BOT, UK Government Agree to Cooperate in Financial Services
Source: Regulation Asia Editors, Regulation Asia
The MoU will see increased cooperation in areas such as accounting standards, governance and transparency, fintech development, and sustainable finance.
The BOT (Bank of Thailand) has signed an MoU with the UK government to support Thailand’s economic recovery and green growth in line with the Sustainable Development Goals (SDGs).Under the MoU, the UK and the BOT agree to collaborate to strengthen accounting standards; enhance corporate governance and transparency; support the development of fintech; promote sustainable finance; and support resilience in the financial system.The collaboration will also see increasing sharing of strategic knowledge and expertise on new financing trends, regulatory practices, products and services.“Financial technology can enhance financial inclusion by scaling up accessibility and convenience with product offerings that can be tailored to individual’s needs,” said BOT governor Veerathai Santiprabhob. “Our cooperation under this MoU will play an important role … to foster a regulatory framework that promotes agility and innovation while preserving financial stability as we pursue our journey of digital transformation.”“In addition, it will facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organisational culture and business conducts.”The collaboration is enabled by the UK’s ASEAN Economic Reform and ASEAN Low Carbon Energy Programmes, BOT said in a statement.
Subscribe Now
