BANGKOK, Thailand – Minister of Digital Economy and Society, Prasert Chantharawongthong, announced on October 27 that a draft law mandating full compensation from banks to victims of call center scams has been completed and is awaiting final approval early next month. He also highlighted growing interest from major AI companies, including NVIDIA, in investing in Thailand.
Prasert noted that artificial intelligence is becoming increasingly critical to Thailand’s economic and social landscape, and the government sees it as a key tool for driving sustainable growth and enhancing competitiveness. He revealed that discussions are underway with at least two to three major AI companies interested in establishing operations in Thailand by next year, with NVIDIA among those engaged in talks.
Regarding the anti-scam legislation, Prasert explained that the draft law, developed in collaboration with the Bank of Thailand, requires financial institutions to take responsibility for security loopholes and to implement enhanced security protocols against fraudulent applications on mobile banking platforms. Under the proposed law, banks would be liable to compensate victims 100% if it is proven they failed to exercise due diligence in protecting assets, such as by allowing suspicious or mule accounts to remain active.
The draft law is currently under final review by the National Cybersecurity Committee and is expected to be finalized after discussions in early November. The Ministry of Digital Economy will oversee the implementation, which Prasert believes will be simpler than if handled by the central bank.
However, Prasert acknowledged that the draft Climate Change Act, initially slated for this year, will not be ready due to the current legislative session’s end. It is expected to be presented in the next parliamentary session. (TNA)
