BANGKOK, Thailand – Authorities are ramping up efforts to assist victims of illegal loan applications and strengthen regulations to prevent future financial exploitation.
Minister Attached to the Prime Minister’s Office Jiraporn Sindhuprai chaired a meeting with key regulatory agencies to address concerns over illegal lending apps, including “Sinsua Khwamsuk” and “Fineasy.” The two apps were previously found preloaded on certain mobile phone devices and have since been removed by the manufacturers upon the discovery of the app and victims came forward.
The discussion involved the Office of the Consumer Protection Board (OCPB), the Fiscal Policy Office, the Bank of Thailand, the Ministry of Digital Economy and Society, and cybersecurity and financial regulators.
The meeting aimed to establish measures to protect consumers affected by these unauthorized lending platforms. The OCPB has been assigned to investigate consumer complaints, particularly those who suffered financial harm without borrowing from the apps. Cases of excessive interest rates and predatory lending practices are being forwarded to the Bank of Thailand for further legal action.
The Electronic Transactions Development Agency is also working on closing legal loopholes by drafting new regulations to ensure proper oversight of digital financial services. Consumers affected by such platforms are encouraged to file complaints through legal channels, including the OCPB’s online system, hotline 1166, and consumer protection offices nationwide to expedite legal remedies. (NNT)
