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BOT Plans Rules on Virtual Banks and Open Banking


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by Natthaphon Sangpolsit

    

BANGKOK (NNT) - The Bank of Thailand (BOT) has said it is planning new policy guidelines for the banking sector, including virtual banks and open banking, for later this year.

 

The central bank said in a statement that it will publish guidelines for a public hearing on a virtual bank licensing framework and for the sector’s engagement in digital businesses by the second quarter of this year.

 

The BOT also said directions on open banking policy will be announced in the third quarter of 2022.

It added that the new guidelines will reflect previous recommendations from the central bank aimed at repositioning Southeast Asia’s financial sector to serve a sustainable digital economy.

 

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-- © Copyright NNT 2022-03-28
 

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4 hours ago, Everyman said:

What does any of that mean? 

Virtual bank presumably means a bank with no physical branches, e.g. like N26 and Revolut. You download their app, do KYC compliance checks by uploading passport/selfie, and you are pretty much good to go!

 

Open banking I assume refers to having some standards for banks to exchange data, e.g. in Europe I can use one app to manage accounts in different banks.

 

But I didn’t read the article.

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