The Bank of Thailand has announced new criteria for the supervision of technology risk in financial institutions and specialized financial institutions. The key focus is to set standards for Mobile Banking channels, ensuring uninterrupted service for no more than 8 hours per calendar year. This is in contrast to Singapore’s MAS, which does not specify a particular type of service but mandates that essential services should not be disrupted for more than 4 hours within a 12-month period. Thailand’s approach allows for immediate revaluation when crossing over into a new year, while MAS requires caution to prevent prolonged disruptions for another 12 months, effectively resetting the track record.
The system is expected to have a maximum downtime of 8 hours per year, which equates to approximately 99.9% service level agreement (SLA), while MAS aims for a downtime of 4 hours per year, resulting in around 99.95% uptime.
This announcement will come into effect on January 1, 2024.
TLDR: The Bank of Thailand has introduced new guidelines for technology risk management in financial institutions. Mobile Banking channels should have uninterrupted service for no more than 8 hours per year, contrasting with Singapore’s MAS which aims for a maximum of 4 hours of downtime. The new criteria will be effective from January 1, 2024.
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