You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

May 15, 2019

Bank of Thailand Issues First Peer-to-Peer Lending Regulations

Subscribe to Updates

On April 29, 2019, the Bank of Thailand issued Notification 4/2562 Re: The Determination of Rules, Procedures, and Conditions for Peer-to-Peer (P2P) Lending Businesses and Platforms. The notification took effect the following day. 

The notification lays out a number of guidelines for P2P platform providers and P2P lenders. A P2P platform provider is defined as a person who provides an electronic system or network for P2P lending, while a lender is a natural person or juristic person who offers a loan through an electronic system or network (excluding crowdfunding providers). Key provisions are summarized below. 

P2P Platform Provider

A P2P platform provider must:

  • not be a financial institution (including banks, although subsidiaries of banks are permitted);
  • be a private company or public company incorporated in Thailand;
  • have paid-in capital of at least THB 5 million; and
  • have at least 75% of its total shares held by Thai citizens.

Directors of a platform provider must not have been involved in, or accused of, fraud or corruption; must not demonstrate a lack of qualifications or professional standards; and must be financially sound.

Custodians

  • A qualified custodian is required, as platform providers are prohibited from holding the money, property, and securities of lenders and borrowers themselves.
  • Custodians must either be authorized custodians under SEC regulations or authorized commercial banks (for escrow accounts) under BOT regulations.

Borrowers

Under this notification, borrowers must be natural persons who:

  • have the capability to incur debts;
  • are not P2P platform providers;
  • are not directors, authorized persons, or major shareholders of the provider; and,
  • have not already obtained personal loans from three lenders.

The notification also prescribes credit limits for loans. Loans for consumer purposes are limited based on the borrowers’ average monthly income as follows.

  • For borrowers whose average monthly income is below THB 30,000, the credit limit must not exceed 1.5 times their average monthly income.
  • For borrowers whose average monthly income is THB 30,000 or more, the credit limit must not exceed 5 times their average monthly income.

Borrowers can obtain loans for business purposes up to a maximum of THB 50 million.

Lenders

Unlike borrowers, lenders (who must not also be P2P platform providers) can be either natural or juristic persons. They must conduct client suitability assessments before providing loans to ensure adequate knowledge and understanding of each loan and the associated risks.

The notification also prescribes credit limits for providing loans as follows.

  • There is no limit for loans provided by institutional investors, private equity trusts, or venture capital businesses under the Securities and Exchanges Act.
  • All other lenders can provide loans that do not exceed THB 500,000 in a period of 12 months.

Interest

The interest rate for loans offered through a P2P lending platform must not exceed 15% per year, in accordance with the Civil and Commercial Code of Thailand. 

For more information on the notification, or on any aspect of the P2P lending business in Thailand, please contact our Bangkok office at [email protected] or +66 2056 5555.

