25 April 2018
THAILAND: Minimum Paid-Up Capital Cut by 50% for Digital Payment Services Providers
Companies looking to establish themselves as digital payment services providers (PSPs) now only need to have paid-up capital of Baht 100 million (US$3,175,540), just half of the Baht 200 million previously required under Thai law. The change has been triggered by the Bank of Thailand (BOT), the country’s central bank, as it looks to allow smaller businesses to enter the sector.
In a further development, all PSPs – including companies providing electronic-money, credit, debit and ATM cards, as well as funds transfer services – have until 14 August this year to register with the BOT or otherwise secure official approval. Any such business that misses the deadline may be shut down in line with the provisions of the Payment System Act.