The Bank of Thailand (BOT) has identified ten unauthorized loan applications available on major app platforms and is coordinating with the Ministry of Digital Economy and Society (DES) to facilitate their removal.

According to Peerachit Padmasuta, Senior Director of the BOT's Financial System Supervision Development Department, the central bank recently reviewed eleven loan applications, determining that ten lacked proper authorization.

The BOT plans to formally notify the DES, requesting that these applications be taken down from both the Apple App Store and Google Play Store.

The DES had previously alerted the BOT to eleven suspicious mobile applications on the Google Play Store, seeking verification of their licensing status.

This action followed reports of pre-installed, unlicensed loan apps on certain models of smartphones from Chinese manufacturers Oppo and its subsidiary Realme.

In response, Oppo and Realme acknowledged that loan applications such as 'Fineasy' and 'Happy Loan' were pre-installed on some devices without the necessary approval from the BOT.

The companies have apologized to affected users and assured that future models will not include such applications.

The BOT emphasizes that entities offering personal loan applications must obtain prior authorization from the central bank before seeking a license from the Ministry of Finance.

Consumers are advised to verify the legitimacy of loan service providers and exercise caution when sharing personal or financial information.