Blockchain has advanced the technology behind many aspects of the financial services, the Bank of Thailand Governor said recently.

Speaking at the Bangkok FinTech Fair 2018, Dr. Veerathai Santiprabhob spoke on the central bank’s policy direction on fintech development.

Santiprabhob believes that fintech can enhance efficiency in financial services. The benefits range from efficient transfer of funds, to significantly lower transaction costs for customers, to scaling down on the high cost brick-and-mortar delivery model, to more efficient lending process, and much more. Underscoring the potential of blockchain technology, he said:

“[B]lockchain has advanced technology behind many aspects of the financial services, especially back-office operations and fund transfers.

“...advancements in technologies like artificial intelligence, biometrics, and blockchains can help safeguard financial information, improve identity verification, and reduce the number and magnitude of financial frauds. These developments will contribute to safer environment for both service providers and customers.”

Santiprabhob further listed a number of fintech initiatives that have been undertaken in the country. This includes biometric verifications for e-KYC, real-time and low cost cross-border money transfer and remittance platforms, and machine learning using alternative data such as social media for credit scoring, among others.