The Payment Systems Act B.E.2560 (2017) was promulgated on 18 October 2017 and became effective on 16 April 2018 with an aim at reforming and unifying Thailand’s regulatory framework for payment systems. Accordingly, the Bank of Thailand as main regulator under the Act is empowered to supervise three main categories of payment systems and payment services as follows:

1. essential payment systems (i.e. national payments infrastructure and payment systems for high value transfer, clearing, or settlement between members);
2. payment systems under supervision (i.e. payment systems or network for money transfer, clearing, or settlement or other systems which may affect public interest or confidence or the stability and security of payment systems); and
3. payment services under supervision (i.e. provision of credit card, debit card, or ATM card, e-money, bill payment and electronic money transfer services).

Whilst existing e-payment operators who have been granted licences under the current regime will be required to reapply for new licences or registrations (as the case may be) within 120 days after the announcement of the relevant notification of the Ministry of Finance (i.e. an application shall be submitted by 13 August 2018),  any person who wishes to engage in regulated e-payment service must register or obtain a requisite licence (as the case may be) before commencing such businesses, unless other exemptions apply.
 

This document is solely intended to provide an update on recent development in Thailand legislation and is not purported to provide a legal opinion, nor a legal advice to any person.