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.