leong Sing Chiong, Deputy Managing Director, Monetary Authority of Singapore, and Mr. Ulrich Bindseil, Director General, Market Infrastructure and Payment, European Central Bank

2. Advancing Inclusive Policy Frameworks. She shared experiences on implementing policies that promote access to financial services, especially in the areas of digital finance and payment systems in Thailand. The Bank of Thailand has developed payment infrastructure, such as PromptPay and national digital identity platform, to enhance financial access through the use of digital footprints, particularly for the public and SMEs. Moreover, this extends to other financial services like easier access to funding sources. However, the Bank of Thailand is also mindful of the risks associated with financial access that may lead to over-indebtedness and household debt issues. The Bank emphasizes a comprehensive approach to debt resolution by issuing guidelines for responsible and fair lending to ensure effective loan distribution by commercial banks. Additionally, it focuses on providing basic financial education to all sectors, particularly students, to build financial resilience for the future, and it offers tools or debt clinics to address debt problems in an integrated manner.

The panelists included Mr. Barnabás Virág, Deputy Governor, Central Bank of Hungary, and Dr. Maxwell Opoku-Afari, Deputy Governor, Bank of Ghana.

From the discussions on both topics, Ms. Daranee exchanged knowledge and experiences with international experts. This will enhance the Bank of Thailand's policies on cross-border payments and promoting widespread and sustainable financial inclusion. Additionally, this helps gain international recognition for our various existing projects and create opportunities for future cross-border collaborations.