Online banking services are generally encouraged and supported by government agencies.
Apart from the e-payment services explained in “1. / Thailand / Legal affairs”, online banking services are only allowed for commercial banks, finance companies and credit foncier companies that are licensed under the FIBA. The licensed financial institutions that wish to provide online banking services must apply for approval from the BOT.
The Guiding Principles for Trusted Mobile Payments mentioned in “1. / Thailand / Legal affairs” also apply to the mobile payment services of the financial institutions.
According to data from the BOT’s website, in 2016 the total value of internet and mobile payments was Baht 35,067 billion or 9 percent of all payment transactions processed through payment systems and channels. In terms of the number of transactions, there were 825 million internet and mobile payment transactions, representing approximately 24.8 percent of all payment transactions. The number of customers applying for internet and mobile payment services was 35,978,843.
With respect to service providers, approximately 90 percent of all internet and mobile payments transactions in 2016 were carried out via financial institutions. However, in terms of value, all financial institutions’ internet and mobile payments accounted for almost all internet and mobile payments transactions (99.8 percent).
There is no publicly available information on the market share of the companies.
To facilitate FinTech development, the BOT has issued FinTech Regulatory Sandbox Guidelines that allow business operators to experiment with their products or services provided to customers, within the limited areas or environments, under more lenient rules as prescribed by the BOT on a case by case basis. A qualified FinTech company may apply to participate in such Sandbox.
Athistha (Nop) Chitranukroh
Piyanuj (Lui) Ratprasatporn