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Monday, September 25, 2023

BOT addresses Virtual Banks and Plans Rules on Open Banking

The Bank of Thailand (BOT) has said it is planning new policy guidelines for the banking sector, including virtual banks and open banking, for later this year.

The central bank said in a statement that it will publish guidelines for a public hearing on a virtual bank licensing framework and for the sector’s engagement in digital businesses by the second quarter of this year.

The BOT also said directions on open banking policy will be announced in the third quarter of 2022.

Previously the BOT issued a public consultation in February on ‘Repositioning Thailand’s Financial Sector for a Sustainable Digital Economy’ to lay out the BOT’s underlying principles and policy directions in the new financial landscape.

It states that the “directions and policies outlined above will enable the financial sector to utilize technology and innovation to improve financial services, properly manage new risks, and efficiently cope with environmental risks and impact.

In turn, (1) consumers will be able to enjoy better financial services and are well protected from unfair treatments; (2) households will be financially and digitally literate, have access to financial services without accumulating excessive debt, and will be able to resolve and sustainably recover from over-indebtedness; and (3) businesses will be sufficiently incentivised and funded to make the transition towards a digital and environmentally sustainable economy. “

It added that the new guidelines will reflect previous recommendations from the central bank aimed at repositioning Southeast Asia’s financial sector to serve a sustainable digital economy.

Editorial Staff
Author: Editorial Staff

Provider of news and content to Heaven is Hua Hin

Editorial Staff
Editorial Staffhttps://locality.guide
Provider of news and content to Heaven is Hua Hin

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