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ARTICLE · 07 APRIL 2021

Bank Of Thailand Introduces Digital Personal Loans

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With technological advancements, business operators are able to access more varieties of data than ever before, and are able to use that data to assess the terms on which loans are provided.

ThailandFinance and Banking
Charuwan Charoonchitsathian
Charuwan Charoonchitsathian
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With technological advancements, business operators are able to access more varieties of data than ever before, and are able to use that data to assess the terms on which loans are provided. This means that they can provide services to consumers more efficiently and with lower operating costs. More importantly, however, it allows them to provide financial services to a broader range of consumers who would otherwise not be able to access vital funds.

To facilitate this, on September 15, 2020, the Bank of Thailand (BOT) introduced a new type of personal loan—the digital personal loan—under BOT Circular Re: Rules, Procedures and Conditions for the Undertaking of Digital Personal Loan Business. Sometimes known as "quick loans" or "easy loans" in other jurisdictions, this new type of loan instrument is intended to promote Under the circular, a digital personal loan is defined as a personal loan for which business operators utilize digital technology and alternative data

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