BANGKOK, 17 September 2013 Thai financial institutions need to be more prudent in preparation for the upcoming Asean, according to a Siam Commercial Bank executive.
During a seminar on the ASEAN financial and investment preparation, SCB Vice President Miss Sutapa Amornvivat claimed that, prior to the formation of the ASEAN Economic Community (AEC), Thailand’s financial institutions needed to be adaptive in order to be competitive with other Asean members’ financial institutions.
Although consumers may have more choices and obtain better services, financial institutions will have to be more cautious with their management because the flow of various financial products may change the people’s consumption habits. And Thailand, for example, which has turned from being a country of savings to a country of loans due to the low interest rates, may in the long run suffer from account deficits, much like Indonesia and India.
