Central bank plans rules on virtual banks, open banking

Central bank plans rules on virtual banks, open banking

People use commercial bank ATMs in a department store in Bangkok. (File photo: Bangkok Post)
People use commercial bank ATMs in a department store in Bangkok. (File photo: Bangkok Post)

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

The 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.

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


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