Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 02 APRIL 2024

Thailand Launches Public Consultation On Virtual Banks Supervision Notification

Tilleke & Gibbins
Tilleke & Gibbins
Contributor
Tilleke & Gibbins

Tilleke & Gibbins

Tilleke & Gibbins has been present in Vietnam since 1992, when it became the first foreign law firm...

View firm profile
Explore more from Tilleke & Gibbins

The Bank of Thailand (BOT) has opened a public comment period on their consultation paper titled "Criteria for Supervising Virtual Banks" from March 19, 2024, to April 17, 2024.

ThailandFinance and Banking
Athistha (Nop) Chitranukroh
Athistha (Nop) Chitranukroh
Pornpan Wichawut
Pornpan Wichawut
Rada Lamsam
Rada Lamsam
Rujaporn Paritsantik
Rujaporn Paritsantik
Author LinkedIn connections

The Bank of Thailand (BOT) has opened a public comment period on their consultation paper titled "Criteria for Supervising Virtual Banks" from March 19, 2024, to April 17, 2024. The consultation paper reveals that the BOT intends to apply traditional commercial bank supervisory standards to virtual banks. However, the BOT also explains that the wholly digital nature of the services offered by virtual banks necessitates additional regulatory supervision.

Additional Supervisory Criteria for Virtual Banks

  • Financial business group: If a virtual bank is within the same financial business group as other financial institutions, its parent company must structure the virtual bank to be under its own sole consolidated financial business group. After the virtual bank has undergone the "restricted phase" in its initial years of operation (see below), other financial institutions within the group are prohibited from extending credit to or engaging in transactions similar to

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Bank Of Thailand Proposes New Digital Channel Security Standards

Thailand's central bank has proposed sweeping changes to digital banking security rules that would phase out SMS-based authentication and mandate biometric verification for large transactions. The draft notification extends security requirements beyond mobile banking to internet channels and nonbank providers, responding to evolving fraud tactics targeting gaps in the current regulatory framework.
ThailandFinance and Banking
Tilleke & Gibbins
Tilleke & Gibbins
Article

Bank Of Thailand’s Cash, Gold, And Digital Asset Controls Combating The Grey Economy

Thailand's central bank has announced comprehensive new regulations targeting grey capital flows through cash transactions, gold trading, and stablecoins, with enforcement beginning in Q4 2026. The measures impose strict verification requirements on high-value deposits and withdrawals, enhanced reporting obligations for bullion dealers, and joint BOT-SEC audits of cryptocurrency transactions. Financial institutions and businesses must prepare for heightened compliance standards across multiple transaction c
ThailandFinance and Banking
Tilleke & Gibbins
Tilleke & Gibbins
Article

Thailand Opens Securities, Derivatives, And Intergroup Financing To Foreign Businesses

Certain securities, derivatives, and treasury activities in Thailand were opened to foreign investors when Thailand’s Ministry of Commerce published two new ministerial regulations in the Government Gazette on August 28, 2026. The regulations significantly broaden the service activities that foreign-owned businesses may conduct without a license or certificate under the Foreign Business Act B.E. 2542, as amended (FBA).
ThailandFinance and Banking
Tilleke & Gibbins
Tilleke & Gibbins
Article

Thailand Releases Revised Draft Rules On Digital Channel Security

The Bank of Thailand (BOT) has released its revised draft Notification on Digital Channel Security for a second round of public consultation, open through November 6, 2026. Released on October 7, 2026, the draft would extend Thailand’s mobile banking security rules to more types of financial service providers and to internet banking, phase out SMS one-time passwords (OTPs), and require biometric checks for high-value transactions.
ThailandFinance and Banking
Tilleke & Gibbins
Tilleke & Gibbins
Article

Vietnam’s New Forced-Labor Import Ban: How Should Businesses Respond?

Vietnam has introduced a new prohibition on importing goods produced through forced labor under Decree No. 292/2026/ND-CP, effective September 5, 2026. While the Ministry of Home Affairs has yet to publish implementing guidance, businesses face immediate legal exposure and must establish internal controls, supply-chain safeguards, and remediation procedures to manage forced-labor risks across their operations and commercial relationships.
VietnamInternational Law
Tilleke & Gibbins
Tilleke & Gibbins
Article

Vietnam’s New Drug Registration Regulations To Reduce Administrative Burden

Vietnam's Ministry of Health has issued Circular No. 32/2026/TT-BYT, introducing significant reforms to the drug registration process that will take effect on October 1, 2026. The new regulations establish a five-year data exclusivity period for new drugs, simplify requirements for foreign legal documents, and introduce a re-examination pathway that could reduce administrative burdens for pharmaceutical companies.
VietnamFood, Drugs, Healthcare, Life Sciences
Tilleke & Gibbins
Tilleke & Gibbins
Article

Thailand Releases New Draft PDPA Guidance On Lawful Bases And Marketing

Thailand's data protection regulator has published draft guidance on lawful bases for processing personal data and marketing practices under the PDPA. The guidance introduces a five-step process for selecting lawful bases, emphasizes separating marketing consent from core services, and addresses AI-driven marketing transparency. Organizations processing personal data in Thailand face new expectations around accountability, consent management, and documentation of compliance efforts.
ThailandPrivacy
Tilleke & Gibbins
Tilleke & Gibbins