Banker:Thai banks are financially healthy for TPP talks

BANGKOK, November 15 (TNA) - In response to comments on the Thai financial sector's readiness for multilateral talks on Trans-Pacific Strategic Economic Partnership Agreement (TPP) and the Trade and Investment Framework Agreements (TIFAs) with the United States during US President Barack Obama's official visit to Thailand from November 18-19, Executive Vice President of Bangkok-based Kasikornbank (KBank) Pakorn Partanapat says that the Thai financial sector is financially healthy to compete in terms of funds and services. Pakorn insisted on Wednesday that the Thai financial institutes are financially strong and meet international standards and, under the supervision of the Bank of Thailand (BOT), they are able to compete with foreign financial institutes. Pakorn assessed that Thai commercial banks can also change and develop their financial products to draw more clients with their readiness for growing competition. Pakorn quoted the Thai central bank as reporting that people have had some eight million digital banking accounts registered in Thailand, 60 per cent of them, or 4.6 million accounts, are registered with his KBank. Pakorn projected that the digital world will play important roles in consumers’ lives over the next three years, when the ASEAN Economic Community (AEC) is scheduled to be formed and KBank will then link its digital banking services with digital lifestyle, business and investment services. The Kbank, meanwhile, expects the number of its digital banking customers to grow by 30 per cent to 6.5 million next year. (TNA)