Bank of Thailand intervenes in PayPal tangle

The popular payment platform is in crisis mode in Thailand as it scrambles to meet demanding regulatory requirements and pursue a relaunch of its service as a fully compliant Thai based entity. However, the firm faces even more significant and fundamental challenges both in Thailand and around the world not only with an evolving, more sophisticated and demanding payment service market but also real questions about its practices which have seen it faced with and making out of court settlements in class action lawsuits in the United States. The latest case was filed in January over its security tactics and the freezing of user accounts without notice or adequate explanation.

The Bank of Thailand, on Friday, announced that it was intervening to help US payments service provider PayPal which has seen its business in Thailand severely disrupted over the last year as it works to…