The UK Government and the Securities and Exchange Commission of Thailand (SEC Thailand) signed a new Memorandum of Understanding (MoU) on Financial Services on 9 January 2023 in an effort to improve their collaboration in the financial industry.
The objective of the MOU is to foster inclusive economic development and assist Thailand in its transition to a low-carbon, sustainable economy. It builds on the existing memorandum of understanding under which the parties have collaborated over the last few years.
Under the previous MoU, the UK and SEC Thailand collaborated to provide technical assistance in areas such as accounting standards, the development of the financial technology (FinTech) ecosystem, 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 concentrate on assisting Thailand in further developing its regulatory framework for the FinTech industry, promoting sustainable finance, and raising awareness of sustainable investing in Thailand and other ASEAN nations.
The cooperation will be funded by the UK’s ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme, both of which support the sharing of knowledge and expertise, as well as the implementation of regular practises regarding financial technology and sustainable finance.
Ms. 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.”
Recognising the partnership, Mark Gooding, His Majesty’s Ambassador to Thailand, said:
“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.”
The previous MoU was signed on 1 September 2020. Read MoU on Financial Services Year 2020.
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