Central bank to issue new regulations to allow banks to appoint banking agents

The Bank of Thailand will issue new regulations tentatively next month which will allow commercial banks to appoint their banking agents to perform certain types of transactions, BOI assistant governor Somboon Chitpenthom disclosed on Monday.

He said that legal entities, small retail shops or cooperatives could be appointed as banking agents of banks.

He, however, dismissed as untrue a report in the social media that the central bank had authorized 7 Eleven convenience chain store to become banking agents to perform some financial transactions, saying that the central bank does not have the policy to issue new banking licenses.

Mr Somboon noted that the central bank has imposed strict regulation to protect members of the public from being cheated or from being slapped with unfair service charges.

Hence, he said banking agencies must meet the requirements set by the central bank and they will be allowed to perform limited transactions not exceeding 5,000 baht per transaction and not more than 20,000 baht per day and per person with commercial banks being held accountable if there is a problem.