PTT and nine commercial banks on Monday signed a “Cooperation in Technology and Innovation” memorandum of understanding to jointly develop financial innovation that will enhance transaction flexibility, thus moving the country towards “Thailand 4.0”.
The banks joining the listed energy giant in the collaboration are Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, TMB Bank, Siam Commercial Bank, Thanachart Bank, United Overseas Bank (Thai) and the Government Savings Bank.
The MoU was signed by PTT’s chief technology and engineering officer, Chansin Treenuchagron, and executives from the nine banks.
Chansin said the planned cooperation concerning technological and innovation coincided with the “Thailand 4.0” policy in transforming the country’s economic structure into an innovation-driven economy.
The focus will be on promoting and developing financial structure for all parties, in order to create a flexible business operation.
“Thus, trust and confidence will be instituted within the workplace, leading to further expansion of commercial operation,” he added.
The MoU will be effective for a period of two years, during which PTT and the banks will develop polices and strategic directions which will improve financial systems, including insurance, financial derivatives, electronic banking, transactions, and related regulations in order to enhance business flexibility and build stakeholders’ trust, he explained.