Thailand permits non-bank firms to provide foreign e-money

An operator must have a minimum registered paid-up capital of $3m (THB100m).

The Bank of Thailand (BOT) has allowed non-bank operators to apply for foreign exchange e-Money (FX e-Money) licences, according to a news release.

The new license will allow non-bank operators to issue e-money in foreign currencies for customers’ payment of cross-border goods and services and will also facilitate cross-border purchase of goods and services on e-commerce platforms.

Any non-bank operator who wants to apply for a license must be a Thai entity with minimum registered paid-up capital of $3m (THB100m) and have an electronic money service business license under the Payment Systems Act.

This relaxation is part of the foreign exchange regulation reform to enhance ease of doing business and foreign exchange transactions.

Photo courtesy of Pexels.com.