In anticipation of the imminent transformation in Thailand’s financial landscape, the Bank of Thailand (BOT) has sought opinions on new policies concerning the financial landscape, emphasizing digital economy and sustainable growth. Key operations include supporting the financial sector in leveraging technology and data guided by the three principles of Open: Open Competition, Open Infrastructure, and Open Data. However, the openness of competitions requires careful consideration of management principles aligned with risk levels as well as equality for both existing and new banking players, mitigating the risks of monopolies or the unfair exercise of market power, which could have broader implications on the financial system and customers. Concurrently, the measures within the new landscape will focus on facilitating the sustainable transition to a novel financial world, encompassing both financial and household sector. Moreover, the adjustment in management format should consider striking a balance between innovative support and risk management which will affect the stability of the financial economy system. It is necessary to review relevant rules to alleviate burdens or capital requirements for managing both existing and new service providers, allowing them to adapt to changes equitably while being able to leverage technology and digital tools to improve their services effectively within the context of transitioning to a digital economy.
With the economic tendency showing improvement and the emergence of opportunities and challenges in the new contexts of the New Normal, it becomes crucial to adapt to the transition towards a low-carbon society and align with the BCG economy model amidst the fragility caused by the lingering effects of the COVID-19 crisis and the continuous transformative wave of technology. To function as a strategic support mechanism in business operations, the Thai Bankers’ Association and its member banks have collaborated in developing visions and formulating a roadmap for the next three years. These aim to promote sustainable growth, increase effectiveness, instill trust in the financial institutions’ systems, and elevate the competitiveness of Thailand both regionally and globally, focusing on four key strategies: