On 9 January 2023, the UK Government and the Securities and Exchange Commission of Thailand (SEC Thailand) signed a new Memorandum of Understanding (MoU) on Financial Services to further strengthen their partnership in the financial sector. The MoU aims to promote inclusive economic growth and support Thailand on the transition towards low carbon and sustainable economy. It builds on the previous MoU under which the two parties have been collaborating for the past few years.
Under the previous MoU, the UK and the SEC Thailand worked together with the UK providing technical assistance in areas including accounting standards, the development of 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 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 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.
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.”
Note to Editors
The previous MoU was signed on 1 September 2020. More details can be found here: MoU on Financial Services Year 2020