Thailand’s Payment System Act B.E. 2560 (2017), which came into force in April, 2018, reclassified payment systems and services into three categories—highly important payment systems, designated payment systems, and designated payment services—with subsequent regulations prescribing the systems and services that fall within each category. In response, the Bank of Thailand issued several notifications detailing the rules, procedures, and conditions for applications, licenses, and registration for systems and services in each category, as well as the rules relating to supervising the operation of each payment system and service.
This practical guide provides a clear and direct overview of these new measures, and what business operators should do to secure licenses under the new regulatory regime. For more information, please download the full article below.