Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, recently addressed the Singapore Fintech Festival, sharing insights on Thailand’s advancements in digital finance.
He emphasized the country’s successful implementation of the PromptPay system and QR code standards, which have significantly broadened access to digital payments while prioritizing security.
Speaking on the topic “Thailand’s Digital Finance Journey: Lessons for ASEAN,” Dr. Sethaput outlined how these developments have enhanced efficiency and accessibility within the country’s payment systems.
Looking ahead, he highlighted Thailand’s efforts to strengthen cross-border payment connectivity through projects like Nexus and mBridge.
Nexus, now overseen by the newly created Nexus Scheme Operator (NSO), aims to establish a unified framework for seamless cross-border payments by addressing interoperability challenges between different national systems.
The mBridge project, initially supported by the Bank for International Settlements (BIS), continues to focus on using distributed ledger technology for efficient cross-border settlements, despite BIS “graduating out” of the four-year initiative.
Domestically, the BOT is advancing the Your Data project, an initiative designed to enable individuals to leverage their digital footprints for more inclusive access to financial services.
The project also focuses on developing infrastructure to support these efforts, ensuring more efficient financial access.
Security enhancements across digital financial systems are also a key priority as Thailand continues to support its growing digital economy.
