BOT launched testing for peer-to-peer (P2P) lending platform under the regulatory sandbox. It also announced that DeepSparks Peer Lending Co., Ltd. is the first service provider participating in the test under the regulatory sandbox.
Peer-to-peer lending platform is an electronic platform provider that takes a matchmaker role between lenders and borrowers. Its roles also include facilitating loan contracts and carrying out fund transfers and repayments between the parties. The platform is to be an alternative means for people to gain access to credit with appropriate costs. Prior to applying for a license from the Ministry of Finance, BOT requires any person who would like to operate the business to test their service in the regulatory sandbox, to ensure proper risk management and consumer protection. The BOT regulatory sandbox is the regulatory framework to accommodate provision of financial services that leverage new technologies. It allows financial service providers to test their services and facilitate adoption of new technology in a live environment within the limited, well-defined scope. The main objectives of the regulatory sandbox are to promote financial innovations, protect consumer rights, and contain acceptable risks.
Keywords: Asia Pacific, Thailand, Banking, Regulatory Sandbox, P2P Lending, Fintech, Regtech, Credit Risk, BOT
Previous ArticleBCBS Publishes Additional FAQs on International Basel Framework
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.