tomers for early repayment of a loan.
Business operators must have IT security risk management measures in place. This includes measures to protect data from unlawful collection, processing, use, and destruction. Business operators must also have a business continuity plan and an IT Disaster Recovery Plan. If the business operator will outsource their IT systems or connect their IT systems to third-party services in a way that involves the transfer of sensitive data (e.g. by using a cloud computing service), the third party must also have risk management and cybersecurity processes the meet the same standards.
Additional comments regarding the legal situation for online-banking services or what FinTech’s must be aware of in this business area
The BOT has also promoted and pushed for important financial infrastructure to support the development of products and services. This would be beneficial for business operators and financial institutions that plan to deploy technology for providing financial services. As new regulatory requirements and restrictions are continually being developed to respond to new online banking technologies, businesses should expect to see the legal and regulatory environment.
Economic conditions
Market size for online-banking services and biggest companies in this business area
According to BOT records, the number of accounts using internet and mobile banking are increasing every year, with 29,850,113 accounts linked to internet banking and 62,788,691 linked to mobile banking in 2020.
However, there is no publicly available information regarding the market share of the business operators and financial institutions that provide online banking services.
Additional comments regarding the economic situation for online-banking services or what FinTech’s must be aware of in this business area
Online banking services are relatively new to the market and are still evolving. Important mechanisms for efficient growth of online banking businesses include value positioning, data (both financial and non-financial), customer base, financial structure, technology, and regulations.
The BOT’s statistics on online banking transactions indicate that people in Thailand will enter into financial transactions via electronic means more than through traditional channels, which suggests that online banking business in Thailand is set for continuous growth over the coming years.