Sunday, January 22, 2023
The Deposit Protection Agency (DPA) or DPA continues to build confidence in deposit protection for depositors and the public. Unveiling a 5 year road map plan (2023-2027) highlighting 4 key strategies Supporting the vision of being a reliable and modern deposit protection organization Building the confidence of depositors and the public through the slogan “Deposit Protection Agency ready to protect you your side” with the deposit statistics report at the end of October 2022. The total number of depositors was found to be 89.66 million, a growth of 4.46%, covering protected deposits in the amount of 16.12 trillion baht, a growth of 3.36%. Revealing deposit protection measures through branchless commercial banks (Virtual Bank), depositors will be protected in accordance with the legal limit of 1 million baht per 1 depositor per 1 bank, and reinforce the strength and stability of the Deposit Protection Fund. while strengthening the stability of the country’s financial system to be stable
The Deposit Protection Agency is ready to drive a 5 year strategic plan (2023-2027) to support changes in financial innovation and new types of financial services in the age of the digital economy. Emphasis on building trust and confidence for depositors and the public through 4 key strategies.
Strategy 1: ready to protect depositors effectively in accordance with the deposit protection mission Refund and settlement When there was a financial crisis, the license was revoked. The process of refunding depositors must be convenient and quick. through modern channels Accurate and complete as required by law The organization has closely coordinated with all 32 financial institutions under protection (list of financial institutions attached) to test the transfer of financial institution data files . through an information technology system specifically developed for information security with a data processing system and a depositor return operating system
Strategy 2: Ready to build public confidence in the deposit protection system and strengthen financial immunity. by communicating through different channels and methods to suit target groups in all age groups Including joining government agencies and private agencies to widen the scope of access and create awareness for depositors and the public. and communication collaboration with agencies in the Financial Stability Network (FSN), including the Ministry of Finance. and the Bank of Thailand
Strategy 3 Ready to be part of strengthening the stability of the financial institutions system to be stable and sustainable. By preparing in terms of working with agencies in the financial stability network. In addition, a data analysis system has been developed to obtain useful information for investigating and analyzing deposit situations. which is part of the stability of the financial institutions system
Strategy 4 Ready to develop the organisation’s potential for continued efficiency and good governance. Human resource systems and digital technology to develop infrastructure and apply in management in normal and critical situations. In particular, the operating system to repay the depositor and various internal operating systems. linked to communication channels so that the institution is ready to carry out its mission efficiently and transparently, providing clear and accurate information to depositors and the public
Mr Songpol Chevapanyaroj, Director of the Deposit Protection Agency (Deposit Protection Agency), said that with the fourth phase of the strategy from 2023 to 2027, the Deposit Protection Agency continues to focus on developing the efficiency of payment Return and settlement and building public confidence by increasing immunity financial to the public. In addition, an organization has adapted its operating direction to keep up with changes in financial innovation and new forms of financial services, such as wireless commercial banks, branches or virtual banks that are going to happen in Thailand as a result to the growth of digital technology and changing consumer behaviour. Currently, it can be seen that many countries around the world have issued rules for establishing a commercial bank without a branch or a Virtual Bank such as Japan, Taiwan, Korea, Singapore, England, etc. For a Virtual Bank in Thailand. The depositor’s deposits will be protected by the Deposit Protection Agency. according to the protection limit prescribed by law, in the amount of 1 million baht per 1 depositor per 1 financial institution as well
According to the statistical data of protected deposits at the end of October 2022, the number of protected deposits was found to be equal to 16.12 trillion baht, an increase of 5.25 billion baht from the end of 2021, which represents a growth of 3.36%. comes from holding funds in the deposit accounts of large depositors and funds during periods of financial market instability. and business sectors that bring money to stay in deposit accounts to create liquidity when doing business It is expected that deposits will continue to grow this year due to the increase in deposit interest rates from financial institutions.
Although the number of protected depositors has increased to 89.66 million, an increase of 3.83 million from 2021, representing a growth of 4.46%, mainly due to the increase in individual depositors with less than 1 million baht deposits, which is currently now, fully covered depositors account for 98.01% (87.88 million) of all depositors. Currently, the Deposit Protection Fund has a total of 137 billion baht with a high level of liquidity. strong and stable with deposit protection for depositors
Depositors and the public who are interested in additional information can follow the news. Updates on deposit protection can be found on the website www.dpa.or.th. Or social media channels via Facebook, Youtube, Twitter, Line, LinkedIn, click to search for dpathailand or call DPA Contact Center 1158 for inquiries.
