Open Banking in Thailand

Thailand's Bank of Thailand (BOT) is developing an open banking framework that builds on the country's successful PromptPay instant payment system. PromptPay, launched in 2017, has achieved widespread adoption and provides infrastructure for real-time payments that can complement open banking services.

The BOT published an open banking roadmap in 2021, outlining plans for standardized API access to account information and payment initiation services. The central bank is working with banks and fintechs to develop technical standards and regulatory guidelines.

Thailand's digital payment adoption has grown rapidly, driven by PromptPay and QR payment adoption. The country's large population, growing middle class, and government digital economy initiatives support the case for open banking development.