Thailand Fast-Tracks Open Banking Infrastructure as Banks, Wallets, and Crypto Firms Join New API Network

Thailand is accelerating its open banking transition with a newly approved API framework that will allow banks, fintech apps, and digital asset firms to share consumer-permissioned financial data in real time. The initiative, announced by the Bank of Thailand (BoT), is the country’s largest fintech infrastructure reform in a decade.
The API framework standardizes how institutions exchange data related to bank statements, credit scores, payment history, identity verification, insurance policies, and investment accounts. Major Thai banks including Kasikornbank, Bangkok Bank, and Siam Commercial Bank have already committed to adopting the system by early 2026.
The reform also welcomes non-bank players—such as TrueMoney, ShopeePay, and licensed crypto exchanges—into the ecosystem, enabling comprehensive consumer financial profiles across both traditional and digital platforms.
According to the BoT, the goal is to promote financial inclusion, credit access, and competition across Thailand’s financial services sector. Analysts say the initiative could significantly reduce borrowing costs for SMEs, many of which struggle to access credit due to fragmented financial records.
Singapore, Australia, and South Korea already operate similar frameworks, and Thailand aims to align itself with these regional leaders. Local fintech firms say the move will help them scale. “This finally lets us build products with the same data depth that Singaporean fintech companies enjoy,” said a Thai startup founder.
The API infrastructure is expected to reduce onboarding times for loan and insurance applications from days to minutes. Crypto exchanges will also be able to verify user identity and financial standing in real time, strengthening compliance and risk management.