BOT Opens Applications for New FX E-Money Licences

Source: Regulation Asia Editors, Regulation Asia 2020-07-01

Non-bank operators can apply for a new licence to issue e-money in foreign currencies for customer payments for cross-border goods and services.

The BOT (Bank of Thailand) will allow non-bank operators to apply for foreign exchange e-Money licences, effective from 26 June.

This relaxation is part of the Foreign Exchange Regulation Reform undertaken by the BOT to enhance the ease of doing business and foreign exchange transactions.

Any non-bank operator wishing to apply for an FX e-Money licence must be a Thai entity with a minimum registered paid-up capital of THB 100 million (USD 3.24 million), and have an electronic money service business licence under the Payment Systems Act.

The new licence will allow non-bank operators to issue e-money in foreign currencies for customer payments for cross-border goods and services, catering to the demand for e-Money as means of payment when travelling.

It will also facilitate cross-border purchase of goods and services by individuals on e-commerce platforms, the BOT said. “More diverse players, other than banks, will further promote the use of e-money and the country’s transition to a digital society.”

This relaxation is part of the Foreign Exchange Regulation Reform undertaken by the BOT to enhance ease of doing business and foreign exchange transaction.

BOT

FX E-Money Licences

BOT Opens Applications for New FX E-Money Licences

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