The UK and the Bank of Thailand sign new MoU on Financial Services to support inclusive economic growth
The UK Government, represented by the British Embassy Bangkok, and the Bank of Thailand (BoT) signed a Memorandum of Understanding (MoU) on financial services cooperation on 30 November 2022.
The UK Government, represented by the British Embassy Bangkok, and the Bank of Thailand (BoT) signed a Memorandum of Understanding (MoU) on financial services cooperation on 30 November 2022. Building on the previous MoU, this MoU aims to strengthen the strategic partnership between the two parties and support Thailand’s efforts to improve financial inclusion and promote sustainable growth, in line with the Sustainable Development Goals.
Under the previous MoU, the UK has provided technical assistance to the BoT in a range of projects, including those to help strengthen accounting standards; promote sustainable finance; support the resilience of the financial system; and support the development of the financial technology (FinTech) sector to help facilitate greater access to finance and create business opportunities for the Thai financial industry.
With the new MoU, the UK and the BoT will continue to strengthen their partnership in promoting inclusive economic growth, in alignment with the BoT’s strategy to reposition Thailand’s financial sector towards a sustainable digital economy. In particular, the UK and the BoT will work together to enhance the regulatory framework, encourage innovation that would improve financial inclusion, as well as promoting sustainable finance and sustainability-related disclosures in the Thai financial sector.
The collaboration will entail the sharing of knowledge, expertise, studies, as well as regulatory practices on digital and sustainable finance. It is enabled by the UK-funded ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme.
The Governor of the Bank of Thailand, Mr. Sethaput Suthiwartnarueput, said
We welcome the continued partnership between the UK and Thailand in the area of financial services. The Bank of Thailand aims to support the adoption of financial innovation to improve financial inclusion, internalise environmental risk into banks’ operations, and support businesses’ transition towards more sustainable activities in the least disruptive manner. We appreciate the opportunity to learn from the UK’s experience and insight, as they share similar goals for their financial sector.
Welcoming the next MoU, British Ambassador Mark Gooding said
As a global leader in financial services, the UK views finance not only as key to business but as critical sustainable, inclusive global growth. We are proud to continue our partnership with Thailand on financial services with a particular focus on finance’s cutting edge – sustainable finance and digital finance.
Notes to Editors
- The previous MoU was signed on 7 August 2020. More details can be found here: MoU on Financial Services Year 2020
- In February 2022, the BOT published a consultation paper on the financial landscape laying out its strategic approach and policies for repositioning Thailand’s financial sector for a sustainable digital economy. More details can be found here: Financial Landscape (bot.or.th)
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Last updated 1 December 2022 + show all updates
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