THAILAND Law and Practice Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamada
2.4 Variations Between the Regulation of Fintech and Legacy Players There are no significant differences between reg - ulations governing fintech operators and regu - lations governing legacy players. Some fintech business operations are covered by licences already held by legacy players. Both fintech operators and legacy players shall comply with the regulations set out in the 2.2 Regulatory Regime . Other relevant laws and regulations applicable to general business enterprises will also apply. 2.5 Regulatory Sandbox Financial Services In 2024, the BOT introduced new regulatory sandbox guidelines developed from past con - cepts, aiming to enhance the progression of FinTech, extend the scope of the scope of tech - nologies that can be tested in the sandbox, and study the appropriate regulatory approaches for these technologies. According to the past regu - latory sandbox guidelines, there were two con - cepts of a sandbox, namely “Regulatory Sand- box” and “Own Sandbox” , and in 2024, a new sandbox concept called “Enhanced Regulatory Sandbox” was also added. For the Regulatory Sandbox, financial service operators that can apply for testing in this sand - box must meet the following conditions. • Be under the BOT’s supervision. • Offer new or improved financial services or fintech innovations. • Offer financial services which: (a) contribute to the development or stand - ardisation of Thailand’s financial sector in collaboration with other providers; or (b) are required to be tested in the BOT’s Regulatory Sandbox.
Electronic Transactions The Electronic Transactions Act B.E. 2544 (2001) (the “Electronic Transactions Act” ) supports the legal validity of electronic transactions per - formed via electronic systems. If a transaction is conducted electronically in accordance with the rules and procedures outlined in the Electronic Transactions Act, it is considered legally binding, just like a transaction conducted through other methods or platforms that adhere to applicable laws. 2.3 Compensation Models The criteria and restrictions for charging service fees depend on the type of business, business model and services provided to customers. The criteria for disclosing services or fees depend on the regulations related to the business or busi - ness activity the operator carries out. Generally, the operator has to disclose details of the fees that will be charged to customers, as well as the threshold or criteria for setting these fees. For example, under the Payment Systems Act, payment service providers must disclose infor - mation on service fees as follows. • Display or communicate service fees, which must be reasonable, to customers at service locations or through other channels. • Notify customers of any detrimental fee changes, either at service locations or through other channels, at least 30 days before they take effect. • Details of service fees must be submitted to the BOT electronically, as specified by the BOT, as soon as possible from the com - mencement date of undertaking the business and each time there is a change in service fees.
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