Thai financial regulators ink pact to protect business, consumers

The Bank of Thailand, the Securities and Exchange Commission (SEC), and the Office of the Insurance Commission (OIC), in collaboration with the Office of the Personal Data Protection Committee (PDPC), jointly supported the supervision of personal data protection in the financial sector. The three financial regulators signed a memorandum of understanding (MoU) that aims to protect the personal data of consumers as global data leakages and cyber-risks grow in the digital age. In 2021, 22.7 billion financial transactions worldwide experienced data leakage problems, of which 65%involved personal data. Bank of Thailand governor Sethaput Suthiwartnarueput said that the Personal Data Protection Act is needed to improve the country's personal data protection standards and drive Thailand towards a digital economy in the long term. The PDPA is scheduled for enforcement starting June 1, 2022.