Banking agents in Thailand given greenlight for more services

BANGKOK, February 20 (TNA) - The Bank of Thailand (BOT) says that it is giving the greenlight for commercial banks to allow its authorized banking agents to offer more services to their clients, including deposit, withdrawal, payment of bills and transfer services. BOT Assistant Governor for Financial Institutions Policy Group Somboon Chitphentom told journalists of the updated move on February 19, noting that BOT is amending its regulation to allow the expanding services of authorized banking agents with the revised regulation expected to become effective next month, after its announcement in the Royal Gazette. Somboon, however, denied social media reports that 7-Eleven, a most wellknown convenience store in Thailand, has been approved to become a new commercial bank, stressing that 7-Eleven has been an authorized banking agent, together with such other wellknown retail stores as Tesco Lotus and Big C, as well as Thailand Post. Somboon explained that for more public conveniences, BOT has allowed the setting up of banking agents by commercial banks since 2010 with their initial services mostly covering financial deposit and payment of bills through their online networks with commercial banks, while state-run Thailand Post has been authorized to provide financial deposit and transfer services on behalf of commercial banks. Acording to the BOT assistant governor, the expanding services of banking agents will include allowing all of them to provide the financial withdrawal service to bank clients, 5,000 baht per time per client and not exceeding 20,000 baht per day for each client. Besides, BOT may approve commercial banks' requests in the future to authorize individuals who run community shops as their banking agents case by case, apart from the existing banking agents which are corporates. Meanwhile, Mathinee Subhaswadikul, BOT Senior Director of the Regulatory Policy Department, told reporters that the Thai central bank has, so far, set up standard criteria for the authorized banking agents, including being established and well-managed corporates with no records of bankruptcy or criminal cases. The BOT senior director stated that commercial banks must take full responsibilities for their authorized banking agents' services and performances and must publicly inform their clients of detailed services and fees to be imposed by their authorized banking agents for the sake of their clients' consideration for banking options. (TNA)