Thailand’s Payment System Act (PSA) became effective on14 April 2018. It empowers the Ministry of Finance (MOF) and the Bank of Thailand (BOT) to regulate and supervise systemically important payment systems (SIPS), regulated payment systems (RPS), and regulated payment services to ensure risk management and security, financial stability, good governance, customer protection and efficiency, and competitiveness.

SIPS support high-value fund transfers, clearings or settlements between members of the system. RPS operate as a center or a network between users of the systems and support fund transfers, clearings or settlements. Under the PSA, the existing operators of such payment systems and payment services must obtain necessary licenses from the MOF within 120 days from the effective date of the PSA, failing which the operators can be subject to administrative fines, criminal penalties or both.

Digital-world consumers expect banks to securely step up their technology game

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Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity

elawrobel

Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers

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The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2

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