Financial Sector Master Plan

The Financial Sector Master Plan (FSMP) is a 5-10 year medium-term development plan for Thailand's financial system, encompassing all sectors. It is the result of a collaborative effort between the Bank of Thailand and the Ministry of Finance (MOF), aimed at providing guidance for public and private sector policies.

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Financial Sector Master Plan Phase I (2004 – 2008)

Focused on the post-1997 financial crisis restructuring and reorganizing efforts, as well as expanding the scope of activities of commercial banks to achieve “universal banking” services, in order to enable the financial sector to efficiently act as financial intermediaries and support economic growth.

 

Key Policies: 

1. Broaden access to financial services

2. Increase efficiency of financial sector

3. Improve consumer protection

 

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Financial Sector Master Plan Phase II (2010 – 2014)

Concentrated on strengthening financial institutions and enhancing their efficiency and competitiveness as well as promote financial access and enhance financial infrastructure, especially financial institutions’ risk management.

 

Key policies:

1. Reduce system-wide operating cost

2. Promote competition and financial access

3. Strengthen financial infrastructure

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Financial Sector Master Plan Phase III (2016-2020)

Aimed to promote a competitive Thai financial institutions system which can support more diverse needs at fair and undistorted prices, promote regional trades and investments, with supervision to ensure macroeconomic and financial stability.

 

Key policies:

1. Promote electronic financial and payment services and enhance efficiency of the financial system

2. Facilitate regional trade and investment connectivity

3. Promote greater financial access

4. Develop financial infrastructure

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The establishment of Qualified ASEAN Banks (QABs)

In March 2015, the finance ministers of the ASEAN member states signed the ASEAN Banking Integration Framework (ABIF) agreement as part of the broader ASEAN Economic Community (AEC) Blueprint, which aims to create an integrated and highly cohesive ASEAN economy. The BOT aspires to see QAB arrangements pave the way for further financial cooperation among ASEAN members as the region embraces new financial innovations.

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Financial Landscape Consultation Paper (2022-Present)

In February 2022, the BOT issued the Financial Landscape Consultation Paper on Repositioning Thailand’s Financial Sector for a Sustainable Digital Economy to set the overall directions for developing the Thai financial sector.

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Financial Access Survey of Thai Household

Since 2010, the Bank of Thailand (BOT) and National Statistical Office (NSO) have conducted a biennial survey to gather valuable insights on households' financial access.

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