The Bank of Thailand (BOT) has introduced the “Your Data” initiative, designed to allow users to safely transmit their personal information to financial service providers via digital platforms. This project is a partnership involving the BOT, the Securities and Exchange Commission (SEC), the Office of Insurance Commission (OIC), and several other relevant authorities.
The initiative aims to enhance access to tailored financial services, focusing on credit and financial planning for individuals and small to medium-sized enterprises (SMEs).
At the launch event, Deputy Prime Minister Pichai Chunhavajira highlighted the crucial role of data in advancing Thailand’s digital economy, enhancing financial services, and bridging access gaps, especially for SMEs. He also emphasized the government’s initiatives to integrate data for targeted policy-making.
BOT Governor Sethaput Suthiwatanaruput highlighted the importance of safeguarding data rights under the Personal Data Protection Act, pointing out that the project aims to ensure secure and convenient data transfers. He stressed the necessity for a data transmission mechanism that is genuinely effective and not hindered by competing options.
SEC Deputy Secretary-General Waratchaya Srimachan emphasized that the initiative aims to develop data aggregators, enabling users to better manage their financial and investment information. The SEC is collaborating with the business sector to set data standards.
Kasikornbank and Krungthai Bank showcased innovations like digital loan applications that offer rapid approvals, along with centralized financial management platforms that allow users to track their savings, expenses, and debts all in one location.
Starting in 2025, access to non-financial data, such as tax forms and utility bills, will be made available. The BOT plans to issue regulations for data transmission by 2025, with full implementation anticipated by 2026. A comparable initiative, SGFinDex, was introduced by the Monetary Authority of Singapore (MAS), enabling individuals to access and consolidate their financial data from various institutions, including banks and insurers.