Govt eases rules for foreign exchange operators

Govt eases rules for foreign exchange operators

Authorities will give foreign exchange service providers more flexibility in business to encourage innovation and new technologies, the Bank of Thailand (BoT) said in a statement on Tuesday.

The revision of foreign exchange regulations, which govern commercial banks, money changers and transfer agents, also allows for new types of services and promotes competition, said assistant governor Alisara Mahasandana.

The new measures include allowing companies to register products in the central bank's 'sandbox' testing scheme for new technologies, and a simplified licensing regime.

The regulations are part of the BoT’s FX ecosystem development plan to lower service cost and improve access for retail customers, she added.

Thailand's central bank has been pushing for more innovation and technologies in financial services. Earlier this year it said it would allow commercial banks to invest more in fintech and was working out rules on virtual banks.

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