3 big banks to discuss the future of Thai finance Build an ecosystem together Go digital reduce inequality Helping SMEs access the market to increase their income.
Mr. Phayong Srivanich Chairman of the Thai Bankers’ Association and President Krung Thai Bank Public Company Limited revealed that the Thai Bankers’ Association has set a goal for the future of Thai financial institutions in the next 3 years by focusing on 4 guidelines: 1. Increase the country’s competitiveness by developing digital financial infrastructure such as PromptPay money transfer Digital identity verification including cyber security protection 2. Pushing to be the financial center of the CLMV region, linking financial structures together, such as the CBCD system built on e-money 3. Sustainability Equitable access to financial services Solve household debt problems by bringing alternative credit scores For example, take data on water usage and electricity use. to engage in credit giving SMEs access to credit 4. Give importance to human resources Enhance skills in the Information Base Economy system
Mr. Phayong said it was aiming to change the country’s position. from running after others It was a leap forward. Continuing with the existing industry Cooperate to adjust the concentration of the economy. Originally focused on large operators change to take care of SME entrepreneurs to have a greater impact on GDP to increase income potential reduce inequality At the same time, it has tried to transform the economy on an overlapping resource base. Become a data-driven economy Driven by Open Banking system to allow fair and free competition. including the transition from vulnerability to immunization. ESG includes environmental, social and governance.
Mr. Arthit Nanthawittaya Chief Executive Officer and Chairman of Executive Committee The Siam Commercial Bank Public Company Limited revealed that it looked at four external factors: Geopolitics, global warming, which affects the business of financial institutions especially the lending But the covid situation has caused imbalance. between risk and return 2. Technology that has come in to help reduce the financial wall Reduces financial costs Respond to the needs of many target customers 3. Consumer behavior that has rapidly transformed from offline to online 4.Regulations Regulators can’t stop new technologies. Must be open to new players to enter the market.
Mr. Arthit said that Siam Commercial Bank had already set up a problem 6 years ago. by changing the form from a commercial bank to a new business model of 3 separate parts 1. Banking business by making it as simple as possible Does not confuse customers 2. New Blue Ocean Avoid the fiercely competitive market. by bringing technology to increase opportunities both domestically and internationally 3. Technology company Will create more growth for the organization after the Covid situation with goals for the next 3-5 years
Mr. Piti Tantakasem Chief Executive Officer TMB Bank Thanachart Public Company Limited revealed that the future of Thai financial institutions There must be an ecosystem in order to be able to grow, that is, the country’s economy. Thailand relies mainly on the financial institution system. Big companies generate GDP. SMEs create jobs If small is not good The economy will not be good. Before the covid crisis, there was already a bad situation. The more covid comes making Thai financial institutions in a quagmire generate low returns
Mr. Piti said that the lack of access to funding sources is the cause. It’s important to make him earn money so he can pay off his debts. SMEs are not only inaccessible to funding sources. but also unable to access the source of income What do I have to do to make big companies join forces with SMEs? related to ecosystems by giving benefits in return for each other Must have a financial system platform that integrates all banks compete with foreigners for SMEs to access the market If the focus is on providing capital but not helping to generate income. This will allow SMEs to borrow money and not survive. Must have to help generate income.
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