Thai Times

Covering the Thai Renaissance
Tuesday, Feb 11, 2025

Bank of Thailand Targets Unauthorized Loan Applications

Central bank collaborates with Ministry of Digital Economy and Society to remove unlicensed lending apps
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.
Newsletter

Related Articles

0:00
0:00
Close
Google and Perceptra to Roll Out AI-Powered Diabetic Retinopathy Screening in Thailand
Bank of Thailand Tightens Mobile Banking Security Regulations
Cold Conditions and Rough Seas Expected in Thailand on February Tenth, 2025
DKBA Commands Chinese Nationals to Leave Phaya Thonezu Township by February 28th.
Toll Fees Waived on Three Bangkok Expressways for Makha Bucha Day
Thailand Upholds Utility Cuts to Counter Border Call-Centre Scams Amid Protests
Survey Reveals Extensive Online Scam Targeting and Rising Child Abuse Cases in Thailand
Thailand to Enforce Alcohol Ban on Makha Bucha Day
The European Union Shifts Focus to AI Innovation Amid Global Competition (or at least this is what they claim)
Thailand's Influencer Marketing Sector Booms Amid Rising Digital Media Spend
Pattaya Pet Lions to Be Relocated Following Resident Complaints
Thailand's National Air Quality Declared Safe, Bangkok Records Lowest Levels
Karen Rebels Announce Deadline for Chinese Nationals Operating in Myanmar
Canadian National Found Dead in Phuket with Note Outlining Final Wishes
Bangkok University Expels Students Following Violent Assault on LGBTQ+ Peer
Four Russian Nationals Arrested in Phuket for Ransomware Attacks
Naomi Campbell to Advise Thailand on Elevating Fashion Industry
Google Eyes Expansion in Thai Government Projects
Gold Prices Hit Record High Amid Increased Tariff Uncertainty
Thailand's Finance Minister Advocates for Increased U.S. Imports to Address Trade Surplus
French President Macron Utilizes Deepfake Technology to Advertise AI Summit
FBI Alerts Smartphone Users About Toll Scam Threat
PTT Unaffected by Thailand's Fuel Cutoff to Myanmar Border
Rising Costs Drive Up Thai Property Prices for Eighth Consecutive Quarter
Trump Freezes Tariffs on Small Packages from China After Confusion at USPS
Thailand's Hotel Market Records 22 Billion Baht in Transactions in 2023
China Achieves 2030 Solar Energy Targets Early, Cuts Subsidies for Renewable Energy
Tech Giants Boost Investment in AI Infrastructure Despite Competition
Thailand to Promote Medical and Wellness Tourism at Expo 2025
Thai Airways Expands Fleet with New Airbus A321neo Lease Agreement
Cold Weather Continues Across Thailand, Bringing Cooler Mornings to Bangkok
Thailand-China Visa Exemption Boosts Tourism and Cultural Exchange
Five Thai Hostages Released by Hamas Return Home
Justin Bieber Sparks Concern as New Footage Raises Health Fears
LGBTQ+ Group Demands Apology After Trans Woman Allegedly Pours Hot Soup on Student
Kasikorn Bank to Release List of Mobile Banking Users with Name-SIM Mismatch
Thailand Targets 70% Reduction in Online Crime with New Digital Measures
Dhurakij Pundit University Hosts AI Music Workshop for Students
Thailand Welcomes 3.7 Million Foreign Tourists in January, Marking 22% Growth
Myanmar Call-Centre Gangs Release Over 100 Workers as Thai Authorities Cut Utilities
Thaksin Shinawatra Tasked with Leading ASEAN Cryptocurrency Initiative
Air Quality Reports: Slightly Unsafe Smog Levels Recorded in Eight Thai Provinces
Thai Authorities Intensify Crackdown on Tourist Offences in Pai Following Hospital Incident
Five Thai hostages have returned home after spending 15 months in Gaza.
Massive Rally in Pathum Thani Protests Alleged Assault on LGBTQ+ Student
Thailand Cracks Down on Undocumented Foreign Language Teachers
Kenyan Man Flees from Forced Labor in Myanmar Scam Scheme
'BACK TO PLASTIC!': Trump to End Bans on Plastic Straws
Thailand's Agricultural Exports Reach Fifty-Two Point One Eight Five Billion Dollars in Two Thousand Twenty-Four
IMPACT Unveils 5-Billion-Baht Plan to Transform Muang Thong Thani into a MICE Hub
×