01 June 2016
e-Payment Law Update: Additional Requirements for e-Payment Service Providers
There have recently been a lot of developments regarding the e-Payment laws and regulations. These are the featured updates:
- e-Payment service providers (types C3 and C5) and e-Money service providers (types A, B4 and C6) must ensure that their financial status and liquidity are sufficient for the continuance of services.
- e-Money service providers (type C6) that are not financial institutions must maintain net shareholder equity at not less than 8 percent of outstanding funds received in advance (i.e. the float amount).
- e-Payment service providers of all types that are not financial institutions must comply with the new criteria for appointing agents while those that are financial institutions must comply with the BOT regulations on appointment of Banking Agents.
- Special financial institutions must notify, register, or obtain a license for their e-Payment service businesses, otherwise they can continue the businesses only until 24 November 2016.