By Thai PBS World’s Business Desk

 

Thailand’s banking industry has waded through many economic crises in the last few decades, the latest being the COVID-19 pandemic. Despite their preparedness, new risks and challenges continue to test the banks’ resilience. 

 

Banks and other types of financial institutions that survived the 1997 Asian financial crisis have become stronger. The industry, as well as Thailand’s economy, was not much impacted by the global financial crisis in 2008. They are being tested again, by the persisting COVID pandemic and the fallout of Russia’s invasion of Ukraine.

 

A bank-based economy

 

Banks play a crucial role in Thailand’s economy, which is labeled a bank-based economy. Financial institutions have served both depositors and borrowers, fuelling economic growth. A bank-based economy is different from capital-based economies, such as the United States, where businesses largely raise funds via the capital market—the stock market.

 

Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe

 

Full story: https://www.thaipbsworld.com/thailands-banks-try-to-find-their-feet-in-fast-changing-world/

 

-- © Copyright Thai PBS 2022-04-09

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

In a country where Paper and infinite copies of paper still rules, hard to achieve modernization and advancement. Thailand need to set timetable to go paperless in Banking to get country to 21st century. 

In GammaGlobulin words "Hey Thailand: 1996 called and they want their photocopier back"

23 minutes ago, webfact said:

Thailand’s banks try to find their feet in fast-changing world

 

Banks play a crucial role in Thailand’s economy

I remember many years ago bank branches couldn't communicate with same bank branches located in another province. 

 

I hope their computer systems have caught up with this technology.

 

 

 

 

You only have to look at the archaic ATM's the banks use. Were I came from the banks ditched them 15 years ago, probably longer. 

Having to wait up to seven days for 12 months of account statements is just unbelievable. I can get 7 years of statements for my Australian bank account online instantly. 

 

The banking system here has a long way to go to move into the 21st century

Another troll post using a trolling meme has been removed.

At least they mostly seem to have stopped using Windows XP on their computer systems now! Real progress, lol.

5 hours ago, SAFETY FIRST said:

I remember many years ago bank branches couldn't communicate with same bank branches located in another province. 

 

I hope their computer systems have caught up with this technology.

 

 

 

 

I believe they have trained more homing pigeons

Paperless and cashless are two things that won't happen here until the dinosaurs have died off.

10 hours ago, ozfarang said:

You only have to look at the archaic ATM's the banks use. Were I came from the banks ditched them 15 years ago, probably longer. 

Having to wait up to seven days for 12 months of account statements is just unbelievable. I can get 7 years of statements for my Australian bank account online instantly. 

 

The banking system here has a long way to go to move into the 21st century

but we are in Thailand not Australia   so what work is ok  

Just more blah, blah.

Thailand is a mega bureaucracy and paper is it's king.

All this nonsense about 4.0, smart this, tech that is pie in the sky stuff.

Yes, too much "paper" here.

I changed my phone number with my bank I must have signed 6 different forms what a waste they must have a huge storage locker.

But, immigration seems worst with old fashion paper waste.

 

Banks in Thailand are in a comfy position, there's very little competition to challenge them due to heavy regulation.

 

The biggest problems they have are of their own making, such as giving credit to people who aren't creditworthy by any sane standard.

Banking works just fine.

 

Really strange as usual, foreigners residing temporarily in Thailand where most things work and then whinging about everything even signing a few bits of paper.

Edited April 10, 20224 yr by userabcd

On 4/9/2022 at 9:24 AM, ozfarang said:

You only have to look at the archaic ATM's the banks use. Were I came from the banks ditched them 15 years ago, probably longer. 

Having to wait up to seven days for 12 months of account statements is just unbelievable. I can get 7 years of statements for my Australian bank account online instantly. 

 

The banking system here has a long way to go to move into the 21st century

I can get 12 months statements at KBank in about 30 minutes for 100 baht. Bangkok bank want 3 working days and 200 baht.

On 4/8/2022 at 7:24 PM, ozfarang said:

You only have to look at the archaic ATM's the banks use. Were I came from the banks ditched them 15 years ago, probably longer. 

Having to wait up to seven days for 12 months of account statements is just unbelievable. I can get 7 years of statements for my Australian bank account online instantly. 

 

The banking system here has a long way to go to move into the 21st century

"You only have to look at the archaic ATM's the banks use."

 

I never noticed this, what is different about them?

 

On 4/9/2022 at 9:24 AM, ozfarang said:

You only have to look at the archaic ATM's the banks use. Were I came from the banks ditched them 15 years ago, probably longer. 

Having to wait up to seven days for 12 months of account statements is just unbelievable. I can get 7 years of statements for my Australian bank account online instantly. 

 

The banking system here has a long way to go to move into the 21st century

True what you say but considering the major shareholders of the banks are some of the most influential and connected families do you really think anything will change that could disrupt there perpetual pseudo monopoly of the financial systems here in Thailand ?