Tan Choon Hin, CEO, United Overseas Bank Thailand

Digitalisation efforts allowing Thailand’s banks to reach unbanked customers

19 February 2020

In this Global Platform video, Tan Choon Hin, CEO of United Overseas Bank Thailand, discusses industry trends across ASEAN, including regional integration and the push towards Industry 4.0. For Thailand, the digitalisation strategy that is being pursued under Thailand 4.0 is improving internet infrastructure, which in turn is opening up opportunities for digital banking. Tech solutions and programmes for the country’s significant small and medium-sized enterprise sector are broadening banks’ traditional customer bases. 

Transcript:

If you look at ASEAN and especially the ASEAN 5, the banking market within the country is really quite competitive. Local banks thinking of expanding into another country and starting from scratch – it is actually quite hard. I think there are a lot of opportunities if there is total integration. Better integration basically fuels more efficient capital investment flows across the region. So, with the advancement of technology and with all the countries pursuing Industry 4.0 to digitalise their own economy, I believe that with better integration the banks will be able to serve our customers and connect our customers regionally in a more efficient manner. All of the ASEAN countries in one way or another are pursuing Industry 4.0. With the advancement of technology, with the 5G network going to happen in the near future, I think all the governments are very cognisant and pursuing to really upgrade the economy to ensure that they can compete with the rest of the region as well as the rest of the world. The government of the ASEAN countries has both the economic and the political will to ensure that their respective economy is being upgraded so that they can actually uplift the competitiveness of their own economy to compete with the rest of the world. 

Tan Choon Hin, CEO, United Overseas Bank Thailand

Recently Added Videos

Related Articles

Covid-19 Economic Impact Assessments

Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.

Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.

Register Here×