Prompt Pay will be an impetus in changing consumers’ behaviours to use electronic payment for everyday goods and services. Transactional banking 2  could be easily completed online or via mobile phone rather than going to bank branches. This move towards less reliance on cash will reduce the cost of cash handling thereby increasing efficiency of the banking industry and the Thai economy as a whole. On the downside, technology comes with associated risks. In recent years, cyber threats have increased dramatically in frequency, sophistication and their widespread effects. This year, at least four financial institutions in Bangladesh, Vietnam, Ecuador, and the Philippines became victims of cyber heist involving the SWIFT system while ATMs in Japan, Taiwan, Thailand, and recently in many European countries have been hacked. IT security and cyber security need to be addressed for secure transactions and to ensure trust among customers. The Bank of Thailand and the Thai Bankers Association (TBA) have collaborated to set up an Information Sharing Group (ISG) or financial-sector CERT. The group enables comprehensive information sharing and connects to other involved parties such as cyber security specialists, vendors, and legal enforcement agencies, to develop defensive, preventive and responsive plans. This is a first step for Thailand. Given the borderless cyber world, collaboration on cyber security among ASEAN countries needs to be enhanced. ASEAN banks have to step up efforts and join hands in setting up processes and tools for sharing cybersecurity incidents, exchange of information and knowledge, conducting cyber attack exercises, and developing cyber security experts.

21st ASEAN Banking Conference Governor’s Speech 28th November 2016, Anantara Siam Bangkok Hotel “TRANSFORMING FINANCIAL SERVICES TO MEET THE NEEDS OF THE GROWING ASEAN ECONOMIC COMMUNITY (AEC)” Chairman of the ASEAN Bankers’ Association Chairman of the Thai Bankers' Association Deputy Governor of the National Bank of Cambodia Chairpersons, CEOs, and Top Executives of ASEAN Banks, Distinguished Guests, Ladies and Gentlemen, Sawasdee Krub A very good morning to you all. It is a great pleasure for me to be here today to share with you my thoughts on the upcoming challenges for the ASEAN banking industry. Before I begin, I would like to thank the Thai Bankers’ Association for the invitation to this annual gathering of ASEAN bankers. Let me also extend a warm welcome to the executives of ASEAN banks who have travelled here for this special event. From my calculation, in aggregate, you all manage assets of around 120 percent of total ASEAN GDP. Ladies and gentlemen, We are going together through profound changes in the global economic environment. The economic condition called the “new mediocre” together with the transformation towards digitization have been key driving forces for a volatile, uncertain, complex, and ambiguous environment or the VUCA world in short. Against this backdrop, we as commercial bankers and regulators have to move together to ensure growth, prosperity, and sustainability for our region. Let me elaborate on the key issues we are facing. The “new mediocre” is a state of multiple “lows” – low-growth, low-investment, low-trade volume, low-interest rate, low commodity prices, and low-inflation.