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SEC bolsters FinTech legislation to facilitate development and wider use of financial innovations



Friday 20 October 2017 | No. 98 / 2017



Bangkok, 20 October 2017 ?  The SEC is giving its full support to the Draft Law on Business Promotion and Public Access to Services through Financial Technology B.E ("FinTech Act") to create opportunities for established and potential business operators to maximize the use of FinTech in developing financial and investment services with less legal limitations and more efficient information access.

SEC Deputy Secretary-General Tipsuda Thavaramara said: ?Making an electronic transaction and applying FinTech to business operation are still a challenge in Thailand mostly because the governing laws are inconsistent with the ever-advancing technologies and do not allow businesses to access necessary information sufficiently. The FinTech Act would not only reduce such limitations by allowing established businesses and FinTech startups to make the most of financial innovations, but also promote a full-scale digital economy.?

The FinTech Draft Act contains four core matters: (1) strengthening the confidence in the execution of electronic transactions which would be deemed as fully legitimate as normal transactions, for example, transactions related to businesses under the SEC supervision, subscription, issuance and settlement of securities, and organization of shareholders? meetings, etc., (2) facilitating businesses? access to necessary information under possession of governmental agencies for the benefit of due diligence and know-your-client assessments (DD/KYC), (3) supporting electronic non-face-to-face identity verification, and (4) allowing businesses to access anonymized data under possession of governmental agencies for the development of financial products and services, and supporting voluntary disclosure of anonymized data by the public and private sectors. The FinTech Act is expected to benefit the investing public as it would allow access to financial products and services that meet investors? demands on a wider scale with lower costs.

The FinTech Draft Act has undergone public hearings and is under revision process. The final Draft Act will be submitted according to the National Legislative Council's procedure in due course.

?In addition to the legislation, the SEC is simultaneously working to remove obstacles and promote more use of FinTech by giving more space for such innovation and reducing regulatory burdens irrelevant to user protection,? said Deputy Secretary-General Tipsuda. 












Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 98 / 2017 Friday 20 October 2017
SEC bolsters FinTech legislation to facilitate development and wider use of financial innovations


Bangkok, 20 October 2017 ?  The SEC is giving its full support to the Draft Law on Business Promotion and Public Access to Services through Financial Technology B.E ("FinTech Act") to create opportunities for established and potential business operators to maximize the use of FinTech in developing financial and investment services with less legal limitations and more efficient information access.

SEC Deputy Secretary-General Tipsuda Thavaramara said: ?Making an electronic transaction and applying FinTech to business operation are still a challenge in Thailand mostly because the governing laws are inconsistent with the ever-advancing technologies and do not allow businesses to access necessary information sufficiently. The FinTech Act would not only reduce such limitations by allowing established businesses and FinTech startups to make the most of financial innovations, but also promote a full-scale digital economy.?

The FinTech Draft Act contains four core matters: (1) strengthening the confidence in the execution of electronic transactions which would be deemed as fully legitimate as normal transactions, for example, transactions related to businesses under the SEC supervision, subscription, issuance and settlement of securities, and organization of shareholders? meetings, etc., (2) facilitating businesses? access to necessary information under possession of governmental agencies for the benefit of due diligence and know-your-client assessments (DD/KYC), (3) supporting electronic non-face-to-face identity verification, and (4) allowing businesses to access anonymized data under possession of governmental agencies for the development of financial products and services, and supporting voluntary disclosure of anonymized data by the public and private sectors. The FinTech Act is expected to benefit the investing public as it would allow access to financial products and services that meet investors? demands on a wider scale with lower costs.

The FinTech Draft Act has undergone public hearings and is under revision process. The final Draft Act will be submitted according to the National Legislative Council's procedure in due course.

?In addition to the legislation, the SEC is simultaneously working to remove obstacles and promote more use of FinTech by giving more space for such innovation and reducing regulatory burdens irrelevant to user protection,? said Deputy Secretary-General Tipsuda.