Bank of Thailand Launches 'Your Data' Open Banking Initiative
On October 4, 2024, the Bank of Thailand launched the 'Your Data' initiative to enhance financial access by allowing data sharing between financial institutions. This open banking initiative involves collaboration with key financial regulatory bodies and is set to be operational by 2026. It's designed to enable individuals and small businesses to share personal data with explicit consent, aiming to improve financial inclusion and drive the digital economy forward while adhering to data protection laws.
The Bank of Thailand unveiled its 'Your Data' initiative on October 4, 2024, aimed at facilitating data sharing among financial institutions to improve access to financial services for Thais.
The programme involves partnerships with the Finance Ministry, the Securities and Exchange Commission, the Stock Exchange of Thailand, the Office of the Insurance Commission, and the Thai Bankers' Association.
Scheduled to be operational by 2026, the initiative allows individuals and SMEs to consent to share personal data with financial institutions.
Central bank governor Sethaput Suthiwartnarueput emphasized data security and compliance with the Personal Data Protection Act.
He noted that comprehensive data would reduce financial institutions' costs, allowing easier access to loans for consumers and SMEs.
Finance Minister Pichai Chunhavajira stated that the initiative could significantly impact the digital economy by enabling equitable financial services access and offering tailored governmental measures.
The programme involves partnerships with the Finance Ministry, the Securities and Exchange Commission, the Stock Exchange of Thailand, the Office of the Insurance Commission, and the Thai Bankers' Association.
Scheduled to be operational by 2026, the initiative allows individuals and SMEs to consent to share personal data with financial institutions.
Central bank governor Sethaput Suthiwartnarueput emphasized data security and compliance with the Personal Data Protection Act.
He noted that comprehensive data would reduce financial institutions' costs, allowing easier access to loans for consumers and SMEs.
Finance Minister Pichai Chunhavajira stated that the initiative could significantly impact the digital economy by enabling equitable financial services access and offering tailored governmental measures.
