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 innovations 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)
