The financial services industry in Thailand has remained resilient amid the pandemic to support economic recovery and preserve livelihood. Timely initiatives taken by the government and the Bank of Thailand (BOT) provided much needed debt relief and financial support to small and medium-sized enterprises (SMEs). The central bank’s 3-year strategic plan (2020-2022) aims to transform the country into a thriving digital economy through the implementation of open banking infrastructures and legislations that enable data sharing and security, as well as development of a central bank digital currency (CBDC) to promote digital payments. The accelerated pace of digitisation has also highlighted gaps in existing digital journeys. The growth of open banking and digital ecosystems has increased service capabilities to meet the changing demands of customers. The industry has experienced rapid shifts towards contactless transactions, partnerships with non-traditional players like LINE and Grab, adoption of internet of things (IoT) and smart devices as well as use of blockchain, artificial intelligence (AI) and analytics that are reshaping business models. Industry players are also increasing efforts to support underserved consumer segments and SMEs. The Asian Banker Finance Thailand 2021 is the leading annual event for fostering sustainable innovation in financial services. This year’s leadership dialogue will help update senior managers and decision-makers on the key transformational issues shaping the industry.
Building the next generation digital banks and developing unique experiences
Delivering frictionless customer journeys through cloud-first core infrastructures
Overcoming SME financing challenges and gaps to sustain business and economic recovery