BOT embraces big data, analytics for micro-financial activities 

In the digital age, technology has rapidly changed and it is affecting how businesses are run, posing challenges relating to business’ adoption of technology. 
In the next five year, the behaviour of how people consume information will change. The BOT must change to comply with that behaviour, the central bank’s Governor Veeerathai Santiprabhob said yesterday.
Speaking at the Land and Houses Bank seminar on the outlook of the Thai economy in the digital age, Veerathai noted that the BOT also had to review regulations that might be barriers to businesses in the digital era in terms of operating costs.
BOT is enhancing financial institutions to produce innovative products and services to accommodate consumers.
The rapid change of technology is causing the private sector in several countries to scale down their investment budgets, causing excess liquidity and low interest rates.
Veerathai said the Thai economy was in the good shape after exporters diversified their markets and products.
“We [BOT] just help slow down the volatility [of the economy] sometimes but the businessmen must understand that Thailand used to have a floating currency – a currency that was always volatile from external factors,” he said.
The BOT boss said external factor, especially geopolitical ones, had a critical impact on the global economy.
The geopolitical uncertainty is continuing and could be more intense if countries announce policies to counter US President Donald Trump policies, he said.
BOT senior director Don Nakornthab said “this year’s [Thai] economy could move on from investment and government stimulus, while foreign economies still support Thai exports”. 
 “Our neighbouring countries are growing. If those surrounding us improve, we could improve too,” Nakornthab said. 
Wisudhi Srisuphan, deputy minister for finance, said the Thai economy was projected to grow 3.6 per cent this year on the back of public investment, particularly 36 infrastructure projects worth about Bt890 billion – with private investment to follow. 
Don said the scale of the economic growth revision for this year was uncertain as January’s export figures had not been announced. He declined to comment on whether this year’s estimated growth would be revised up to 3.6 per cent as anticipated. 
Don said that Thailand’s budge deficits this year and next year would help promote the economic recovery, while private consumption this tear was expected to improve and household debt in comparison to gross domestic product could be lower than 80 per cent for the first year in 2017.
However, risks to growth remain from outside the country, particularly US President Donald Trump’s trade policies, which could adversely affect Thai exports, he said.
He said this year’s property sector was forecast to improve but grow less than the economy, given rises in outstanding stock from property projects from the previous year and the expected increase in property prices from new land appraisals.
According to Don, this year’s challenge exists in non-performing loans that continue rising, while commercial banks are cautious about credit extensions.
Last year, the property credit grew 5 per cent, higher than the commercial banks’ overall credit growth of 2 per cent.