RegTech and compliance management
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Attitude of the country towards RegTech-services
So far, RegTech is not well known in Thailand, and is mostly discussed on a basic conceptual level. The area that is considered the most advanced in terms of RegTech development in Thailand is electronic identity verification and authentication (e-KYC), and the regulatory sandboxes overseen by different government authorities in Thailand.
Obligations and requirements to provide RegTech-services
Currently, there is no specific law that directly governs RegTech services. However, there are various industry-specific regulations and license requirements specific to each industry in respect to financial services (e.g. for blockchain or banking services) that are indirectly relevant to RegTech services. Some current examples of RegTech services in Thailand include e-KYC, digital banking services, the application of biometrics, P2P lending, and alternative credit as part of mobile banking services.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
Market size for RegTech-services and biggest companies in this business area
Information on the market share for RegTech-services is not publicly available. The most well-known RegTech company in Thailand is probably iTax, an income tax management application.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area