Thailand plans to launch new BNPL regulations: licensing required, credit limit capped at 20,000 baht, annual interest rate capped at 15%

(1) The Thai government plans to introduce new regulations for Buy Now, Pay Later (BNPL) service providers, aiming to curb excessive borrowing and prevent consumers from incurring debt without fully assessing long-term financial risks. (2) According to an announcement by the Bank of Thailand, the proposal requires digital platform operators offering BNPL services to obtain a license. (3) The new regulations set a maximum credit limit of 20,000 baht and a maximum annual interest rate of 15%. (4) The Bank of Thailand and the Ministry of Finance will seek public comments on the BNPL regulatory draft from October 16 to November 15.