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Innovations and resilience in Thailand’s payment ecosystem: A comprehensive analysis — Connectivity initiatives, challenges and solutions
Journal of Digital Banking,
9
(1),
67-85
(2024)
Abstract
This paper examines Thailand’s strategic initiatives to promote FinTech innovations, cross-border payments, individual and business payments. The primary objective is to showcase how Thailand is successfully capitalising on opportunities in the rapidly evolving payment ecosystem. Central to this adaptation is the modernisation of Thailand’s payment systems, which plays a crucial role in accommodating diverse payment preferences. A consensus on policy statements, guiding policies and collaborative approaches is deemed essential to increase competitiveness and consolidate Thailand’s position as a regional leader in payments. This leadership requires the dissemination of innovative and diverse initiatives focused on enhancing financial connectivity, thereby improving the quality of life and economic prosperity. The extensive use of Quick Response (QR) codes and PromptPay for cross-border transactions, which enable real-time international fund transfers, are important initiatives. Additionally, PromptBiz seamlessly facilitates the transfer of trade data and payment information, particularly benefiting businesses engaged in these processes. Concurrently, the integrity and security of the financial ecosystem are secured through meticulous risk management and mitigation efforts, ensuring a robust foundation for sustained growth and innovation.
Keywords: payment connectivity; FinTech; cross-border payment; Standardised QR; PromptBiz; resilience
The full article is available to subscribers to the journal.
Author's Biography
Budsakorn Teerapunyachai is the senior director of the Payment and Bond Department at the Bank of Thailand. Holding a bachelor’s degree in accountancy from Thammasat University, Budsakorn further enriched her knowledge with an MBA from Wayne State University, Michigan, USA, and an MSc in Financial Risk Management from the International Capital Market Association (ICMA) Centre, University of Reading, UK, supported by an Individual Development Plan (IDP) scholarship from the Bank of Thailand. Having played a pivotal role in overseeing international financial transactions and developing policies for risk-based banking supervision, IT risk and electronic payment systems, she has also spearheaded initiatives in the formulation of policies and the supervision framework for the financial sector’s Cybersecurity and Payment System Oversight, ensuring maintenance of cybersecurity in the realm of information technology, as well as reliability of electronic payment systems With a relentless commitment to enhancing financial systems, Budsakorn stands as a driving force behind the Bank of Thailand’s policies in cross-border transactions, payment system oversight and the protection of financial service users.
Yanin Bawornkitchaikul is a young professional in the Payment System Policy and Financial Technology department at the Bank of Thailand. Armed with a distinguished academic background, Yanin completed her BSc in accounting and finance (with a one-year placement) at the University of Bath. Her career journey spans diverse realms, having garnered valuable experience in insurance and accounting during her tenure in the United Kingdom. Yanin’s expertise extends into the domain of consulting, where she honed her skills and contributed to strategic initiatives. Presently, Yanin plays a pivotal role in managing projects related to cross-border payments and business payments. Her multifaceted experience and comprehensive understanding of financial systems uniquely position her to navigate the complexities of modern finance. Yanin’s dedication to driving innovative solutions and her adept project management skills underscore her commitment to advancing the landscape of financial technology and payment systems in Thailand.
