There are no extensive regulations yet on Open Banking in Thailand, however, the government’s digital transformation strategy (and the Thailand 4.0 strategy) along with the introduction of the Personal Data Protection Act (PDPA) in 2020 indicate that the country may soon offer an Open Banking framework.
When compared to other Southeast Asian countries like Malaysia and Singapore, Thailand is still far behind when it comes to developing an Open Banking regulatory framework. The reserve bank of Thailand and other regulatory agencies have not yet provided detailed guidelines for financial data-sharing between different service providers.
But there has been a focus on digital transformation in Thailand since many of its consumers are quite young and tech-savvy. In 2016, the country introduced Thailand 4.0, which is a proposed economic model that’s geared towards supporting…
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There are no extensive regulations yet on Open Banking in Thailand, however, the government’s digital transformation strategy (and the Thailand 4.0 strategy) along with the introduction of the Personal Data Protection Act (PDPA) in 2020 indicate that the country may soon offer an Open Banking framework.