Related Professionals

Industries

Technology

Practices

Banking and Finance

Location

RELATED INSIGHTS​ 

March 30, 2026
On March 24, 2026, the Trade Competition Commission of Thailand (TCCT) published its long-anticipated Guidelines on Multi-Sided Platforms and E-Commerce Businesses in the Government Gazette, following the conclusion of a public hearing conducted last year. The guidelines entered into force on March 25, 2026, and significantly expand the application of Thai competition law to digital platform ecosystems. These rules introduce targeted restrictions on platform conduct, such as price-ranking algorithms and tying and bunding, that leverages network effects, and will have far-reaching implications across Thailand’s digital economy—affecting not only platform operators but also platform participants, including sellers, logistics providers, advertisers, and payment service providers operating on or alongside such platforms. The guidelines clarify how existing prohibitions under the Trade Competition Act B.E. 2560 (2017) (TCA)—including abuse of market dominance, cartel conduct, and unfair trade practices—apply in the context of platform-based business models. While many provisions reflect earlier draft guidelines, the final version delivers more precise definitions and clearer enforcement parameters, increasing regulatory certainty while also raising compliance expectations. Applicability The guidelines introduce core definitions that determine their coverage: Multi-sided platform: A platform that acts as an intermediary connecting two or more groups of users, enabling them to have direct interaction in order to exchange or rely on services from one another. Examples include digital platforms for trading goods or services (e-commerce), as defined below. Digital platform for trading goods or services (e-commerce): A platform that acts as an intermediary connecting the distribution, purchase, sale, or exchange of goods or services. This includes operations carried out to facilitate transactions or interactions between business operators through an electronic transaction system, regardless of whether a service fee is charged. Operator of a digital platform business for trading goods or services: A provider of digital platform services for trading goods or services, as described
Read More
March 27, 2026
Thailand’s National Broadcasting and Telecommunications Commission (NBTC) has publicly indicated that it is preparing a new regulatory framework for data center operators that may introduce foreign-ownership restrictions. In particular, the NBTC is considering reclassifying data center operations from a type 1 telecommunications business license to a type 3 license. If implemented, this change would subject data center operators to a significantly more stringent regulatory regime, especially in relation to foreign ownership and control. The NBTC has indicated that it intends to propose a draft framework to the NBTC board. This would be followed by a public hearing process, with a view to implementing the new rules within 2026. Under the Telecommunications Business Act B.E. 2544 (2001), as amended, telecommunications businesses operating under type 3 licenses are subject to foreign ownership restrictions, including a requirement that less than 50% of the total issued shares be held by foreign shareholders. In addition, type 3 licensees are subject to foreign dominance restrictions, which prohibit arrangements that allow foreigners to dominate the business. These foreign dominance restrictions are broad in scope and may capture various forms of direct and indirect control or influence. This includes circumstances in which a foreign national is able to influence or control the formulation of policy, management, or business operations, or the appointment of directors or senior executives. At this stage, the exact scope of the proposed rules remains unclear. Businesses with existing or planned data center operations in Thailand should therefore monitor upcoming NBTC developments in this regard and prepare for the expected public hearing process.
Read More
March 27, 2026
Vietnam’s emerging governance framework for artificial intelligence (AI) is developing through a multi-layered structure comprising three components: Policy instruments setting national priorities for AI development; Regulatory framework governing development, provision, deployment and use of AI; and Technical standards and voluntary guidelines. Policy level. At policy level, the foundation for a strategic framework for AI development and governance was laid in 2021 by the National Strategy for Research, Development and Application of AI until 2030, aimed at strengthening the national AI ecosystem and positioning Vietnam as a regional AI innovation hub. Subsequently, resolution No.57-NQ/TW (2024) identified AI as a key driver of science, technology, innovation and national digital transformation. AI was also designated as a strategic technology under decision No.1131/QD-TTg (2025) listing priority technologies across sectors. Regulatory framework. At the legislative level, the new Law on Artificial Intelligence took effect on 1 March 2026, establishing the core regulatory framework governing development, provision, deployment and use of AI systems. Controlled testing for emerging AI technologies is implemented under the Law on Science, Technology and Innovation. The AI Law is expected to be further operationalised through implementing instruments, most notably a draft decree guiding the AI Law, and draft decision of the prime minister identifying high-risk AI systems (both published in February 2026). A decision establishing priority datasets for AI development is also anticipated. Compliance obligations may also arise under sectoral regulatory regimes, including data protection, cybersecurity, banking, consumer protection, e-commerce and intellectual property, particularly where AI systems are used in automated decision-making or data-driven services. Technical standards and non-binding guidelines. Vietnam’s AI governance framework is also supported by technical standards and voluntary guidelines. A key instrument is decision No.1290/QD-BKHCN (2024), providing guidelines for responsible research and development of AI systems, and represents Vietnam’s first national AI ethics code. The Ministry of Science and Technology
Read More
March 27, 2026
In response to the rapid advancement of artificial intelligence (AI) and evolving global digital trends, Thailand has undertaken significant efforts to establish a comprehensive national policy framework aimed at fostering an AI ecosystem. This framework seeks to promote the responsible development and deployment of AI technology to enhance Thailand’s economic competitiveness and improve quality of life, with targeted implementation by 2027. In furtherance of this national AI policy, regulatory authorities have initiated efforts to develop and refine the applicable legal framework, including the drafting of Thailand’s first unified AI legislation. Pending the composing and enactment of such comprehensive legislation, sector-specific regulators have proactively issued guidelines applicable to regulated entities within their respective jurisdictions, including financial institutions, banks, insurance companies, securities and derivatives business operators, and digital asset service providers. Concurrently, cross-sectoral regulatory bodies, notably the Personal Data Protection Committee (PDPC) and the National Cyber Security Agency (NCSA), have promulgated guidelines applicable to all business operators within their regulatory purview. While unified AI legislation has not been enacted, the design, development and use of AI in Thailand in various industries is still subject to existing sector-specific legislation. National AI policy The Thai cabinet approved the Thailand National AI Strategy and Action Plan (2022-2027) in July 2022, aiming to establish an AI development and application ecosystem by 2027. The strategy is built around five pillars: Preparing social, ethical, legal and regulatory readiness for AI; Developing national infrastructure; Increasing human capability and AI education; Driving AI technology and innovation; and Promoting AI adoption in public and private sectors. The above-mentioned national AI committee, under the National Digital Economy and Society Committee (NDESC), was established in August 2022, chaired by the prime minister. Comprehensive legislation Following the national AI strategy, the government has been developing comprehensive AI legislation to govern and promote AI
Read More