Top Thai regulator advises Asean peers to open markets slowly

Bank of Thailand director warns of financial liberalisation dangers

southeastasia

Financially underdeveloped members of the Association of Southeast Asian Nations (Asean) must open up their markets slowly to avoid crippling local banks and to limit opportunities for regulatory arbitrage, a senior Thai regulator has said.

"[Members] that are less mature need to step up development in order to compete," Somboon Chitphentom, senior director at the Bank of Thailand's (BoT) regulatory policy department, said today (May 14) at the Asean Risk Conference in Kuala Lumpur.

However, if

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