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Singapore FinTech Festival 2024: The Future of Cross-border Payments
Ms. Daranee Saeju took part in the 2024 Singapore FinTech Festival, where she discussed inclusive policy frameworks and highlighted Thailand’s initiatives to enhance financial access and education, as well as to mitigate associated risks.
Key Takeaways
- The Nexus project, led by the Bank of Thailand, aims to enhance cross-border fund transfers by connecting fast payment systems of multiple countries through a central system.
- The Bank of Thailand implements policies and infrastructure, such as PromptPay and national digital identity platform, to promote financial access while addressing associated risks like over-indebtedness.
- Participation in the Singapore FinTech Festival will enrich the Bank of Thailand’s strategies for cross-border payments and financial inclusion, fostering international recognition and potential collaborations.
Ms. Daranee Saeju, Assistant Governor for Payment Systems Policy and Financial Consumer Protection, participated in the Singapore FinTech Festival 2024 organized by the Monetary Authority of Singapore in Singapore, which took place from November 6-8, 2024. She participated in two panel discussions on these topics:
The Future of Cross-border Payments
Transformative Potential of Connecting Instant Payment Systems Across Regions. The Nexus project, driven by the Bank of Thailand, BIS Innovation Hub, and central banks of Malaysia, the Philippines, Singapore, and India, aims to create a financial infrastructure for multilateral cross-border fund transfers by connecting fast payment systems, making cross-border transfers convenient, low-cost, secure, and transparent. The project is expected to expand to connect with other regions in the future.
Advancing Inclusive Policy Frameworks.
The Bank of Thailand has developed payment infrastructure and a national digital identity platform to enhance financial access, especially for the public and SMEs. However, it also addresses the risks of over-indebtedness and household debt issues through responsible lending guidelines, financial education, and integrated debt resolution tools.
From the discussions on both topics, Ms. Daranee exchanged knowledge and experiences with international experts. This will enhance the Bank of Thailand’s policies on cross-border payments and promoting widespread and sustainable financial inclusion. Additionally, this helps gain international recognition for our various existing projects and create opportunities for future cross-border collaborations.
Source : https://www.bot.or.th/en/news-and-media/news/news-20241113.html
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