THAILAND Law and Practice Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamada
consumption purposes (ie, NFTs of artworks, images, music, stamps or videos with a specific right for the holders) and must not be used as a means of payment under the BOT’s definition.
(eg, performance of contract, legal obliga - tion); and • providing channels for customers to exercise rights regarding their personal data.
11. Open Banking 11.1 Regulation of Open Banking
12. Fraud 12.1 Elements of Fraud
Thailand saw its first open banking initiative in January 2022 when the BOT, the Thai Bank - ers’ Association and the Government Financial Institutions Association introduced the “dState- ment” , which is an exchange of financial state - ment data among banks to support digital loan applications. To date, open banking implementation in Thai - land remains subject to feasibility studies, and the application programming interface (API) standards have yet to be finalised. However, the BOT has taken significant first steps. In November 2023, the BOT published a con - sultation paper on “Open Data for Consumer Empowerment” , which aims to build a mecha - nism that allows consumers to exercise their rights to conveniently and securely transfer their data stored from one provider to another so that consumers can apply for and receive better ser - vices from any provider. 11.2 Concerns Raised by Open Banking All financial institutions need to comply with the PDPA, which came into full effect on 1 June 2022, in order to process personal data – for example, as regards the following: • notifying the processing of personal data; • obtaining prior consent from the customers if the processing of their personal data does not fall under any lawful basis of processing
Fraud can occur in various businesses, including financial services and fintech, and may be sub - ject to different laws in Thailand, depending on the nature of the fraud and the industry sector in which it occurs, such as digital assets, payment systems, and insurance. Fraud under specific regulations shares funda - mental elements with general fraud under the Criminal Code: • deception – a person lies or hides a fact that should be revealed. • dishonest intent – such a person wants ben - efits they do not deserve for themselves or others. • unlawful gain – such person, thereby: (a) obtains property from the deceived per - son or any third party; or (b) causes the deceived person or any third party to change, remove or destroy a document of rights. These elements constitute an offence of fraud, which typically leads to imprisonment and/or a fine under the Criminal Code. However, if such an offence is subject to specific laws, as men - tioned earlier, the liability will be determined in accordance with those laws. In addition, more complex and new financial fraud has risen globally, especially in countries with real-time payment systems, including Thai -
891 CHAMBERS.COM
Powered by FlippingBook