Canada    FinTech Guide    Chapter 9    Thailand


9. Analytics and Research / Data Management / Risk Management
Thailand  Thailand

IT outsourcing is accepted and welcomed for financial businesses, subject to certain standards and guidance prescribed by the relevant government authorities. Therefore, this might be a good opportunity for FinTech to enter and penetrate the market.



Legal Affairs


There is no specific law that governs the business provisions for data and risk management or analytic and research services.

However, licensed financial institutions and e-payment service providers that outsource services to a service provider will have to comply with the criteria and rules on IT Outsourcing, as prescribed by the BOT.

Financial Institutions with IT capacity are allowed to provide services to other financial institutions or government agencies (insourcing) in accordance with the BOT’s rules.



Economic Conditions


There is no information that is publicly available.



Miscellaneous


Currently a draft Personal Information Protection Act (the “Draft’), which has been reviewed by the Council of State, was given to the Committee for House of Representative Coordination to review and will be submitted to the Cabinet for approval later. The Draft provides protection of personal data by restricting the gathering, using, disclosing and altering of any personal data without the consent of the data owner. The Draft also restricts cross-border transfer of personal data. Data controllers are also obligated to arrange for secured system in storing and handling personal data. There are criminal penalties and civil liability for any violation.



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)

Disclaimer:
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