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. (NNT)
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