DPA warns of financial uncertainty
The Deposit Protection Agency (DPA) is organising a string of celebratory activities under the theme “Deposit Insurance Trends and Challenges in the Digital Era” to mark its 10th anniversary.
Chairman Krisada Chinavicharana said on Friday that over the past decade, the DPA has been fully aware of the fact that depositor confidence lays the foundations for its success.
As a result, the DPA has continually made significant progress in key developments.
These include the reform of the laws pertaining to DPA providing compensation to each depositor in 30 days without the need for the depositor filing an application requesting compensation. Other key changes include the development of a depositors’ database and systems for providing compensation to depositors.
Krisada said: “The second decade will bring about a mission to tackle real challenges because the period marks a fundamental transformation in currency and the economic system that’s becoming more reliant on digital data.
"These issues are of grave concern in the Thai financial system as well as the general public. They would do well to prepare for technological change, especially the changing financial sector that will have repercussions the world over.
“So building depositor confidence in using the services of financial institutions is a mission that the DPA is committed to in an attempt to bring stability to the systems of Thai financial institutions," he said.
