Bangkok, June 19 – The BOT opens hearings on the guidelines for the establishment of a revised branchless commercial bank (Virtual Bank) from June 19 - July 4, 2023. It is expected to submit the treasury for consideration in July.
According to the Bank of Thailand (BOT) has opened to listen to opinions on the guidelines for establishing a bank. Branchless Commerce (Virtual Bank) between 12 Jan. - 12 Feb. 2023, the BOT has received an opinion And useful suggestions from various sectors, including government, public sector and business operators both in Thailand and abroad. Most of them agreed with the overall objectives and guidelines for establishing a virtual bank and asked for details of the criteria in several dimensions. Some of these issues are important and may affect the applicant's decision or plan design. Including the business model of the Virtual Bank that will be established. Explain important issues more clearly so that all applicants receive information that is useful for making informed decisions. sufficient and equal Summary of important points as follows:
(1) what you want to see (green line) and what you don't want to see (red line) For example, the BOT would like to see Virtual Bank help stimulate appropriate competition in the financial institution system. by providing mechanisms to support and facilitate customers in sending or transferring personal data to other service providers; under the legal rights of customers This is in line with the BOT's open data policy and does not want virtual banks to obstruct or create obstacles in the transmission or transfer of data.
obtaining consent from customers to other service providers under the legal rights of customers
(2.1) Corporate governance added details that directors with management authority are prohibited from or an advisor to the Virtual Bank as a director Person with management authority or employees of other financial institutions at the same time to prevent conflicts of interest that may arise and to enable such personnel to devote their time to managing work fully
. Added details that virtual banks must not share critical IT systems with other financial institutions, such as core banking, mobile banking, and internet banking, in order to prevent contagion risks. information leak and cyber threats
(2.3) Access, management and utilization of a variety of information It elaborates that applicants to establish a virtual bank must demonstrate their ability to manage information in accordance with the Data governance and the ability to develop information systems and connections (3) Selection of suitable persons to establish a Virtual
Bank Add details that the BOT will select the composition of persons best qualified taking into account the quality and sustainability of green line solutions, and bringing benefits to the Thai economic and financial system as a whole
(4) Other Conditions Increase the condition of the Virtual Bank's first 3-5 years of operations (phasing phase) to not allow any significant shareholder changes to the success of the Virtual Bank, unless authorized by the BOT in case of necessity Since such shareholders play an important role in building the business at the beginning of the business.
In order to create a virtual bank in Thailand that can effectively offer new financial services that meet the needs of each group of financial users, the BOT therefore welcomes opinions and suggestions. Advise on guidelines for permitting the re-establishment of Virtual Bank in the part where significant details or conditions are added. From June 19 - July 4, 2023, opinions can be submitted via the BOT's website or via email: [email protected]. It is expected that these criteria will be submitted to the Ministry of Finance for consideration within July 2023.-Thai News Agency
Source: Thai News Agency