Financial Licenses in Thailand: Payment Services, E-Money and Acquiring
The financial market of Thailand remains one of the fastest-growing in the region. Digital payments, e-wallets, and acquiring form the foundation of the modern economy. The state strictly regulates this sector, and for legal operations companies must obtain permission from the Bank of Thailand (BOT) — either a Payment Service Provider (PSP) license or an e-money license.
Payment Service Provider (PSP) License
A PSP license is a basic permit for companies that want to work with electronic transactions. It covers:
- issuing payment cards;
- acquiring services;
- accepting payments on behalf of third parties;
- electronic transfers and payment facilitation.
Restrictions
A PSP license does not allow companies to accept deposits from the public or issue loans. These activities fall under banking regulations. BOT reviews applications, conducts inspections, and supervises licensees, while the Ministry of Finance formally grants the license.
Company requirements
- Registration in Thailand (Thai Ltd or Public Co.).
- At least one director must be a Thai citizen with permanent residence.
- All shareholders and directors must pass a fit and proper check.
Minimum capital
- Card issuance or e-money — from 100 million THB.
- Acquiring — from 50 million THB.
- Payment facilitation, aggregators, or money transfers — from 10 million THB.
- If multiple services are combined, the highest threshold applies.
Acquiring in Thailand
Acquiring means processing payments made with bank cards and e-wallets. For merchants and online businesses, it is a key service that enables payments in stores, apps, and websites.
Key features
- A PSP with acquiring authorization connects merchants to international payment systems (Visa, MasterCard, UnionPay) and local wallets.
- BOT requires all settlements to go through licensed banks and comply with PCI DSS security standards.
- Systems must include fraud prevention mechanisms, cardholder data protection, and backup transaction processing.
Compliance and reporting
- Acquirers must store transaction data and report to BOT.
- AML/KYC checks are mandatory for suspicious transactions, with reporting obligations to AMLO.
- BOT may suspend acquiring operations or revoke the license in case of violations.
Business value
Acquiring provides companies with access to a wide customer base, including foreign tourists. However, launching requires significant investment — both in capital and in security infrastructure.
E-Money License
E-money is regulated separately because it directly involves customer funds. The license is required for companies issuing e-wallets and prepaid cards.
License features
- All issued e-money must be fully reserved in bank accounts.
- BOT sets strict requirements for information security, data protection, and AML/KYC policies.
- Anonymous wallets are subject to transaction limits.
Capital and management
The minimum capital for e-money is 100 million THB. Company executives must have proven experience and an impeccable reputation.
Licensing procedure and timeline
Steps to obtain a PSP or e-money license:
- Preliminary consultations with BOT.
- Submission of an application package, including a business plan, IT system description, AML/KYC policies, and internal rules.
- BOT review and final approval by the Ministry of Finance.
Typical processing time is 4–6 months. There is no government fee for issuance, but companies incur significant costs for documentation, audits, and compliance setup.
Supervision and licensee obligations
After obtaining the license, companies must:
- submit regular reports to BOT;
- provide financial statements and AML/KYC reports;
- maintain capital at no less than 75% of the required level;
- comply with information security and data protection standards.
Violations may result in fines or license revocation.
Conclusion
PSP, e-money, and acquiring form the foundation of Thailand’s fintech sector. These licenses provide access to the growing digital payments market but require serious preparation: from confirming capital and company structure to implementing IT security and compliance systems.
Lawyers at Khonsu Legal assist companies through the entire process: preparing documentation, setting up AML/KYC frameworks, financial planning, and building acquiring systems in line with BOT requirements. This helps reduce the risk of rejection and ensures lawful entry into Thailand’s financial services market.