MAS, BOT cooperate on FinTech development

BANGKOK, November 16 (TNA) - The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) have agreed to cooperate on the development of advanced financial technologies (FinTech). ​Siritida Panomwon Na Ayudhya, BOT Assistant Governor for Payment Systems Policy and Financial Technology Group, told journalists that Buncha Manoonkunchai, BOT Senior Director for Financial Technology Group attended the Singapore Fintech Festival 2017 in the island state on November 15, during which the agreement between the Singapore and Thai central banks was signed. ​Siritida said Wednesday's discussions at the Singapore Fintech Festival 2017 focused on regulatory sandboxes, the main theme of the financial seminar. According to the BOT, regulatory sandboxes have been introduced to allow FinTech players to experiment with new products or services during a limited period without being fully subject to normal official requirements. ​The BOT assistant governor noted that the Thai central bank has adopted the approach of regulatory sandboxes in 2016 as a key drive of the country's financial innovations, aimed mainly to promote and support the development of FinTech and FinTech players in the Thai economy. Besides, the regulatory sandboxes support risk management and protect consumers from negative impacts of FinTech. Meanwhile, the BOT senior director was quoted as saying at the Singapore Fintech Festival 2017 that the Thai central bank has also introduced the use of QR code for online payments of goods and services on the domestic market to further develop the Thai financial system to meet the more advanced international standards currently. (TNA)