Bank of Thailand cracks down on illegal loan apps

Central bank asks Ministry of Digital Economy and Society to shut down rogue apps

 

The Bank of Thailand (BOT) has identified 10 illegal loan applications operating on the Apple App Store and Google Play Store and is demanding their immediate removal.  

 

The central bank has asked the Ministry of Digital Economy and Society (DES) to take swift action and shut down these rogue apps.

 

Pirajit Padmasuta, senior director of the BOT Financial System Supervision Development Department, confirmed the discovery of the 10 illegal lending platforms during a recent review of loan apps.  
  


A formal request has been submitted to the DES, urging it to block access to these apps and remove them from both app stores.

 

While one of the identified apps was linked to a legitimate financial service provider, the remaining nine are believed to be connected to unlicensed lenders and potentially fraudulent operators. 

 



The BOT is concerned that these apps could be used to exploit vulnerable borrowers with exorbitant interest rates and deceptive terms.
  

Wetang Phuangsub, secretary general of the Personal Data Protection Committee (PDPC), said that once the DES verifies the BOT’s findings, it will instruct the app stores to remove the offending applications immediately.

 

The BOT says its crackdown on illegal loan apps highlights its commitment to protecting consumers from predatory lending and maintaining the stability of the financial system. 

 

The public is urged to exercise caution when using loan apps and to check the credentials of any lender thoroughly before sharing personal or financial details. Borrowers are advised only to use apps from reputable and regulated financial institutions.

(2025/02/01-00:00)