Bank of Thailand plans to license BNPL providers from Q4 2026
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Key points
- The BOT Governor set out a draft rule and public consultation by end-September, targeting implementation in Q4
- BNPL credit was THB 17.9 bn in 2024 (up 38% y/y) across 4.91 m accounts (up 99.9% y/y)
- Key issues are disclosure, age requirements, affordability checks and credit limits; about 6 main providers are in scope
Implications
Facts
Policy: Bank of Thailand (BOT) Governor Vitai Ratanakorn said the central bank will introduce licensing for providers of buy-now-pay-later (BNPL) credit. A draft rule is to be finalised and put to public consultation by the end of September 2026, with implementation targeted for Q4. The rules are expected to cover about 6 main providers, and existing providers will be given time to prepare applications. Sources: The Nation (2026-09-04); Fintech News Singapore (same day). The draft rule, once published, will set out the scope, licensing conditions and transition period. Market size: BNPL credit outstanding was THB 17.9 bn in 2024 1 (up 38% y/y), and accounts numbered 4.91 m accounts (up 99.9% y/y). Basis date: end-2024. Source: Thairath (2026-09-07). Wider non-bank supervision: the BOT plans to bring about 3,600 firms in 24 sectors of non-banks under supervision; non-banks reportedly account for about 75% of personal loan accounts. Source: The Nation (2026-09-04).
Analysis
Over time, BNPL account growth (up 99.9% y/y) far outpaced balance growth (up 38% y/y) in 2024. The average balance per account is about THB 3,650 (T&S calculation), indicating smaller tickets and a broadening user base. Small, numerous credits are easy to underwrite individually, but multiple borrowing across providers is hard to see in credit bureau data.
The BOT's regulatory focus (disclosure so users recognise BNPL as debt, age requirements, affordability checks) treats BNPL as credit rather than payments, and forms part of broader tightening of non-bank supervision.
Counterpoints and uncertainties
The draft rule text has not been published, so it is unclear whether reporting to the credit bureau or minimum capital requirements will apply. The timetable rests on the Governor's statement and could slip depending on consultation. Tighter rules could also push some users towards informal lenders.
Key figures
- BNPL credit outstanding: THB 17.9 bn (up 38% y/y). Outstanding buy-now-pay-later credit at end-2024. BNPL market. Basis date: 31 Dec 2024. Source: Thairath: BOT Plans Stricter BNPL Controls by End of 2026 (2026-09-07)
Sources
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A Japanese version of this article is available: 日本語版