Thailand to Crack Down on 10 Illegal Loan Apps in Google, App Stores

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The Bank of Thailand (BoT) has unveiled an alarming discovery of 10 mobile applications providing personal loans illegally. It is now working vigorously to get these apps removed from the App Store and Google Play Store.

Pirajit Padmasuta, a senior director at the central bank, detailed how the regulator has already reported these illegal apps, such as Fineasy and Happy Loan, to the Personal Data Protection Committee (PDPC) under the Digital Economy and Society (DES) Ministry. An official report is set for submission to the DES Ministry soon, aiming for Google Play Store's collaboration in removing the apps.

The PDPC recently flagged 11 suspicious apps and asked the central bank to verify their legality. Following a thorough review, only one app was found to be operating legally. Two of the troubling apps, Fineasy and Happy Loan, were reportedly pre-installed on some Chinese-brand phones, notably Oppo and Realme.

The central bank is on high alert, monitoring other suspicious apps, dividing them into unauthorized lending apps and those stealing personal data. In light of increased cyber threats, this step is crucial to prevent financial scams.

Complaints from 40 individuals accuse Oppo, Realme, and their distributors of illegally operating these apps and breaching personal data laws. These allegations are under review by an expert committee, potentially leading to fines.

Concerns were brought to light by the Thailand Consumers Council, urging discussions with the Electronic Transactions Development Agency, the National Broadcasting and Telecommunications Commission, and the PDPC. The council insisted that some apps, like Fineasy, came embedded in the phone’s system, making removal difficult. They could send loan offers and access user data, emphasizing the urgency to act on this issue.