UK and Bank of Thailand Sign New MoU on Financial Services to Promote Inclusive Economic Growth

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by KnowESG
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The UK Government, represented by the British Embassy Bangkok, and the Bank of Thailand (BoT) signed a Memorandum of Understanding (MoU) on financial services collaboration.

Building on the previous MoU, this MoU aims to strengthen the strategic partnership between the two parties and help Thailand reach its Sustainable Development Goals of improving financial inclusion and promoting sustainable growth.

Under the previous MoU, the UK helped the BoT with several projects, such as strengthening accounting standards, promoting sustainable finance, supporting the resilience of the financial system, and helping the financial technology (FinTech) sector grow. This helped more people get access to money and gave the Thai financial industry more business opportunities.

With the new MoU, the UK and the BoT will continue to work together to promote economic growth for everyone. This is in line with the BoT's plan to move Thailand's financial sector toward a sustainable digital economy.

The UK and the BoT will work together to improve the regulatory environment, encourage innovation that will help more people get access to financial services, and promote sustainable finance and disclosures about sustainability in the Thai financial industry.

The collaboration will entail sharing knowledge, expertise, studies, as well as regulatory practices on digital and sustainable finance. It is made possible by the UK's Partnering for Accelerated Climate Transitions Programme and the UK's ASEAN Economic Reform Programme.

The Governor of the Bank of Thailand, Mr. Sethaput Suthiwartnarueput, said:

"We welcome the continued partnership between the UK and Thailand in the area of financial services. The Bank of Thailand aims to support the adoption of financial innovation to improve financial inclusion, internalise environmental risk into banks’ operations, and support businesses’ transition towards more sustainable activities in the least disruptive manner. We're glad to have the chance to learn from the UK's knowledge and experience because their financial goals are similar to ours."

Welcoming the next MoU, British Ambassador Mark Gooding said:

"As a global leader in financial services, the UK views finance not only as key to business but as critical sustainable, inclusive global growth. We are proud to continue our partnership with Thailand on financial services with a particular focus on finance’s cutting edge—sustainable finance and digital finance."

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Source: Gov.UK

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