Thailand: BOT directs commercial banks to report on recent glitch in digital services

• Aug 27, 2019

The Bank of Thailand (BOT) has written to commercial banks asking them to disclose statistics on the recent glitch in their mobile-banking applications on their websites by August 30. 

It said that since information technology (IT) plays a significant role in commercial banking, any disruptions will have a widespread impact on businesses. The letter also said that users must be provided with updated information on key services such as mobile-banking applications, internet banking, ATM, CDM and bank branches. It added that commercial banks must provide reports on glitches in banking technology in every quarter of the year, so BOT can manage the risks and improve the systems to ensure they are safe and stable for local services and international exchange. 

Thakorn Piyapan, chief of Krungsri Bank’s consumer group and digital banking, said his bank has already prepared a report and is making plans for future digital banking services as online customers are increasing constantly.

“We don’t have any problems with reporting to the public. Every bank, including Krungsri, has been improving its online services so they are stable as online transactions have been growing since the beginning of the year,” Thakorn said. 

Thaweelap Rittapirom, executive director and executive vice president of Bangkok Bank, said all banks have acknowledged this measure, adding that revealing the statistics to the public is a good thing and that all banks should follow BOT’s demands so people can make the right decision on banking services in the future. 

“Yesterday [August 26], the BOT urged banks to provide the report and informed them of the measures. For BBL, we have been careful and have been closely monitoring the service systems,” Thaweelap said

Source: https://www.nationthailand.com/business/30375390