Thailand's central bank chief, Veerathai Santiprabhob, announced on Thursday that new licensing and lending rules are being prepared for buy now, pay later (BNPL) providers, as concerns mount over the swift growth of consumer debt in the country.

Speaking at a forum, the governor outlined the proposed regulations, which would set the minimum borrower age at 18–20 years and cap interest rates on BNPL products at a range of 15% to 20%. Individual credit limits would be capped at 20,000 baht (approximately $606), with a maximum repayment period of six months. Additionally, the service would be barred from offering cash withdrawal options.

The decision comes as BNPL lending volumes have surged by 56% year-on-year, with new borrowers accounting for 45% of all users. The governor noted that more than six BNPL operators are currently active in Thailand.

A public hearing on the draft rules is expected to be held by the end of September, with the final regulatory framework slated for official release in the fourth quarter of this year.

The central bank is also tightening its oversight of non-bank financial institutions, a sector that encompasses 24 license categories and more than 3,600 entities. To strengthen supervision, the bank plans to boost staffing levels and integrate artificial intelligence tools into its regulatory monitoring processes.