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A new law on e-payment businesses, the Payment System Act B.E. 2560 (2017) ("PSA"), comes into effect on 16 April 2018.
One of the key objectives of the PSA is to systematise payment systems and e-payment businesses in Thailand by dividing these into 3 main payment business categories, which are:
- Systematically Important Payment System;
- Payment System under Supervision; and
- Payment Service under Supervision.
Depending on the category and the type of activities and / or services that will be provided, service providers may be required to either: (i) apply for a license; or (ii) complete a registration with the Bank of Thailand ("BOT").
BOT has published an extensive list of draft notifications in order to implement the PSA. Examples of these draft notifications are: (i) the draft notification of the Ministry of Finance re: Determination of Payment Service under Supervision; and (ii) the draft Notification of BOT re: Regulations, Procedures and Conditions on the Permission and Registration on Payment Service under Supervision.
BOT regularly holds seminars for existing operators on the implication of the new regulations on the payment system law.
Operators in this area should continue to monitor developments.
One of the key changes introduced by the recently enacted Trade Competition Act B.E.2560 (2017) ("New TCA"), which became effective on 5 October 2017, is the establishment of the Office of Trade Competition Board ("OTCB") as an independent organisation.
The Minister of Commerce, Mr. Sontirat Sontijirawong, recently reported that the Ministry of Commerce ("MOC") is now working on the establishment of the OTCB and the transfer of relevant officials from MOC to this new office. Members of the new Trade Competition Board will need to be appointed by July 2018, with the Secretary of the OTCB to be appointed within 180 days following the appointment of the new Board. The Minister of Commerce was reported in Matichon as stating that the first Secretary of the Office of Trade Competition Board should therefore be appointed by late 2018 (https://www.matichon.co.th/news/853764).
During this transitional period, MOC has continued in its regulator role, most recently coming out to state that it will take enforcement action under the New TCA if Big C's mobile grocery stores represent unfair trade. Big C operates mobile grocery stores on pickups, selling consumer goods in villages. "In this case, the ministry is closely monitoring the impact on traditional, small-scale retail businesses," Mr. Sontirat said, as reported in the Bangkok Post.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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