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Thailand Urges Responsible Innovation to Reduce Economic Risks

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The Bank of Thailand (BoT) has underlined the importance of maintaining a balance between innovations and financial risks to alleviate economic consequences, while also urging associated sectors to be socially responsible while introducing new products.

At the BOT Digital Finance Conference 2022, Bank of Thailand Governor Sethaput Suthiwartnarueput emphasised the importance of responsible financial innovations in assisting Thailand in overcoming the challenges of slow growth, low productivity, a lack of competitiveness, a lack of resilience to global fluctuations, a lack of focus on sustainable growth, household debt, and social and economic inequalities.

While innovations were formerly seen to be the answer to these difficulties, the risks must still be negotiated alongside the potential that these new breakthroughs bring.  He stressed the need for responsible innovation, which must result in a concrete push for economic capacity and production, take sustainability into account, enable equitable access to wealth, and not endanger the country’s financial security.

The BoT Digital Finance Conference intends to advance digital finance under the new Financial Sector Master Plan, which is based on the practical application of digital technologies within the sector. This event brings together commercial banks and non-banking entities to showcase their new offerings.

Meanwhile, in a push to transform Bangkok’s Krungthep Apiwat Station, also known as Bang Sue Grand Station, into an intelligent transportation hub, the Ministry of Digital Economy and Society together with the State Railway of Thailand has announced 5G coverage.

Bangkok’s new central railway station is the first of its kind in Thailand and Southeast Asia to have a full 5G connection. According to the government, it intends to expand 5G coverage at transit stations and other facilities to improve services and encourage equitable access to this technology.

Deputy Prime Minister Gen Prawit Wongsuwan acknowledges that the initiative indicates the government’s aim to push for increased 5G adoption and coverage. The government plans to install 5G networks at public transportation hubs across the country to accommodate both locals and visitors.

The 5G technology allows for high-speed wireless connectivity that can be used by devices other than smartphones. Moreover, according to the Prime Minister, Thailand needs to follow three key policies to improve prosperity and people’s standard of living.

Prime Minister Gen. Prayut Chan-o-cha revealed that, in preparing the nation for future difficulties, the administration seeks to implement numerous measures in a concrete manner. One objective is to increase national wealth and spread prosperity to all regions so that people’s standard of living can improve.

Three primary tactics are being implemented to achieve these objectives. The first plan entails developing infrastructure for both transportation and digital affairs. Infrastructure will create chances for people to earn a living and become independent.

The second strategy covers the electric vehicle and modern agriculture industries. These two industries are projected to be among the largest in the globe soon. The third strategy is creating possibilities for new entrepreneurs and businesses through the banking sector.

The prime minister stated that these initiatives will be implemented within the following year. Numerous projects under these techniques are now advancing. General Prayut urged the public to have faith in the programmes and solicited the people’s assistance in moving the nation toward greater prosperity.

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