Canada    FinTech Guide    Chapter 8    Thailand

8. Online Banking Services
Thailand  Thailand

Online banking services are generally encouraged and supported by government agencies.

Legal Affairs

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.

Economic Conditions

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.

Contributing Authors

Tilleke & Gibbins - Thailand

Athistha (Nop) Chitranukroh
Bangkok, Thailand

Piyanuj (Lui) Ratprasatporn
Bangkok, Thailand

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018