Bank of Thailand targets illegal loan apps for removal

Pirajit Padmasuta, the central bank's senior director for financial consumer protection and supervision of financial service providers, stated that the regulator initially reported the 10 verified illegal apps, including Fineasy and Happy Loan, to the Personal Data Protection Committee (PDPC) under the Digital Economy and Society (DES) Ministry. An official report is expected to be submitted to the DES Ministry this week. This will involve collaboration with regulatory agencies to request Google Play Store to remove these illegal apps. Recently, the PDPC provided a list of 11 suspicious mobile apps from Google Play Store to the central bank to verify if they offered personal loans without proper registration. Upon review, only one of the apps was found to be operating legally. Initially, two allegedly unlicenced personal loan apps were discovered pre-installed on some Chinese mobile d...