Thai banks promise to continue providing basic services

The Bank of Thailand (BOT) has demanded all financial institutions to continue providing seven KEY financial services, including money withdrawals, fund transfers, deposits, payments, cash management and settlement systems, in an effort to avoid potential coronavirus-related disruptions to citizens, expats and businesses.

Kobsak Duangdee, secretary-general of the Thai Bankers’ Association, said after a conference call between banks and the central bank today…

“The central bank is requiring banks to rehearse internal operations for several scenarios related to virus outbreak disruptions, the so-called business continuity plans (BCPs).”

“Banks need to ensure that mobile banking will be available in an emergency, and for branch services, they need to ensure hygienic and sanitation systems to contain the spread.”

GH Bank president Chatchai Sirilai said the seven services are considered crucial services that banks must continue operating. The bank’s BCP comprises three parts…

• First, splitting staff at headquarters into at least two teams and shifts to ensure available employees if one team is infected.

• Second, allowing some employees at headquarters to work from home to reduce congestion.

• Third, the bank will move its backup facilities online in case of a lockdown of headquarters to ensure that financial services remain available.

Chatchai Payuhanaveechai, president of GSB says…

“the bank will use its IT system to provide online services in case of a lockdown. Some 86% of its customers make transactions through the electronic channel.”

Meanwhile, Bangkok Bank executive chairman Deja Tulananda says.

“The bank has stepped up measures under the BCP. The bank has prepared readiness for business operations and customer financial services under several scenarios.”

SOURCE: Bangkok Post

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