2023-06-19 05:23:09
The Bank of Thailand (BOT) will open for comments. and suggestions on guidelines for establishing permission Branchless Commercial Bank (Virtual Bank) once more in the part where details or conditions have been significantly added. From June 19, 2023 to July 4, 2023, opinions can be submitted via the BOT website or via email virtualbank@bot.or.th.
Previously, the BOT opened to hear opinions on the guidelines for establishing a virtual bank between January 12, 2023 and February 12, 2023. and useful suggestions from various sectors, including the public sector, the public sector, and business operators both in Thailand and abroad Most of them agreed with the overall objectives and guidelines for establishing a virtual bank and asked for details of the criteria in several dimensions. which some issues are important and may affect decision-making. or the design of the applicant’s work plan Including the business model of the Virtual Bank that will be established.
Therefore, the BOT took the opinions received Let’s improve the guidelines for licensing the establishment of a Virtual Bank by clarifying the important issues more clearly. So that all applicants receive sufficient information that is useful for decision making. and equal
The BOT will take comments and suggestions received to prepare criteria for establishing a virtual bank, which is expected to submit such criteria to the Ministry of Finance consider within July 2023
Key points can be summarized as follows:
What you want to see (green line) and what you don’t want to see (red line).
For example, the BOT would like to see Virtual Bank help stimulate competition in the financial institution system appropriately. by providing mechanisms to support and facilitate customers in sending or transferring personal data to other service providers; under the legal rights of customers This is in line with the BOT’s open data policy and does not want virtual banks to obstruct or create obstacles in sending or transferring data with the consent of the customers to the service providers. other services under the legal rights of customers
2. Key qualifications of applicants for establishing a Virtual Bank are clarified as follows:
2.1 Governance add details that Director is prohibited Person with management authority or consultants of Virtual Bank as directors Person with management authority or employees of other financial institutions at the same time to prevent conflicts of interest that may arise and for such personnel Able to fully devote time to managing work
2.2 The use of technology and information technology (IT) systems that are flexible, stable, safe, able to provide services continuously Added details that virtual banks must not share critical IT systems with other financial institutions, such as core banking, mobile banking, and internet banking, in order to prevent contagion risks from data leaks. flow and cyber threats
2.3 Access, management and utilization of various information Added details that applicants to establish a virtual bank must demonstrate the ability to manage information in accordance with the principles of data governance and the ability to develop information systems. and connection To facilitate customers in using their information for transactions with other financial service providers.
3. Selection of suitable persons to establish a Virtual Bank
Add details that the BOT will select the composition of the most qualified candidates. taking into account the quality and sustainability of helping meet the green line requirements and bringing benefits to the Thai economic and financial system as a whole
4. Other conditions: Adding operating conditions during the first 3-5 years of the Virtual Bank (phasing period), there are no changes in shareholders that would have a significant effect on the success of the Virtual Bank, unless permitted by the BOT. In case of necessity Because such shareholders play a key role in building the business during the start of the business.
By InfoQuest News Agency (19 June 2023)
Tags: Virtual bank, Commercial banks, Bank of Thailand, Bank of Thailand
1687152775
#BOT #reopens #Virtual #Bank #hearing #June #July #making #rules #treasuries #July #InfoQuest