Following the implementation of the Personal Data Protection Act (PDPA), which went into effect on June 1st, many banks and financial institutions in Thailand have started to prepare for the new legislation. The Thai Bankers Association and the Government Financial Institutions Association (GFA) both agreed that the PDPA, which took effect today (June 1st), will be critical in safeguarding personal data.The goal of the law is to provide better online safety for their customers.
The new legislation is also expected to establish the standards for the collection, use, and disclosure of personal data. Both banks and financial institutions have committed to implementing the new regulations in order to enhance the security of their operations.
According to the two associations that represent the country’s banks and financial institutions, the new legislation will likely result in changes in the way that they collect and use personal information. These include the implementation of new consent policies for the use of certain banking products and services, as well as the presentation of their offerings in compliance with the new legislation.