(Feb 1): Thailand is preparing rules for the setting up of virtual banks, set to join countries from Singapore to Malaysia in promoting financial technology to spur competition and wider access to banking services. The central bank also plans to scrap a limit on investment by commercial banks in financial technology, except digital assets, she said. While Thailand lacks independent virtual banks, local and foreign lenders do offer various digital services in the country, including payments. The BOT will also expand the business scope and flexibility of existing banks, it said. The central bank will also finalise guidelines to steer the financial sector to incorporate environmental risk assessment into business operations and support the transition of companies away from unsustainable activities.

Source: The Edge Markets February 02, 2022 02:34 UTC