Google Play introduces a new screening policy for Digital Lending Applications in Thailand
Bangkok, July 24, 2023: Google has introduced an enhanced policy to screen Digital Lending Applications (apps) operating in Thailand, under which developers of personal loan apps must provide documentation demonstrating their capacity to offer or assist with personal loans within the country. This is part of Google’s efforts to keep Google Play safe and secure for users.
Effective August 31, 2023, Google’s Financial Services policy mandates that any app containing financial features must submit a financial features declaration form (available end of July), along with supplementary information and documentation.
Developers behind personal loan apps targeting users in Thailand must complete a Personal Loan App Declaration form and submit the necessary documentation before publishing their app. They must submit proof of approval from the Bank of Thailand to offer or facilitate digital lending services in Thailand.
Google Play will also request additional information or documents relating to loan app compliance with the applicable regulatory and licensing requirements.
Unlicensed personal loan applications in Thailand will be promptly removed from the Play Store. Developers are required to immediately withdraw their apps from the Google Play Store if the submitted licenses, registrations, or declarations are no longer valid under the relevant laws.
Jackie Wang, Country Director of Google Thailand, said, “The new policy will help to protect users in Thailand from potential abuse by fraudulent personal loan apps. Our objective is to eradicate bad apps from the Play Store. Therefore, we are implementing proactive measures by establishing rigorous criteria for Digital Lending Apps to minimize financial risks and protect consumers.”
According to the new regulations, Digital Lending Applications are forbidden from accessing sensitive data, including external storage, media images, contacts, and precise location information. Additionally, apps that provide short-term personal loans and necessitate full repayment within 60 days of the loan issuance will be prohibited.
Thailand is among a group of countries in Asia Pacific where Google has enforced supplementary prerequisites for Digital Lending Applications.
