The Government of the UK government has forged a strategic partnership with the Bank of Thailand (BOT) on financial services and support economic recovery.

As per the agreement, the two governments will work together to boost accounting standards, bolster corporate governance, support fintech development, increase access to financial services, and promote sustainable finance.

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The collaboration has been facilitated by the UK ASEAN Economic Reform and ASEAN Low Carbon Energy programs.

Thailand’s British ambassador Brian Davidson said: “Financial services can help deliver stimulus that will create jobs; support businesses, and empower societies to be more resilient by transforming economies from grey to green.

“I am very proud that we are signing this MoU with the BOT to facilitate cooperation through the Prosperity Fund ASEAN Economic Reform Programme and the ASEAN Low Carbon Energy Programme.

The countries will also share knowledge and expertise on new financing trends, regulatory practices, products, and services.

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The UK and BOT will also develop the financial sector for broader implications of economy, and environmental policies.

Bank of Thailand governor Veerathai Santiprabhob said: “Our cooperation under this MoU will play an important role in supporting Thailand, in particular, the Bank of Thailand, to foster a regulatory framework that promotes agility and innovation while preserving financial stability as we pursue our journey of digital transformation.

“In addition, it will facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organizational culture and business conducts.”