Another initiative of the Bank of Thailand to promote digital payment services is the Thai standard QR code for payment. The Standardized QR Code makes epayment seamless across platforms regardless of which bank or non-bank service provider merchants and consumers are using. In just eight months since its implementations, more than two million merchants in Thailand now accept epayment through QR code, and this figure will continue to grow. Having a common standard for QR code will indeed generate benefits beyond payment convenience. The common standard will help ensure that no incumbent service providers has an advantage of locking merchants with their QR formats, and allow new and innovative payment service providers to easily enter the market. The standard will also help facilitate the move towards information-based lending for SMEs as their payment transaction information can be consolidated. Given that the payment standard was developed together with five global credit card companies using EMVCo, it could serve as a platform to enhance financial connectivity in the region. Thai banks and payment service providers have begun to work with partners in our neighboring countries to facilitate cross-border payments using the standardized QR code. This standardized QR code was a product that went through the Bank of Thailand’s regulatory sandbox. Going forward, there are a few high-impact 7/10  technologies or applications which are being developed and tested in the Bank of Thailand’s regulatory sandbox. The first one is an extension of our standardized QR code to include other means of payment, including credit card.
In addition to the EEC Act, various legal amendments and process improvements were implemented over the past couple of years to improve the ease of doing business in Thailand and ensure that laws can be adjusted to accommodate new business practices in a timely manner. With these reforms, Thailand’s position in the World Bank’s Doing Business Ranking improved from 46th in 2017 to 26th in 2018, and we should continue to see further improvements in the ease of doing business in Thailand going forward. Another important development, which provides a strong foundation for digital economy, is the nationwide broadband internet project. Over the past years, the project has brought fiber optics network to almost 25,000 villages in remote parts of the country, enabling access to free-WiFi hotspots as well as home broadband at affordable prices. As such, human capital development can improve greatly through better access to online information, remote education, and online healthcare services. Business opportunity can also be greatly expanded with greater access to online marketing platforms and more cost-effective communication tools. This new and expanded online connectivity is a critical milestone which will bring economic opportunity and productivity to people in the rural area whose potential has been limited by the previous lack of supportive infrastructure to connect with the modern world. Ladies and gentleman, Let me now turn to Bank of Thailand’s initiatives to help uplift Thailand’s longterm competitiveness.