Central bank plans rules on virtual banks, open banking

published : 25 Mar 2022 at 15:04

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.

Related: BoT eyes higher bank capital reserves

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.

Do you like the content of this article?

COMMENT (1)

MOST RECENT

Thailand

Chuan: MFP-Pheu Thai tussle ‘not surprising’

The ongoing tussle between Move Forward and Pheu Thai — the nation’s two biggest parties — over who should hold the parliament president’s post is hardly surprising since both are not far apart in the number of seats they won in the polls, according to former parliament president Chuan Leekpai.

31 May 2023

Thailand

Panel to ensure anti-torture law compliance

The government has set up a panel to lay down regulations to ensure state agencies comply with the Prevention and Suppression of Torture and Enforced Disappearance Act.

31 May 2023