The Hong Kong Applied Science and Technology Research Institute (ASTRI) announced that it will work with Thailand’s central bank, the Bank of Thailand (BOT), on cybersecurity and developing FinTech to help enhance the efficiency and security of Thailaind’s electronic transactions, as well as the resilience of its financial system against cyber-threats.
Under the three-year collaboration deal, ASTRI and BOT will jointly carry out R&D projects covering blockchain technology, cybersecurity and big data analytics, among other things.
Both parties are expected to conduct programs to cultivate local FinTech and cybersecurity experts. They will also explore the possibility of forming a cross-border cyber intelligence sharing platform – to enable financial institutes in Hong Kong and Thailand to share vital information to defend against cyber-threats.
The collaboration will also bolster their cybersecurity and FinTech capabilities through talent exchange and training programs.
As an economic, transport and cultural hub within ASEAN, Thailand has pledged to embrace technological innovation, and set out to transform the kingdom into a cashless society. Ahead of other ASEAN countries, it recently launched a national e-payment system ‘PromptPay’, which is expected to revolutionize the way people make payments in Thailand.
“Hong Kong is a global financial hub, and ranks fifth among FinTech hubs worldwide. We’ve chosen to collaborate with ASTRI, which is one of the leading institutions with a strong focus on research and development in the areas of cybersecurity and FinTech,” said Ruchukorn Siriyodhin, Deputy Governor, Financial Institutions Stability of BOT. “These are vital to strengthening Thailand’s financial infrastructure and increasing the efficiency and security of our fast-growing electronic transactions.”
“We’re honoured to have the opportunity to work with Thailand’s central bank,” said Dr Frank Tong, CEO of ASTRI. “It also opens up possibilities for ASTRI to cooperate with other ASEAN countries, which have a total population of 600 million and have vast potential for e-commerce. In the long run, we expect to see ASTRI form more cross-border technological partnerships.”