#STACS Interview Series: “Digital Transformation for Tomorrow” Episode 4: Mr Kobsak Duangdee, Secretary General of Thai Bankers’ Association
#STACS had the honor to interview Mr. Kobsak Duangdee, the Secretary General of Thai Bankers’ Association (TBA) for our video series. Mr. Kobsak has been the Secretary General of TBA since January 2015. Mr. Kobsak represents Thailand in the APEC Business Advisory Council (ABAC), ASEAN Business Advisory Council (ASEAN-BAC) and East Asia Business Advisory Council (EABC). He was the Thailand Country Head and Branch Manager of Scotiabank, a leading Canadian bank. He spent more than 30 years with the bank, managing the Thailand, Laos, Cambodia, and Myanmar markets. Mr. Kobsak is a former member of the Board of Directors of Thanachart Bank and Executive Committee of Thanachart Securities. He was also a Board Member of the Thai-Canadian Chamber of Commerce for over a decade.
Watch the video to understand more about the banking market transformation in Thailand and the challenges faced.
Mr. Kobsak introduced us to TBA, which was founded in September 1958. At present, the association has 16 members representing all the commercial banks incorporated in Thailand. Five years ago, TBA initiated a five-year strategic plan that focuses on key developments in the market. One of it is to work closely with financial institutions on digital payment. During the pandemic, the association continues to drive the digital transformation in the industry. He explained, “With the COVID-19 pandemic, the speed of the digital transformation is getting faster. People are getting used to more digital channels and transactions. All banks need to change and adopt more digital tools.”. Mr. Kobsak highlighted the improvements in the Thailand banking ecosystem in recent years, as well as the importance of technology in helping the banks understand their customers better and reach them faster. He believes that blockchain technology will empower the financial institutions to create even more value for their customers, and build trust between parties.
According to Mr. Kobsak, the banks of Thailand are adopting blockchain, and he believes more industries will employ this know-how in the future. Mr. Kobsak pointed out that the Asian Market is moving in this direction, and the banking landscape is evolving with several current projects. He shared his analysis that the transformation may be a delicate subject in terms of cost, legal regulations, budget barriers, and the lack of understanding and appreciation from people at the management level. The challenge will then be to involve participants in the ecosystem and foster collaboration.
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.