The Bank of Thailand (BOT) announced its success in showcasing digital payment innovations during the 29th APEC Minister of Finance Meeting in Bangkok.
According to the statement, BOT has contributed to economic cooperation by linking Thailand’s payment system with four APEC member economic zones, namely Malaysia, Vietnam, Singapore, and Indonesia, on the occasion of Thailand hosting the Asia-Pacific Economic Cooperation (APEC) Summit 2022 under the concept of “Open. Connect. Balance.”
BOT has also developed a guideline for linking payment systems between economic zones, titled “APEC Policy Considerations for Developing Cross-Border Payments and Remittances,” to serve as a model for other APEC members to follow when linking systems. Inter-zone payments in the future.
The aforementioned guideline was recently presented at the Queen Sirikit National Convention Center during the 29th APEC Finance Ministers’ Meeting.
Furthermore, the Bank of Thailand works with the Thai Bankers Association, National ITMX Company Limited, and five pilot commercial banks, namely Bangkok Bank, Kasikorn Bank, Krungthai Bank, Siam Commercial Bank, and Bank of Ayudhya (Krungsri), to highlight Thailand’s innovations in electronic payment systems or Digital Payment.
The showcase includes Cross-border QR Payment and Digital Supply Chain Solutions.
The exhibition was attended by the Ambassador of the Republic of Singapore to Thailand, representatives from the Ministries of Finance of Malaysia and Indonesia, representatives from the Central Bank of Vietnam, and BOT’s assistant governor, who demonstrated payment services between economic zones using QR codes and mobile banking.
This service contributes to the creation of a payment experience similar to that of mobile banking in your home country and assists tourists in spending a lot of money.
BOT assistant governor Sirithida Panomwan Na Ayudhaya stated that linking payment services will increase the efficiency and ease of international payment transactions, as well as support tourism, trade, investment, and services in the region, allowing people and businesses to transact international transactions quickly.
She also insisted on lower fees and greater user access. When this payment system linkage is extended to other APEC members in the next phase, it will help strengthen and stabilize APEC’s financial and economic cooperation.
