OVERVIEW
The 1997 financial crisis and its subsequent economic fallout highlighted
many deficiencies within Thailand’s financial system. Since that time, relevant
government authorities, together with private sector players, have instituted deeprooted
reforms aimed at halting the economic contraction, restore investor confidence,
and return the financial sector to a sustainable development path. One of these
initiatives was the Financial Sector Master Plan (FSMP), a 5-10 year medium-term
development plan for financial institutions under the supervision of the Bank of
Thailand.