Thailand is looking to implement blockchain for various financial services

15 Jul, 2018
by Fifi Arisandi
News
Thailand is looking to implement blockchain for various financial services

The Governor of the Bank of Thailand mentioned in his speech at the Bloomberg Asian Business Summit that the government is looking to embrace blockchain technology in more financial services in the future. 

The Governor of the Bank of Thailand, Dr. Veerathai Santiprabhob delivered a speech at the Bloomberg Asian Business Summit, mentioning Thailand's plans and actions towards developing a financial system for the future.

Speaking about how the finance sector can take advantage of the rapid advancement in technology, Dr. Santiprabhob expressed his concerns about the "unbanked and underserved" people whose access to financial services is very limited.

He conveyed his expectation that the emergence of FinTech and TechFin firms, along with their diverse platform can improve financial access to these people by providing financial products at a lower cost. 

In order to support financial innovations further, the Bank of Thailand has developed a platform, called the Sandbox, which helps FinTech firms to "test new technologies and operating standards in a safe environment before the products and services are launched to the general public."

Some of the technologies being reviewed currently are blockchain applications for cross-border payments, supply chain financing, and document authentication. 

Furthermore, he mentioned that his organization is currently undergoing "regulatory reform", which will review outdated rules and regulations, particularly those that hindered financial innovation.

Lastly, the Governor emphasized his commitment to support the adoption of financial technology and promoting the financial innovations to build Thailand's financial system for the future. 

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