TFA: Fintech law to be enacted this year
The Fintech Act is expected to be announced and become effective by the end of this year, making it easier for the public to process information and create a fintech platform, says the Thai Fintech Association (TFA).
TFA chief executive Anon Aunsinmun said the law will make it easier for investors, financial institutions and the public to obtain information and data from government organisations, although this is not personal information.
The act allows people to apply for several services without having to re-enter their information repeatedly, Mr Anon said.
"Thailand will leap forward with the Fintech Act," he said. "It will support digital trade and facilitate all parties to access information rapidly."
The TFA has thrown its support behind a draft bill on fintech, saying the law will help pave the way for infrastructure and create an ecosystem that will strengthen local fintech firms' competitiveness against foreign operators.
A committee led by Vorapol Socatiyanurak, a former Securities and Exchange Commission (SEC) secretary-general and chairman of the finance, banking, financial institutions and capital markets subcommittee of the National Legislative Assembly (NLA), is drafting the bill.
The Bank of Thailand, commercial banks and the TFA are represented on the committee.
The NLA is deliberating the Fintech Act, and the committee is in the process of preparing measures on e-transactions, the Know Your Customer process, due diligence and open anonymous data.
TFA president Jessada Sookdhis said the act will compel state agencies to disclose information through open data application programming interfaces.
SEC deputy secretary-general Tipsuda Thavaramara said the regulator supports innovation and startups providing benefits to the financial and insurance sectors.