Krungthai Bank (KTB) and Kasikornbank (KBank) are scrutinising their buy now, pay later (BNPL) services and adjusting their business strategies to align with stricter regulatory oversight.
The Bank of Thailand is promoting a responsible lending approach, and KTB responded by offering more cautious BNPL services, said president Payong Srivanich.
The central bank has pushed for tighter supervision of the financial sector, and KTB wants to provide lending services responsibly, with a focus on borrowers' needs, repayment capacity and credit quality, he said.
"We agree with the regulator's efforts to establish a more sustainable framework for the BNPL market, which has expanded rapidly amid rising household debt," said Mr Payong.
Vitai Ratanakorn, governor of the Bank of Thailand, recently said the central bank is drafting regulations for BNPL services following the rapid expansion of the sector, particularly among lower-income consumers and younger people.
The central bank is considering various measures, including setting minimum age requirements for users, determining eligible product categories and imposing interest rate caps. The new regulations are expected to take effect by the end of this year.
According to the regulator, BNPL outstanding loans tallied 17.9 billion baht in 2024, up 38% from the previous year.
Meanwhile, the number of BNPL accounts rose from roughly 620,000 in 2021 to nearly 4.91 million in 2024, reflecting an average annual growth rate of 99.9%.
The data was compiled from 6-8 major BNPL providers offering loans via digital applications. Purchases of goods and services are typically made through e-commerce platforms.
Kattiya Indaravijaya, chief executive of KBank, said the bank discontinued its BNPL service in 2022 due to concerns over asset quality.
A KBank subsidiary invested in a digital lending platform that offers BNPL services, though the business strategy can be adjusted to comply with the regulatory framework, she noted.
Kasikorn Investure Co acquired a 50% stake in Atome Thailand, a Singapore-based fintech company, in May 2025. The investment aims to support BNPL services, provide referral services to KBank customers, and conduct preliminary credit assessments for unsecured loans within the group.
"The collaboration with Atome on BNPL services is still at an early stage, and the strategy remains flexible in complying with the central bank's requirements," said Ms Kattiya.
Atome, one of Southeast Asia's leading digital financial platforms, launched in Thailand in 2021, partnering with leading brands across the beauty, fashion and lifestyle sectors, both online and offline.
Through the partnership, she said KBank Group plans to leverage Atome's expertise in digital lending and financial planning to enhance its capabilities and explore new growth opportunities.
