“Data is the new oil.” Officially launched on October 3, 2024, the "Your Data" project is a collaborative effort among key agencies, including the Securities and Exchange Commission (SEC) and the Office of Insurance Commission (OIC). This project aims to connect and align financial data and services to better meet public needs. High-level executives attended the launch to discuss optimal data usage, underscoring the importance of data in the digital economy as a key economic driver. Valuable data must undergo a transformation process and be protected against misuse.
The Bank of Thailand (BoT) has implemented a flexible regulatory framework for the financial sector to foster innovation and adaptation. The “Your Data” project is positioned as a flagship initiative aimed at making financial services more accessible, giving individuals control over their personal data.
Deputy Prime Minister Pichai Chunhavan emphasized citizens' rights as data owners and the trusted management of personal information, allowing businesses to develop products that meet consumer needs. Data also helps bridge financial access gaps, particularly for low-income groups and SMEs.
Agencies like the OIC are using data to develop insurance services that provide consumers with easily accessible information and effective product comparisons.
The "Your Data" project aspires to become a crucial tool for broadening financial opportunities by managing data efficiently and safely. It fosters new innovations and reduces financial access gaps, marking an important step toward a sustainable digital economy in Thailand.
For More Information : Bank of Thailand
Link : https://www.bot.or.th/th/home.html
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