The Fintech Association (TFA) has thrown its support behind a draft bill on fintech, saying the law will help pave the way for infrastructure and create an ecosystem that will strengthen local fintech firms' competitiveness against foreign operators. The growing threat from foreign fintech companies has prompted local financial institutions and startups to prepare themselves, Mr Korn said. TFA president Jessada Sookdhis said core infrastructure, including open data, is an integral part of the draft bill. With open data, consumers can apply to use any service without having to fill in their information again. If the act takes effect, customers will merely have to give their consent to share their personal information, rather than re-enter.

Source: Bangkok Post June 10, 2017 02:26 UTC