#STACS Interview Series: “Digital Transformation for Tomorrow” Episode 3: Mr. Vijak Sethaput IT Deputy Director of The Bank of Thailand
#STACS had the opportunity to interview Mr. Vijak Sethaput for our video series on the topic “Digital transformation in the new normal — Blockchain developments in the industry”. Mr. Vijak Sethaput is the IT Deputy Director of the Bank of Thailand. He is a senior developer who managed a technical team that contributed to the completion of all three phases of Bank Of Thailand’s Central Bank Digital Currency (CBDC) development, Project Inthanon.
During the interview, Mr. Vijak Sethaput highlighted that the Project Inthanon initiative remains as the focus of corporate CBDC. In the past two years, the team put in place all the sales CBDC processes, and wishes to extend this project to the retail realm. To facilitate work and internal collaboration during this pandemic, Bank of Thailand set up a digital transformation project to accelerate the adoption of modern tools. E-learning was one of the main tools that the bank adopted.
Watch the video to understand more about the banking market transformation in Thailand and the challenges faced in the digital transformation.
Mr. Vijak Sethaput mentioned “We thought we were ready for this pandemic, (but) many people seemed to have trouble learning these new tools. That’s why we included a live session to explain how to use the tools with the employees and it’s an opportunity to ask questions and assist them.”
In his opinion, the financial market requires more time to fully adopt the digitalization. There is uncertainty and doubt surrounding his daily work on the digital currency, and he believes that research and time are needed to influence this perception in the market.
For Mr. Vijak Sethaput, blockchain technology delivers a significant promise to support the financial market and improve the way we do business. In this digital transformation, risk management plays a key role to ameliorate the vision of people.
STACS is a Singapore fintech development company focusing on the digital transformation of the financial industry. Today, our clients and partners such as stock exchanges, banks, asset management firms etc are using our proprietary Securities Trading Asset Clearing and Settlement (STACS) Blockchain for various use cases while working together with their ecosystem participants to enjoy efficiency savings in operations and to create new revenue streams.