Thailand’s Digital Finance Journey: Lessons for ASEAN

Dr. Sethaput Suthiwartnarueput discussed Thailand’s payment policy implementation at the Singapore FinTech Festival, focusing on enhancing efficiency and security through initiatives like the PromptPay system and QR code standards. The Bank of Thailand is preparing to promote the Your Data project to support more inclusive access to financial services.

Key Takeaways

Thailand has made significant progress in enhancing digital payment systems through initiatives like the PromptPay system and QR code standards.
The Bank of Thailand is working on increasing international connectivity of payment systems and promoting the use of digital footprints to improve access to financial services.
There will be increased measures to enhance the security of digital financial services in Thailand.

On November 7, 2024, Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, participated in a discussion at the Singapore FinTech Festival organized by the Monetary Authority of Singapore. The discussion was on the topic “Thailand’s Digital Finance Journey: Lessons for ASEAN.” He shared experiences regarding Thailand’s payment policy implementation, which has developed payment infrastructure such as the PromptPay system and QR code standards, focusing on enhancing efficiency alongside security. This has significantly improved access to digital payment systems within the country.

Going forward, in addition to increasing the connectivity of payment systems internationally through various forms, both bilateral and multilateral, such as Nexus and mBridge, which address different needs, the Bank of Thailand is preparing to promote the development of infrastructure that will enable people to use their digital footprint to support more efficient and inclusive access to financial services through the Your Data project. Additionally, measures to enhance the security of digital financial services will be increased.