InfoQuest (March 28, 2022) - It is reported that the Bank of Thailand (BOT) carried out the opinion solicitation from February 1 to 28 this year, for formulating policies for the restructuring of Thailand's financial industry. TheBOT's opinion of "maintaining an appropriate balance between financial innovation and risk regulation" is widely approved by all circles.
The BOT will start from the three perspectives below to help the economy move towards the digital economy and achieve sustainable development. These three aspects include: 1. Adhere to three open viewpoints (open competition, open infrastructure and open data); 2. Encourage enterprises and households to adjust themselves to adapt to the digital financial economy and improve their ability to deal with risks; 3. Carry out flexible supervision and establish an "immune system" to improve the general anti-risk ability in the financial field.
As for how to carry out work and achieve substantial achievements under the guidance, various suggestions and opinions are made to the BOT, such as making clear the three specific policies, re-considering risk regulation policies and fully assessing the negative impacts and encouraging enterprises and households to take the initiative to "embrace" the digital economy to achieve sustainable development.
The BOT plans to make public the draft regulations for applying for a virtual bank license in the second quarter of this year and the development direction of open banking in the third quarter of this year.
Source: InfoQuest, by Thpl/Kasamarporn Kittisamphan/Rachada Kongkhunthian, translated by Xinhua Silk Road
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