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Thailand signs up for banking standards

Veronica C. Silva | Oct. 11, 2013
Partnership with SWIFT aimed at promoting ISO standard in ASEAN

SWIFT, an international financial messaging provider, and Thailand recently agreed to promote the adoption of an ISO standard in Thailand and the around the Southeast Asian region. 

SWIFT and the Electronic Transactions Development Agency (ETDA) of Thailand recently signed a memorandum of understanding to promote ISO 20022, a universal financial industry message scheme, in the Thai financial industry and the Association of Southeast Asian Nations (ASEAN) of which Thailand is one of the members. 

To kickstart the adoption, the ETDA said it is promoting the use and adoption of the National Payment Message Standard (NPMS) in the Thai financial industry, based on the ISO 20022 standard.

Khun Surangkana Wayuparb, CEO, ETDA, said “an expert group, called Thailand Payment Market Group, is being set up to develop the NPMS and to ensure compliance with CGI templates and the ISO 20022 standard. … In Thailand, the ETDA seeks to enhance and expand technical innovation, standardisation and plans to support industry initiatives to address the technological needs of the growing local and regional financial community.”

Wayuparb said SWIFT will provide “expert advice” and assist in these initiatives. 

Meanwhile, Alain Raes, chief executive, Asia Pacific & EMEA, SWIFT, said the Swift regional office looks forward to helping Thailand in these initiatives, adding that the Thai initiatives can help strengthen the domestic and financial systems in the region. 

The SWIFT statement added: “Both SWIFT and ETDA recognise the increased use of technology in the financial markets of Thailand and ASEAN and the role that technology plays as a tool for economic empowerment. As the ASEAN Economic Community moves toward regional economic integration in 2015, it requires the broader financial market to share a comprehensive set of open market message standards and a highly secure and standardised platform of communication.” 

SWIFT has been present in Asia Pacific for over 30 years and now has three regional offices. It also has eight commercial and support offices in the region, an Operational Central Control Centre and a new corporate services hub that opened in Kuala Lumpur earlier this year.  

 

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