Thai central bank plans rules on virtual banks, open banking

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok
FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

March 25, 2022

BANGKOK (Reuters) – Thailand’s central bank said on Friday it is planning new policy guidelines for the banking sector, including virtual banks and open banking, for later this year.

The Bank of Thailand (BOT) 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, it said in a statement https://www.bot.or.th/English/PressandSpeeches/Press/2022/Pages/n1565.aspx.

Directions on open banking policy will be announced in the third quarter of 2022, the BOT said.

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, it said.

(Reporting by Orathai Sriring; Editing by Kanupriya Kapoor)