UK, Thailand Sign Agreement on Financial Services Cooperation

The UK Government and the Bank of Thailand signed on 30 November a memorandum of understanding on financial services cooperation to strengthen their strategic partnership and support Thailand’s efforts to improve financial inclusion and promote sustainable growth. 

The latest memorandum of understanding (MoU) builds on a previous MoU, signed in 2020, under which the UK has provided technical assistance to the Bank of Thailand in a range of projects, the UK government said in a statement. Those projects included such to help strengthen accounting standards; promote sustainable finance; support the resilience of the financial system; and support the development of the financial technology (FinTech) sector to help facilitate greater access to finance and create business opportunities for the Thai financial industry.

The UK and the Bank of Thailand will work together to enhance the regulatory framework, encourage innovation that would improve financial inclusion, and promote sustainable finance and sustainability-related disclosures in the Thai financial sector.

The collaboration will entail the sharing of knowledge, expertise, studies, as well as regulatory practices on digital and sustainable finance. The cooperation is enabled by the UK-funded ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme.

“As a global leader in financial services, the UK views finance not only as key to business but as critical sustainable, inclusive global growth. We are proud to continue our partnership with Thailand on financial services with a particular focus on finance’s cutting edge – sustainable finance and digital finance,” British Ambassador to Thailand Mark Gooding said.