Distributed Ledger Technology (DLT) for app development
Decentralized Processing Technology is Blockchain technology that has been applied the most in the financial sector. With the unique feature of blockchain that all parties involved have the same set of data. The information is not stored in one place. There is a Consensus system that all parties involved must acknowledge and accept changes to the report. Make the information in the system transparent high reliability can check at any time and secure from cyber threats in the Thai banking low code for financial application development sector Blockchain has begun to use the letter of guarantee service, which helps financial institutions to process, store and deliver letters of guarantee faster, safer and more reliable than paper forms. This means that it is beneficial for businesses to ensure that the letter of guarantee is correct. Accuracy and reduce the cost of collecting and delivering letters of assurance to partners as well. Blockchain is also being used for international money transfers. This will result in lower prices and more quickly.
Artificial Intelligence (AI)
Artificial intelligence is another technology that will be equally important. AI is the creation of intelligence, understanding, and knowledge in humans to non-living things. AI can provide various financial services such as optical character recognition (OCR) and reading ID card information. With a cell phone camera, speed up and reduce errors from entering wrong information Speech Recognition, such as speaking commands when calling the Call Center, is an automated system that increases convenience and speed of service. and machine learning or machine learning that can learn and predict data through studies and algorithms (Algorithm).
In the financial sector, these AIs have begun to be applied in various ways, such as chatbots, which help speed up service delivery and reduce human labor. Data analysis to assess the quality of borrowers using AI that uses machine learning to learn information such as lifestyle habits. Characteristics of spending and payments to analyze and determine the likelihood of default on debt ability to pay debt suitable loan amount as information for consideration
Application Programming Interface (API)
It is a technology that enables application database connections. (Application) or various work systems can be connected. To exchange information between service providers, both financial and non-financial institutions, more conveniently according to the wishes of users based on data privacy and appropriate security management.
However, to maximize the potential of fintech to benefit financial users is to work together to create a complete, integrated, and sustainable ecosystem. By promoting cooperation in all sectors, the nature of business and competition of service providers must change. and have more affiliation to meet the needs of service users as much as possible.
Drive financial innovation Build a complete ecosystem
In the past, the corporate banking software as a service of Thailand has worked to drive financial innovation with a complete ecosystem in many aspects, including supporting financial innovation through technology-led innovation testing and development mechanisms; New to help financial services (Regulatory Sandbox) that allow Low code ISV Banking and financial services providers, both financial institutions and non-financial institutions, to develop services with modern technology and test services—starting from testing services in a limited scope. Before providing a wide range of services, the public can fully understand and benefit from applying new technology quickly and safely. Assess risks closely and appropriately.
In addition, the BOT has also begun to apply blockchain in its work so that the BOT and related parties can learn about blockchain in-depth and assess its suitability for further use in practice. It has carried out two pilot projects, namely (1) Project Inthanon that tested using blockchain to transfer money between financial institutions; and (2) the DLT Scripless Bond project, which puts blockchain to the test in bond sales to help simplify, reduce the process and time spent on the operations of those involved.
The Bank of Thailand also aims to promote cooperation in financial innovation development. Mainly that is characterized as a supporting infrastructure for development Extend services in the future, such as establishing the Thailand Blockchain Community Initiative, which is a collaboration between the financial and business sectors. To exchange knowledge about blockchain and promote the adoption of blockchain to develop various financial services. Including cooperating with regulators, government agencies, and related entrepreneurs associations both at home and abroad to monitor development. Continuously exchange information, knowledge, and governance practices. So that the development of fintech in Thailand is sustainable, timely, and consistent with the current situation. and can help enhance the competitiveness of the Thai financial sector to be equal to those of other countries.