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Thailand: BOT announces sustainable digital economy and sustainable growth policy, with a focus on environmental risks

The Bank of Thailand ('BOT') announced, on 1 February 2022, its public consultation on its policy of digital economy and sustainable growth with a balance between supporting innovation and appropriate risk management. In particular, the BOT noted that it aims for this policy to facilitate the use of technology within financial services, encourage businesses and households to adapt to the digital financial economy, and cope with environmental or new types of risks.

Furthermore, the BOT clarified that the policy establishes three main directions which include a competitive playing field for banks with open inftrastructure and data sharing, a sustainability focus on the financial sector to assess environmental risks in business operations, and the introduction of a new flexible governance and risk-awareness through supervision of risks with technology adoption in the financial sector.

You can read the press release, only available in Thai, here.