Photo of Kullarat Phongsathaporn

Kullarat Phongsathaporn

Baker & McKenzie Limited Attorneys at Law


Kullarat is a partner in the Financial Services Practice Group at Baker & McKenzie Ltd. She is recognized in banking and finance, securities, derivatives and structured finance, FinTech, e-payment, venture capital, exchange control, anti-money laundering / counter terrorism financing, and financial and tech-related laws and regulations. She leads the FinTech team at the Bangkok office.

Kullarat has assisted the largest and fastest growing companies in and outside Thailand on matters related to the use of technology and digitalization in financial markets, including both money and capital markets.

Practice Focus

Kullarat has represented FinTech players (financial institutions, tech companies, payment networks, FinTech startups, telcos) in the global, regional, and local markets and has experience in various products such as e-payment, digital banking, online consumer finance, online money remittance, blockchain-based platforms, e-KYC, P2P lending, crowdfunding, roboadvisor, cryptocurrencies, regulated ICOs, among others.

Kullarat also provides legal advice, structuring alternatives, implementing transactions, drafting legal documentation across several areas in banking and finance, derivatives, securities, capital markets, wealth management, private banking, consumer finance, collective investment schemes for leading foreign and local financial institutions and prominent companies. She regularly advises leading foreign and local financial institutions pertaining to regulations of financial regulators, such as the Bank of Thailand, the Securities and Exchange Commission, the Capital Market Supervisory Board, the Ministry of Finance, the Anti-Money Laundering Office, and the Exchange Control Officer, and other laws governing the operation of financial services.

Representative Legal Matters

  • Providing legal advice and preparing legal documentation in several National E-Payment Masterplan projects e.g. electronic data capture device consortium and welfare cards.
  • Representing 14-bank coordinated Thailand Blockchain Community Initiative in preparing operating contracts for block-chain based electronic letter of guarantee project.
  • Representing the national digital ID platform in preparing legal documentation for their platform to be used across financial markets and other industries.
  • Representing several global and regional clients in successful license application process for payment service and payment system licenses.
  • Representing several global and regional technology companies and global payment networks and payment solution providers as their long-term local counsel in regulatory matters, including FinTech.
  • Providing legal opinions to the International Swaps and Derivatives Association on netting and collateral mechanisms under the ISDA Master Agreement, and on electronic transactions.
  • Representing clients in connection with the diverse exchange-traded and non-exchange traded derivatives transactions, in both funded and unfunded forms.
  • Preparing bank forms, terms and conditions, agreements, and other standard templates of financial institutions for various financial products such as digital banking, credit facilities, GTS, cash management, trade finance, factoring, consumer finance, credit card, and bank partnership agreements, online payment gateway, e-money, e-wallet, gift cards, credit-card platform ancillary services, e-commerce/online market.
  • Providing legal advice on investment platforms, appropriate investment model and investment instrument / legal structure, preparing investment document templates and representing venture capital companies and corporate venture capital units in connection with their investment in FinTech startups and FinTech funds and other tech businesses, both locally and offshore.

Professional Associations and Memberships

  • National Committee on Urgent Law Reform, Subcommittee on Laws related to Public Benefits - Member
  • National Law Reform Committee, Subcommittee on Monitoring Laws in accordance with the National Strategies and National Reform - Past member 
  • Law Society of Thailand


  • Thailand (2009)


  • Harvard University (LLM Fullbright Scholar) (2012)
  • Chulalongkorn University (LLB, First class honors, Gold Medal recipient) (2008)


  • English
  • Thai