Thai Central Bank to regulate virtual banks

Thailand’s central bank announced on Friday that new banking policy guidelines, including virtual banks and open banking, will be released later this year.

By the second quarter of this year, the Bank of Thailand (BOT) will release instructions for a public hearing on a virtual bank licensing framework and the sector’s engagement in digital enterprises, according to a statement.

The BOT stated that open banking policy directions will be unveiled in the third quarter of 2022.

According to the central bank, the new rules would reflect prior proposals aimed at repositioning Southeast Asia’s financial industry to serve a sustainable digital economy.