Responsible innovations key to mitigating economic risks: BOT

[snoop1130]

 

BANGKOK (NNT) - The Bank of Thailand (BOT) has emphasized the need to maintain a balance between innovations and financial risks in order to mitigate economic implications, while calling on related sectors to be socially responsible when rolling out new products.

 

At the BOT Digital Finance Conference 2022, Bank of Thailand Governor Sethaput Suthiwartnarueput reiterated the need for responsible financial innovations to help Thailand get through the challenges of slow growth, low productivity, the lack of competitiveness, low resiliency against global fluctuations, negligence on sustainable growth, the household debt issue, and social and economic inequalities.

 

He said innovations were once seen as the answer to these challenges, but the risks still need to be navigated alongside the potential that these new innovations promise.

 

The BOT Governor highlighted the importance of having responsible innovations that must yield a concrete push for economic capacity and productivity, take into consideration the aspect of sustainability, ensure equitable access to wealth, and must not hinder the country’s financial security.

 

The BOT Digital Finance Conference aims to push forward digital finance under the new Financial Sector Master Plan, which thrives on the concrete implementation of digital technology within the sector. Commercial banks and non-bank institutions are joining this event to present their innovative products. The event is taking place at the BOT Learning Center in Bangkok until 29 October.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221028093833608

 

-- © Copyright NNT 2022-10-28

 

- Cigna 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.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

[Cake Monster]

15 hours ago, snoop1130 said:

At the BOT Digital Finance Conference 2022, Bank of Thailand Governor Sethaput Suthiwartnarueput reiterated the need for responsible financial innovations to help Thailand get through the challenges of slow growth, low productivity, the lack of competitiveness, low resiliency against global fluctuations, negligence on sustainable growth, the household debt issue, and social and economic inequalities.

Wow !

Not too many Financial issue going on in Thailand right now.

Any 2 or 3 issues as stated above would put many Banks into some kind  of panic, but Thailand has a full House and there is little reaction to the issues.

I guess " responsible Financial Innovations " means the Banks can carry on lending ridiculous amount of Money to people that have little or no way of paying it back, only to lend it to them for longer payback periods.

Already its 99 Baht Deposit for a Car and pay back over 7 Years 

99 Baht Deposit for a House and payback for 40 Years 

Amazing Thailand 

[hotchilli]

19 hours ago, snoop1130 said:

The Bank of Thailand (BOT) has emphasized the need to maintain a balance between innovations and financial risks in order to mitigate economic implications, while calling on related sectors to be socially responsible when rolling out new products.

Sounds good in principle, does Thailand have any?

[MyFriend You]

3 hours ago, Cake Monster said:

Wow !

Not too many Financial issue going on in Thailand right now.

Any 2 or 3 issues as stated above would put many Banks into some kind  of panic, but Thailand has a full House and there is little reaction to the issues.

I guess " responsible Financial Innovations " means the Banks can carry on lending ridiculous amount of Money to people that have little or no way of paying it back, only to lend it to them for longer payback periods.

Already its 99 Baht Deposit for a Car and pay back over 7 Years 

99 Baht Deposit for a House and payback for 40 Years 

Amazing Thailand 

Are they talking about Thailand??  Sounds like the USA in the early 2000's..................lend money to people that have no way or intention of paying it back, then the Govt bailing out the institution................TIT  

France is doing the same, my sister in law just bought a new electric car  -  she doesn't have a steady job due to the poandemic and is on Govt welfare.............but still able to buy a car?? - pay off is 12 years             Peace