WC-PSS created cross-border payment innovations: international stock markets network, electronic payment message standard, and ASEAN retail payment system network. In addition, BOT in association with Hong Kong Monetary Authority (HKMA) launched a new cross-border payment-versus-payment (PvP) link between Hong Kong’s USD CHATS, Hong Kong dollar Clearing House Automated Transfer System (CHATS) and Thai BAHTNET to ensure the simultaneous delivery of US Dollars in Hong Kong and Thai Baht in Thailand in order to eliminate or mitigate settlement and counterparty risks. The link operationally started since 28 July this year. Aligning with cross-border payment innovations, growth of IT investment is another matter that the Bank of Thailand has promoted and monitored. The widespread adoption of advanced technology in banks’ key systems is to advance efficient internal operations – Big Data Analytics for processing customers’ information to analyze customers’ behavior and Cloud Computing for allocating IT resources, and to provide products and services through online platform such as Mobile Electronic Data Capture, Net Bank, Virtual Card, Near Field Communication Contactless, and etc. However, many people, especially in the baby boom ages, have not experienced the online banking services yet, partly because they have concerns about security. So it is our job to secure them. BOT has continuously promoted online banking systems and are aware of their risks and impacts at the same time since we believe that no matter what we have in online mode, they are all connected. As digital banking products thrive, so do the competency of cyber threats.

Balance between innovation & growth and security  Talking about balancing between innovation & growth and security, in the world of digitization, it is a challenge to find the right balance between innovation & growth and security which lie in our responsibilities. First of all, we have to understand the creation of the matters as well as their main drivers. Innovation and growth result from consumer’s and business’s demands for variety, speed and lower cost that come with competitions to develop such technology facilitating financial transactions and creating sophisticated banking products. Seeing that, their main drivers are users’ demand for financial facilities and technology together with a need for proper uses of banking products and services, leading to security concerns, which have occurred in parallel with the innovation and growth. Security of IT system uses are prioritized as one of the most considerable issues, due to its importance and interconnectedness, to accomplish our own goal of financial system stability that is at the heart of effective supervision. So, it is our responsibility to prevent such fragility before it is too late. 2. Regulatory schemes, bank business models and IT platform  In the world of highly competitive markets, in particular the banking sector, players have continuously tried to create new banking products to serve the needs of consumers and to move forward to penetrate market shares. As a result, sophisticated banking products along with adaptive bank business models have emerged. Unfortunately, once regulators respond to the changes steps after, financial crisis comes.