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Thai central bank, telecoms regulator in cooperation

bank of thailandThailand’s telecoms regulator National Broadcasting and Telecommunication Commission and the Bank of Thailand have reached in a cooperation to improve cyber security for electronic transactions via mobile phones as the country pursues a goal to become a cashless society. A finger print scan will be among the measures to be introduced to protect mobile users from scams, and it will be ready for service in December. The telecoms regulator will also examine the service fees that telecoms operators charge customers to ensure fair treatment. Thailand has about 10 million mobile banking users out of the 67 million population and the number is expected to rise after a strong growth of average 73% annually in the past five years, Bank of Thailand governor Veerathai Santiprabhob said. The cooperation will support the country’s electronic payment policy after the central bank and Thai commercial banks announced a plan to offer a new money-transfer system, PromptPay, he said.PromptPay, previously known as AnyID scheme, is seen as the first stage to transfer Thailand into a cashless society. It will enable people to use national ID or mobile phone numbers for payments to buy goods and money transfers, and it will open for registration on 15 July before services start on 31 October.

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