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In light of the dramatic increase of peer-to-peer lending transactions, the Ministry of Finance has published a notification regarding peer-to-peer lending platform dated 10 September 2018 which became effective on 21 September 2018 to regulate and set out qualifications of P2P lending platform operator and certain key requirements as follows:
- Platform provider shall be a private or public company incorporated in Thailand with a minimum paid up capital of Baht 5 million, whereby at least 75 per cent of its total issued shares with voting rights must be held by Thai persons;
- Platform provider is restricted from acting as borrower or lender via a system or an electronic network whether or not on its own platform;
- The applied business may be subject to a regulatory sandbox under supervision of the Bank of Thailand prior to its approval and the granting of licence; and
- Maximum interest rate is limited at 15 per cent per annum.
Meanwhile, the Bank of Thailand is in the process of drafting relevant notifications to prescribe further detailed requirements which are expected to be put into force by the end of 2018.
This document is solely intended to provide an update on recent development in Thailand legislation and is not purported to provide a legal opinion, nor a legal advice to any person.