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In brief

The Bank of Thailand (BOT) intends to strengthen the role of financial service providers in taking responsibility for consumers throughout the loan debt cycle appropriately and comprehensively. The BOT Notification No. Sor Gor Chor. 7/2566 re: Responsible Lending was issued by the BOT and announced in the Government Gazette on 27 December 2023, and became effective on 1 January 2024 (“Notification“).

The Notification applies to various service providers, including the following:

  1. Financial institutions and companies within its financial business group
  2. Asset management companies
  3. Credit card business operators
  4. Personal loan business operators under supervision
  5. Nano-finance business operators under supervision

These entities are collectively referred to as “Service Providers1.

In more detail


The Notification requires the Service Providers to offer lending products responsibly and ethically throughout the debt cycle and enhances compliance with the existing guidelines and regulations to be more comprehensive and clearer. Financial service providers must comply with this Notification in addition to the existing BOT regulations, such as the Market Conduct Regulations.

The Notification specifies requirements from before customers create new debt, requirements in relation to handling and operating existing debt with quality and care, requirements on handling bad debt, up until litigation and transfer of debt sales. This includes promoting the provision of information to influence customer behavior throughout the debt cycle. This is in order to promote good credit culture and financial discipline to customers, which will be an important part in solving the household debt problem sustainably.

Debt cycle:

Overview of the regulations

The Notification sets out the eight principles that the Service Providers must comply with throughout the loan debt cycle, as illustrated below. The attachments to this Notification also provide a list of “Do’s” and “Don’ts”, examples, and guidelines for the Service Providers under each principle.

Scope of applicability

The applicability of the principles and guidelines under this Notification varies depending on the type of loan products that are being offered. Please see the table below.

The Service Providers offering lending products must implement the guidelines under the Notification to its loan products in addition to the other on-going regulations, such as the BOT’s market conduct regulations and the BOT notification regarding interests, fees, and fines.

There are further details to the requirements mentioned above, including the timeline to comply with certain requirements (e.g., Persistent Debt).

For more information, please feel free to contact our team at Baker McKenzie.

1 The “Service Providers” under this Notification refers to the offeror, recommender, seller, factor, and transferee of a lending product.


Chaveewan Likhitwattanachai has been a partner in the Bangkok office since 2006. A member of the Banking & Finance Practice Group, her work focuses on acquisition, project, real estate and corporate financing, infrastructure funds, REIT, general banking and finance, and debt capital markets. Her work for Thailand's top companies has been recognized by several leading legal directories.
Ms. Likhitwattanachai is a regular speaker for The Asian Business Forum, commercial banks and major corporates in Thailand, on various topics related to project and acquisition financing, banking and finance, infrastructure fund and REIT transactions.


Somika Phagapasvivat is a member of Baker McKenzie's Financial Services Practice Group in Bangkok. She joined the Firm in 2002 and became a partner in 2015.


Kullarat is a partner in the Financial Services Practice Group at Baker & McKenzie Ltd. She is recognized in banking and finance, securities, derivatives and structured finance, FinTech, e-payment, venture capital, exchange control, anti-money laundering / counter terrorism financing, and financial and tech-related laws and regulations. She leads the FinTech team at the Bangkok office. Kullarat has assisted the largest and fastest growing companies in and outside Thailand on matters related to the use of technology and digitalization in financial markets, including both money and capital markets.


Waralee Pitakwong is an Associate in Baker McKenzie, Bangkok office.


Khumpee Prasertphol is an Associate in Baker McKenzie, Bangkok office.

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