The Bank of Thailand (BoT) will launch a sector-wide framework to address digital fraud, says governor Vitai Ratanakorn.
Mr Vitai, speaking at the Bangkok Business Summit on Thursday, said the framework represented a clear step in the central bank’s efforts to secure Thailand’s digital financial system.
Under the framework, to be launched on Sept 10, the central bank, commercial and state-owned banks, non-bank e-payment providers, non-bank lenders and more than 2,000 money changers will jointly declare a commitment not to facilitate, provide channels for or support illicit activities or corruption.
The framework mandates concrete obligations, such as enhanced due diligence for cash deposits exceeding 5 million baht and stricter restrictions on cash purchases of gold bullion valued at 10 million baht or more.
He said securing the digital financial system is critical to supporting future competitiveness and driving inclusive and resilient growth.
The Bank of Thailand, the International Monetary Fund (IMF) and the World Bank are developing a ‘Bangkok Blueprint’, to be introduced at next month’s IMF-World Bank annual meetings in Bangkok.
‘Our ambition is for the Bangkok Blueprint to become a practical reference for countries seeking to strengthen their response to digital fraud,’ Mr Vitai said.
Efforts to tighten controls against cybercrime such as tougher reporting requirements have shown clear results, he noted, with a 52% decline in high-value cash withdrawals and a 70% decline in high-value gold withdrawals over the past year, signalling a decline in money-laundering activities.
Strategies to address push-payment digital fraud have resulted in a decline in losses to 1.8 billion baht in the second quarter of 2026, down 80% from the same period in 2024.
The governor said Thailand’s agenda for the IMF-World Bank meetings focuses on four strategic pillars, starting with digital and artificial intelligence (AI) transformation.
The second is the need for resilience in a fragmented world, which highlights Thailand’s position as a hub for investment and regional connectivity.
The third is the financial architecture for climate adaptation, while the fourth is demographic change and the longevity economy.
Mr Vitai said the initiatives are vital to the country’s long-term competitiveness, noting that since the coronavirus (Covid) pandemic, Thai economic growth has averaged just 2.4% per year, compared with 5.3% annually following the 1997 Asian economic crisis.
‘The challenge before us is not only to recover from shocks, but also to build resilience and the capability needed to sustain long-term growth,’ he said.
‘A trusted and secure financial system is a safeguard against risk and a strategic asset that attracts investment and gives people and businesses the confidence to seize new opportunities.’