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Thailand’s banks try to find their feet in fast-changing world
13 Sept 10:36 Key points summarised by AI
- Thai banks confront persistent economic challenges, including the COVID-19 fallout and global uncertainties, which led to S&P Global downgrading four major banks due to loan quality concerns.
- The sector is undergoing significant technological disruption from fintech and digital assets, pushing banks to invest in IT, adapt to new competitors, and leverage online services like PromptPay.
- The Bank of Thailand (BOT) is driving financial sector reform, aiming to liberalize the market with virtual bank licenses, regulate digital assets, and ensure fair consumer practices.
- Despite rating downgrades, the BOT affirms the Thai banking system's robust resilience, citing high capital adequacy, substantial provisions, and successful stress tests to withstand future risks.
