Nice try, but move with the times

The Bank of Thailand’s explanation why it requires a one-year timeframe to approve new foreign-bank subsidiaries is mighty sporting. In gist, the requirement is based on its past experience.

However, I beg to differ. The experience referred to is that of foreign bankers many decades ago. Now, the banking community is part of the advanced digital age, with high-speed information flow. The new norm for bankers after 2008 tells us that from now on it is a new ball game. I laud the BOT for hanging on to the “safety first” concept, but cognisance of the changing world is also a must.

SONGDEJ PRADITSMANONT

BANGKOK