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ARTICLE · 17 JULY 2023

Thailand Tightens Qualifications For Payment Service Operators

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The Bank of Thailand has issued new notifications amending regulations for payment businesses that fall under the Payment Systems Act B.E. 2560 (2017) to promote transparency and good governance in the payment industry.

ThailandFinance and Banking
Athistha (Nop) Chitranukroh
Athistha (Nop) Chitranukroh
Nutavit Sirikan
Nutavit Sirikan
Pornpan Wichawut
Pornpan Wichawut
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The Bank of Thailand (BOT) has issued new notifications amending regulations for payment businesses that fall under the Payment Systems Act B.E. 2560 (2017) to promote transparency and good governance in the payment industry.

Notification No. SorKorChor 2/2566 ("Notification 2") increases the required qualifications for applicants seeking a license to provide payment services designated as being under the BOT's supervision, and Notification No. SorKorChor 4/2566 ("Notification 4") stipulates additional duties and exemptions for certain types of business operators. The notifications were published in the Government Gazette on July 7, 2023, and came into effect the following day.

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