Bangkok: The Bank of Thailand (BOT) has issued new regulations under the Your Data project, aimed at empowering citizens and businesses to exercise their right to submit personal and financial information to financial institutions. This initiative seeks to ensure that citizens receive financial services that align with their needs.
According to Thai News Agency, the BOT announced the issuance of regulatory guidelines designed to establish a mechanism for the public and businesses to submit their financial information. This information includes deposit, loan, and payment data through deposit accounts, e-Money services, and credit cards. By sharing data that reflects financial status, spending habits, and debt repayment behavior, service providers can gain a better understanding of their customers, enabling them to develop financial services that cater to individual needs. As part of the “Your Data: Your Data for Financial Services That Meet Your Needs” project, these regulations will allow service users to submit their data, held by financial institutions or other agencies, to different service providers via digital channels.
The regulations mandate that financial service providers supervised by the Bank of Thailand create systems that allow users to transfer their data safely and efficiently to other financial service providers via digital channels. Providers are required to implement risk management and control measures, ensuring data security and consumer protection. The terms and fees for data transmission must comply with established guidelines, with no undue burden placed on service providers. The initiative will gradually allow users to access data transmission, starting with individual deposit data in late 2026, and expand to other types of data between 2027 and 2028.
These criteria will enable both users and service providers to leverage data shared across various service providers, fostering the development of financial innovations and services that better meet user needs. This is particularly beneficial for those who currently lack access to adequate financial services. The initiative aims to increase access to formal credit at reasonable costs, reducing reliance on informal loans, and facilitating data flow across sectors like the capital market and insurance. This effort is expected to lay a solid foundation for a data ecosystem that supports Thailand’s transition to a digital economy.
Earlier, the BOT collaborated with the Digital Government Development Agency, the Metropolitan Electricity Authority, the Provincial Electricity Authority, the Metropolitan Waterworks Authority, and the Provincial Waterworks Authority to launch a service for accessing historical water and electricity usage data via a government application. This service, launched on June 30, 2025, marks the first step in the Your Data project, aiming to enhance inclusive financial services by leveraging non-financial data.