The UK government announced that UK and BOT signed a Memorandum of Understanding on August 07, 2020, forming a strategic partnership on financial services to support inclusive economic recovery and green growth of Thailand, in line with the Sustainable Development Goals. Under the Memorandum, UK and BOT agreed to collaborate to strengthen accounting standards, enhance corporate governance and transparency, support development of fintech, and promote sustainable finance. The collaboration is enabled by the UK’s ASEAN Economic Reform and ASEAN Low Carbon Energy Programs.
The collaboration will share strategic knowledge and expertise on new financing trends, regulatory practices,and products and services. While speaking at the signing ceremony, Mr. Veerathai Santiprabhob, the BOT Governor highlighted that the worsening effects of climate change have impacted business operations and their credit quality, to which financial institutions need to pay close attention. This cooperation will play an important role in supporting BOT "to foster a regulatory framework that promotes agility and innovation while preserving financial stability." He added that this will "facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organizational culture and business conduct."
Related Link: News Release
Keywords: Europe, Asia Pacific, UK, Thailand, Banking, Insurance, Securities, Sustainable Development Goals, Fintech, Sustainable Finance, Climate Change Risk, BOT
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