Payong Srivanich, Chairman of the Thai Bankers Association (TBA), gave an overview of the development of Thailand’s financial facilities and services at the Thai-Saudi Business Forum, which was attended by more than 200 Thai businessmen and Saudis, to ICONSIAM on July 6, 2022, stating that Thai banks attach great importance to the development of digital infrastructure in order to upgrade business transaction services, enable seamless linking of business and financial data and promote continued growth in international trade. Two major projects that will make it possible to promote the trades are:

1. Smart financial and payment infrastructure for businesses, which aims to develop the country’s digital financial infrastructure by enabling end-to-end digital commerce and linking data on business transactions, payments and taxes. It is about moving from paper-based trade to a digital system, covering e-invoices, e-tax invoices and e-payments for businesses. This aims to reduce costs, improve efficiency and create digital footprints to improve access to finance at reasonable costs. As a result, the project will pave the way for digital supply chain finance and the use of digital trade and payments data to improve financial inclusion.

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