Thai banks draw 5-pronged strategy
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Thai Bankers' Association today revealed the five-year strategy that will cover five areas - electronic payment system, code of conduct, regional transactions, access to finance and enactment of related laws.
Boontuck Wungcharoen, chairman of the association, said at a press conference that the electronic payment system would boost Thai economic competitiveness, given that cash management is costing Thailand about Bt90 billion per annum. Electronic payments will rise to 60-70 per cent within 2020, from 30 per cent at present.
On regional transactions, Thai banks are convinced that the regional payment system is urgently needed to facilitate the Asean Economic Community (AEC). This will support Thai SMEs' expansion into neighbouring countries.
The bankers also discussed the current condition of Thai SMEs with Bank of Thailand governor Prasarn Trairatvorakul today.
