What are the types of banking/financial institutions and the relevant regulatory authorities in Thailand?
In recent years, key structural developments have been implemented in the financial institutions system pursuant to the Financial Sector Master Plan (“FSMP”) introduced by the Bank of Thailand (“BOT”) in 2004. Key aspects of such developments include the implementation of the “One-Presence” policy and the removal of the international banking facilities (“IBF”), and licensing reforms, resulting in significant consolidation and reduction in the types and numbers of financial institutions. At present, all commercial banks have returned the IBF licenses to the BOT and transferred assets and liabilities of their IBF business to commercial banking business. Although finance companies and credit foncier companies were not precluded from operating their business, their scope of permitted activities are limited compared to other types of financial institutions, such as the restrictions on issuing checking accounts and deposit books, which render it more difficult for them to operate and to comp
