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BOT co-hosts seminar on mobilizing fintech

The Bank of Thailand (BOT) and the Asian Development Bank are organizing a seminar on financial technologies (fintech) for future growth, in order to brainstorm policies that utilize financial technology.

BOT Governor Veerathai Santiprabhob said today fintech, whether it be AI, ID verification systems, or blockchain, is the key to Thailand’s economic growth and will enhance the competitiveness of small businesses in particular. At the same time, technological changes have led to undesirable developments such as cyber crime and trade risks. Therefore, he asserted that the heart of financial policymaking must be to ensure security as well as accessibility for low-income groups, in order to reduce economic inequality.

Meanwhile, former Governor of the Bank of Japan Naoyuki Yoshino has stated that financial space in Asia has continued to expand. However, the region must find ways to ensure access for all groups, especially those with low capital, without depriving financial institutions of opportunities for profit. He added that consumers must be well educated about the costs and risks associated with various financial instruments.

Information and Source
Reporter : Benjamin Rujopakarn
Rewriter : Rodney McNeil
National News Bureau & Public Relations : http://thainews.prd.go.th


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