BANGKOK (NNT) – The Bank of Thailand’s (BOT) Market Conduct measure, introduced to promote good governance by financial institutions and ensure that the basic rights of Thai citizens are respected, has found that most complaints are related to money transfers.
The Assistant Governor of the BOT’s Financial Institutions Policy Group, Thanyanit Niyomkarn, indicated today that the Market Conduct measure has improved financial services in Thailand as compared to the three years prior to 2019. According to the official, financial institutions and service providers, including non-banks, have adapted well to the measure. Of the over 250,000 complaints filed with the BOT this year, 80% were to do with money transfers whether due to system errors, human error by users, or online mishaps.
The Market Conduct measure has mandated serious punishments for financial service providers while also raising awareness among members of the public of the importance of choosing appropriate financial products. The measure has sought to better inform citizens of common money scams, field complaints and more transparently publish data to do with banking problems.
The central bank is now working with the National Broadcast and Telecommunications Commission (NBTC) to develop the “Kankuan” mobile application, which will protect citizens from telemarketers and other cold calls. The app is to be available for both Android and iOS devices.
