# The Bank of Thailand is implementing a testing project for Programmable Payment

- Link: https://www.thailand-business-news.com/banking/146739-the-bank-of-thailand-is-implementing-a-testing-project-for-programmable-payment
- Published: 2024-06-19T09:14:00+07:00
- Author: SiamNews PR

**The BOT is promoting responsible innovation and has started a testing project 
for Programmable Payment under an Enhanced Regulatory Sandbox to evaluate potential
benefits and risks.**

---

 * The Bank of Thailand is embracing financial innovation, including Distributed
   Ledger Technology and Smart Contracts, to reduce operational costs and meet the
   needs of financial service users.
 * The BOT is implementing a testing project for Programmable Payment, aiming to
   demonstrate the potential of technology in various financial services while ensuring
   appropriate risk management.
 * The “Enhanced Regulatory Sandbox” will allow the BOT to evaluate and establish
   supervisory policies for financial innovations in collaboration with other regulatory
   bodies.

Ms. Daranee Saeju, Assistant Governor of Payment Systems Policy and Financial Consumer
Protection Group at the Bank of Thailand (BOT), has stated that the current development
of financial innovation is occurring rapidly and with increasing complexity.

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Technologies like Distributed Ledger Technology and Smart Contracts are being used
to create new financial service innovations. The BOT acknowledges the potential 
and benefits of these technologies in reducing operational costs for financial service
providers and meeting the needs of financial service users.

The BOT has a policy of responsible innovation, promoting the development of innovations
in a manner that is accountable to the economic and financial system. Therefore,
the BOT has initiated a testing project for Programmable Payment, which is an automated
transaction with predefined conditions for the payment of goods and services. This
project will demonstrate the potential for applying technology to a wide variety
of financial services, accompanied by appropriate risk management processes.

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This testing will be conducted under the “Enhanced Regulatory Sandbox”, which expands
the scope of the current Regulatory Sandbox Framework to include financial innovations
not yet authorized by the BOT. The BOT will work in collaboration with the Securities
and Exchange Commission, the Office of Insurance Commission, and the Fiscal Policy
Office, Ministry of Finance, to evaluate the benefits and risks of financial innovations
and to establish potential and suitable supervisory policies.

**Source** : [https://www.bot.or.th/en/news-and-media/news/news-20240611-2.html](https://www.bot.or.th/en/news-and-media/news/news-20240611-2.html?rand=113190)