The UK Government and the Securities and Exchange Commission of Thailand (SEC Thailand) signed in early January a new Memorandum of Understanding (MoU) on financial services to further strengthen their partnership in the financial sector.
The new MoU, which builds on a previous MoU from September 2020, will aim to promote inclusive economic growth and support Thailand on the transition towards low carbon and sustainable economy.
The 2020 MoU saw the UK provide technical assistance in areas including accounting standards, the development of financial technology (FinTech), sustainable finance such as green bonds and climate-risk disclosure for listed companies, e-Know Your Customer (e-KYC), and cybersecurity.
The new MOU will focus on supporting Thailand to further develop the regulatory environment for the FinTech sector, promote sustainable finance, and increase awareness of sustainable investment in Thailand and other ASEAN countries, the UK government and the British Embassy in Bangkok said.
The UK-Thailand cooperation will be funded by the UK’s ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme, which support knowledge and expertise sharing, and regular practices on financial technology and sustainable finance.
“Financial services are a key driver of the modern economy. We are proud to take another step in our long-time partnership with SEC Thailand with a particular focus on the cutting edge of finance: FinTech and sustainability,” said Mark Gooding, His Majesty’s Ambassador to Thailand.
Ruenvadee Suwanmongkol, Secretary-General of SEC Thailand, said, “FinTech and sustainable finance are key areas emphasized by SEC Thailand. We strongly believe that the new MoU with the UK Government will support the enhancement of the financial ecosystem as well as promote the development for inclusive and sustainable economic growth.”