The Bank of Thailand (BOT) has officially launched the “Your Data” project, designed to enable users to securely share their personal data with financial service providers via digital channels. This initiative is a collaborative effort involving the BOT, the Securities and Exchange Commission (SEC), the Office of Insurance Commission (OIC), and other relevant agencies. The project aims to enhance access to personalized financial services, particularly focusing on credit and financial planning for individuals and small to medium-sized enterprises (SMEs).
During the launch event, Deputy Prime Minister Pichai Chunhavajira highlighted the significance of data in advancing Thailand’s digital economy, improving financial services, and addressing access gaps for SMEs. He also noted the government’s commitment to integrating data for targeted policy-making. BOT Governor Sethaput Suthiwatanaruput emphasized the importance of protecting data rights in accordance with the Personal Data Protection Act, reinforcing the project’s focus on secure and convenient data transfers. He called for a data transmission mechanism that is effective and not hindered by alternatives.
OIC Secretary-General Chuchat Pramulpol connected the initiative to the OIC’s “Open Insurance” initiative, which aims to enhance transparency and enable consumers to manage their finances more effectively through accessible insurance data. SEC Deputy Secretary-General Waratchaya Srimachan remarked that the project encourages the development of data aggregators to assist users in managing their financial and investment information. The SEC is collaborating with the business sector to establish data standards.
Kasikornbank and Krungthai Bank showcased examples, including digital loan applications with expedited approvals and platforms for centralized financial management, allowing users to monitor savings, expenses, and debts in one location. Access to non-financial data, such as tax forms and utility bills, is expected to be available starting in 2025.
The BOT aims to issue regulations governing data transmission by 2025, with full implementation anticipated by 2026. A similar initiative, SGFinDex, was launched by the Monetary Authority of Singapore (MAS) to allow individuals to access and consolidate their financial data from various institutions, including banks and insurers.
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