Bank suggests financial personnel learn about financial innovation

 

BANGKOK, 31 March 2017 (NNT) - The financial sector is urgently developing personnel to be ready for the use of technology in preparation for the changing financial technology in the digital era. 

The Siam Commercial Bank (SCB) has organized a seminar on fintech and blockchain—the financial innovation in the digital era—and relevant laws. Senior Director for Financial Technology, the Bank of Thailand, Bancha Manunkulchai, admitted that rapid changes of financial technology might deter the central bank’s regulation of financial institutions.

 

The BoT therefore had to cooperate with commercial banks to jointly develop financial innovation for regulators and developers to learn and set up appropriate measures. 

Thana Thienachariya, Chairman of the Executive Committee, Digital Ventures Co. Ltd., said at the seminar that changes in the financial technology made it necessary for financial institutions to adjust themselves.

 

In the future, people would perform online transactions through many channels without using services from commercial banks, said the chairman. The banks needed to develop security regulations more to ensure confidence for customers, he suggested.

 

-- nnt 2017-03-31

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Speaking understandable English would be a good place to start. Bangkok Bank being one of the best. 

Must be said, the Thai banks are huge employers of paper pushers. Just watching some young girl taking slips of paper from desk to desk for some wannabe Khunying to initial and rubber stamp... it is a mysterious and wonderful thing to behold. Won't digitising the business put all these women out of a job? Oh the humanity!