Finance Thailand 2021 | The Asian Banker | 19 October 2021 | TBA, Thailand

Thailand’s Robust Initiatives Towards Post-Pandemic Economic Recovery

The financial services industry in Thailand remained resilient with high capital buffers and liquidity to support economic uncertainty as the country recovers the third wave of COVID-19 pandemic.

The timely initiatives taken by the government andBank of Thailand (BOT)during the pandemic enabled to empower and sustain the economy. These include debt relief measures for smaller debtors and a larger financial package to support affected businesses.In BOT’s 3-year strategic plan (2020-2022) the key focus areas include push towards digital economy, implement open banking infrastructure, legislation governing data sharing and security, develop the digital bank central currency (CBDC) and promote digital payments.

During the pandemic, the accelerated pace of digitisation within the financial services industry in Thailandhas highlighted the gaps in existing digital journeys. The growing expansion of open banking and digital ecosystems in institutions has widened service capabilities to meet the changing demands of the customers.The industry has experienced rapid shifts towards contactless whereaspartnerships with non-traditional players like LINE and Grab;adoption of internet of things(IoT) and smart devices and use of blockchain,artificial intelligence (AI) and analyticsare reshaping business models.The industry players are also putting in efforts to support underserved consumer segments as well as small and medium-sized enterprises (SMEs).

The Asian Banker’s Finance Thailand 2021is the leading annual eventfor fostering sustainable innovation not only among financial institutions but also disruptors and related players. The discussions during the event will help update leaders and decision-makers with the latest ideas from key influencers on the transformational issues shaping the financial services industry.

Despite the impacts of the global pandemic on the financial services industry, the Vietnamese financial sector has not seen any significant downside compared to the rest of the emerging economies. The timely initiatives taken by the government and State Bank of Vietnam during the pandemic sustained the economy. These include controlling inflation, lowering lending rates, resolving bad debts, conducting digital transformation while ensuring the safety of the banking system, and continuously promoting non-cash payments. As per International Monetary Fund (IMF), Vietnam’s economy is expected to bounce back in 2021 with a projected economic growth rate of 6.5%.

The COVID-19 pandemic has not only accelerated the pace of digitisation within the financial services industry in Vietnam but also highlighted the gaps in existing digital journeys. The growing expansion of open banking and digital ecosystems in institutions has widened service capabilities to meet the changing demands of the customers. The industry has experienced rapid shifts towards contactless; whereas adoption of the internet of things (IoT) and smart devices, use of artificial intelligence (AI) and analytics, and remote operations are reshaping business models. The industry players are also exerting effort to support businesses and particularly small and medium-sized enterprises (SMEs) affected by the pandemic.
The Asian Banker’s Finance Vietnam 2021 is the leading annual event for fostering sustainable innovation not only among financial institutions but also disruptors and related players. The discussions during the event will help update leaders and decision-makers with the latest ideas from key influencers on the transformational issues shaping the financial services industry.

2021 Speaker

Foo Boon Ping
Managing Editor, The Asian Banker

2021 Sponsors & Partners

SPONSORED BY:
• Comarch
• SmartStream

SUPPORTED BY:
• Thai Bankers’ Association

SUPPORTING ORGANIZATIONS:
• Bangkok Bank
• Bank Marketing Association of the Philippines
• European Association for Business and Commerce
• Institutional Limited Partners Association
• IMA® (Institute of Management Accountants)
• Saigon Innovation Hub
• Thai Fintech Association
• Vietcom