19 January 2018
visit http://response.ncr.com

Thailand sets up fintech sandbox

22 September 2016  |  9460 views  |  0 Footsteps in sand

Thailand is the latest country preparing to open a fintech regulatory sandbox, with the central bank set to invite firms to participate early next year.

The sandbox will enable developers working on lending, payment and money-transfer services and products to experiment for up to a year.

An online public hearing on the sandbox will go on until 15 October. Then, in the first quarter of next year commercial banks will be free to apply to join, with non-bank financial firms and technology companies arriving soon after. Smaller startups are being told to join incubator programmes.

According to local paper, The Nation, Vireka Suntapuntu, senior director of the central bank's financial institution applications department, says that the sandbox will help it share information about, and shape, regulation.

Meanwhile, participants will be guided on how to develop products and services that comply with regulations, enabling them to quickly receive licences.

The sandbox was floated earlier this year by Bank of Thailand governor Veerathai Santiprabhob,in part to offset his calls for more regulation of the country's growing fintech sector in order to prevent systemic risk and protect consumers.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

HKMA to set up fintech sandbox and innovation hub

HKMA to set up fintech sandbox and innovation hub

06 September 2016  |  8214 views  |  0 comments | 15 tweets | 12 linkedin
Thailand considers fintech regulation

Thailand considers fintech regulation

22 July 2016  |  9729 views  |  0 comments | 11 tweets | 10 linkedin
Singapore regulator proposes fintech sandbox

Singapore regulator proposes fintech sandbox

06 June 2016  |  8692 views  |  1 comments | 15 tweets | 22 linkedin
FCA opens regulatory sandbox

FCA opens regulatory sandbox

09 May 2016  |  11426 views  |  0 comments | 18 tweets | 29 linkedin
Asic to establish regulatory sandbox

Asic to establish regulatory sandbox

04 May 2016  |  7415 views  |  0 comments | 5 tweets | 9 linkedin
Thailand signs instant mobile payments deal with VocaLink

Thailand signs instant mobile payments deal with VocaLink

12 October 2015  |  11986 views  |  0 comments | 14 tweets | 10 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.thomsonreuters.infovisit www.ebaday.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11021 views comments | 32 tweets | 37 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10232 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9843 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9327 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8350 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job