11.07.2022  Welcoming remarks to the conference on econometric methods and empirical analysis of microdata in honour of Manuel Arellano Pablo Hernández de Cos Governor  Good morning, and welcome to this conference on econometric methods and empirical analysis of microdata in honour of Manuel Arellano, one of our country’s leading economists and a key figure in the field of econometrics at international level. Let me take this opportunity to, once again, congratulate professor Arellano on all his important achievements. We are indeed very honoured at the Banco the España to have Manuel with us at the CEMFI. In his recent acceptance speech at the award ceremony of the King of Spain’s Prize for Economics, Manuel Arellano argued that a nation without good administrative data is like a hospital system without access to advanced magnetic resonance equipment. I couldn’t agree more with this comparison. To have an accurate diagnosis of the problems of an economy it is crucial to be able to observe economic reality in sufficient detail. And, the analysis of an economy in high resolution is possible thanks to the empirical analysis of data, of microdata in particular, using, of course, the appropriate econometric methods. Indeed, in recent decades, the analysis of microdata has revolutionised research in the social sciences1 and policy evaluation. The availability of granular data, together with the development of innovative econometric methods, has radically changed the way researchers approach and understand social issues.

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.