Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
There are 14 Thai commercial banks and 11 foreign bank branches in Thailand. The public financial sector also includes several "specialized" government banks, namely the Government Savings Bank for small savings deposits, the Bank for Agriculture and Agricultural Cooperatives for farm credits, the Government Housing bank for middle and low-income housing mortgages, the Industrial Finance Corporation of Thailand for industrial development projects, and the Export Import Bank for importers and exporters.
The Bank of Thailand (BOT, the country’s central bank) focuses on strengthening the Thai financial system to serve the economy through fundamental technological improvement. The payment systems and infrastructure are critical to all businesses and economic activities.
Many innovative financial platforms have been introduced to the market, which aim to facilitate online payments through mobile phone users. According to the BOT, Thailand has launched a regulatory system to support the development of new financial innovations and prevent financial tech companies from jeopardizing financial systems or the economy.