The Bank of Thailand (BOT) has launched the “Your Data” project, aimed at enabling users to securely send their personal data to financial service providers through digital channels.
This initiative is a collaboration between the BOT, the Securities and Exchange Commission (SEC), the Office of Insurance Commission (OIC), and other relevant agencies.
The project seeks to improve access to personalised financial services, especially credit and financial planning for individuals and small and medium-sized enterprises (SMEs).
During the launch, Deputy Prime Minister Pichai Chunhavajira emphasized the importance of data in driving Thailand’s digital economy, improving financial services, and closing access gaps, particularly for SMEs.
He also highlighted the government’s efforts to integrate data for targeted policy-making.
BOT Governor Sethaput Suthiwatanaruput underscored the protection of data rights under the Personal Data Protection Act, noting the project’s focus on secure, convenient data transfers.
He emphasized the need for a data transmission mechanism that is truly usable and not blocked by alternatives.
OIC Secretary-General Chuchat Pramulpol linked the project to the OIC’s “Open Insurance” initiative, which enhances transparency and allows consumers to better manage their finances using accessible insurance data.
SEC Deputy Secretary-General Waratchaya Srimachan added that the project promotes the creation of data aggregators to help users manage financial and investment data, with the SEC working with the business sector to establish data standards.
Kasikornbank and Krungthai Bank presented examples, including digital loan applications with quick approvals and platforms for centralised financial management, where users can oversee savings, expenses, and debts in one place.
Access to non-financial data, such as tax forms and utility bills, will be available from 2025.
The BOT aims to issue regulations for data transmission by 2025, with full implementation expected by 2026.
A similar initiative, SGFinDex, was launched by the Monetary Authority of Singapore (MAS), allowing individuals to access and consolidate their financial data from multiple institutions, including banks and insurers.