Central bank to allow fintech experimentation

The bank of Thailand will open the way for financial-technology product experimentation under its regulatory “sandbox” in the first quarter of next year, in the hope that fintech developers applying to participate can receive licences quickly once they decide to commercialise their products or services. Vireka Suntapuntu, senior director of the Financial Institution Applications Department, said at a press briefing on September 20 that the central bank was holding an online public hearing via its website about the regulatory sandbox until October 15, before announcing the opening up of the sandbox to commercial banks as the first group that would be allowed to join the scheme in the first quarter of next year. Non-bank financial institutions with fintech developments will be able to apply for the sandbox in the second quarter, she said.

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