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Challenge

As the financial sector in Thailand has grown, the conduct of sector participants has become a strategic issue for the Bank of Thailand, which places a focus on good governance by financial sector providers and protection from money laundering, dishonesty, and misrepresentation. The central bank recognizes the importance of good conduct as fundamental to the trust and integrity essential to establish and maintain public confidence in, and hence the expansion of, the financial sector services in Thailand. Promoting a stable financial environment in this manner was considered necessary to achieve sustainable and inclusive economic development.


Strategy

Our Banking and Financial Consumer Protection expert was engaged to analyze the performance of Bank of Thailand on the regulation of market conduct and consumer protection and to provide the central bank advice on Consumer Protection: Protecting consumers and investors from abuses, and Education and Awareness: Financial literacy and the promotion of a culture of honesty, openness and integrity, responsibility, cooperation, respect, innovation, competition, professionalism, and commitment. The opportunities for abuse and criminal behavior created by the expansion of the financial sector internationally (especially in boom and bust periods) have shown that sector specific regulation and enforcement, combined with measures to encourage accepted codes of good conduct, ethics, and governance, have both become an accepted part of the regulation of entities and individuals in the financial sector.


Transformation
A vision for financial sector market conduct was developed, including a regulatory environment that enforces fair, transparent, and competitive practices to best ASEAN and international standards, shifting the focus within the financial sector in Thailand to the protection and interests of consumers of financial products and services, and the behavior of the providers of those financial products and services.

  • Thirty licensed banks which are registered, with a further six being state-owned.
  • Combined assets of 26.268 trillion baht (~ US$835.25 Billion) as of June 2019.
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