BoT to regulate BNPL and non-bank transactions in Q4

Prachachat•Economy•19d ago

Reader Briefing

The Bank of Thailand will require Buy Now Pay Later providers to obtain licenses under personal loan criteria starting in the fourth quarter of this year.

•The Bank of Thailand will introduce licensing requirements for Buy Now Pay Later (BNPL) businesses in Q4.
•BNPL users grew from 600,000 to 6 million people over 4 years.
•The Bank of Thailand is implementing measures to combat money laundering through gold trading and high-value cash transactions.
•The Bank of Thailand is collaborating with the SEC to monitor abnormally high USDT trading volumes.

Overview

•The Bank of Thailand expects to issue regulations for Buy Now Pay Later (BNPL) businesses in the fourth quarter of this year.
•The Bank of Thailand will require BNPL providers to apply for licenses under Personal Loan criteria.
•BNPL users increased 10-fold over 4 years, reaching 6 million people, with over 45% of new borrowers being youth.
•The Bank of Thailand is supervising 3,624 non-bank entities across 24 types, which hold 55% of outstanding loan value.
•The Bank of Thailand implemented a requirement to inspect cash withdrawals of 5 million baht or more, resulting in a 52% decrease in such withdrawals in June.
•Starting in October, deposits of 5 million baht or more will require disclosure of the source of funds.
•The Bank of Thailand and the SEC are coordinating to inspect abnormally high trading values of USDT digital assets over the past year.
•Failure to report gold trading data under the new system if money laundering is detected will be considered a criminal offense.

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Key Entities

Organization

Bank of Thailand(ธนาคารแห่งประเทศไทย)ℹ️

The central bank regulating BNPL businesses and monitoring money laundering in Thailand.

Prachachat Turakij(ประชาชาติธุรกิจ)

The organizer of the Beyond ESG : Thailand Transition seminar.

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The organization coordinating with the Bank of Thailand to inspect USDT trading values.

Person

Withai Rattanakorn(วิทัย รัตนากร)

The Governor of the Bank of Thailand.