BOT Launches Testing for P2P Lending Platform Under Regulatory Sandbox
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.
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Keywords: Asia Pacific, Thailand, Banking, Regulatory Sandbox, P2P Lending, Fintech, Regtech, Credit Risk, BOT
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