Bank of Thailand Governor Vitai Ratanakol said at a forum on Thursday that in view of concerns raised by the rapid expansion of consumer debt, the Bank of Thailand plans to introduce a licensing system and loan supervision rules for buy now and pay later service providers. He said that borrowers must be at least 18 to 20 years old, and the maximum interest rate for buy-and-pay products is set at 15% to 20%. The maximum credit limit for each borrower is not more than 20,000 baht, and the maximum repayment period is 6 months. Cash withdrawal services are prohibited for this type of product. The scale of buy-first-pay loans increased 56% year-on-year, and new borrowers accounted for 45% of all users.

Bank of Thailand Governor Vitai Ratanakol said at a forum on Thursday that in view of concerns raised by the rapid expansion of consumer debt, the Bank of Thailand plans to introduce a licensing system and loan supervision rules for buy now and pay later service providers. He said that borrowers must be at least 18 to 20 years old, and the maximum interest rate for buy-and-pay products is set at 15% to 20%. The maximum credit limit for each borrower is not more than 20,000 baht, and the maximum repayment period is 6 months. It is prohibited to provide cash withdrawal services for this type of product. The scale of buy-first-pay loans increased 56% year-on-year, and new borrowers accounted for 45% of all users.