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The legal challenges of digital financial services in Myanmar and Thailand: a focus on data privacy and cybersecurity regulations |
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| รหัสดีโอไอ | |
| Title | The legal challenges of digital financial services in Myanmar and Thailand: a focus on data privacy and cybersecurity regulations |
| Creator | Jessica - |
| Contributor | Pinai Nanakorn, Advisor |
| Publisher | Thammasat University |
| Publication Year | 2568 |
| Keyword | Digital financial service, Data privacy, Financial technology, FinTech |
| Abstract | The expansion of digital financial services encompassing mobile banking, fintech innovations, and e-wallet solutions has significantly reshaped financial landscapes in Southeast Asia, with Myanmar and Thailand experiencing rapid growth in this sector. However, the swift adoption of digital finance has also exposed these countries to complex legal challenges in the areas of data privacy and cybersecurity, underscoring a critical need for effective regulatory frameworks. This study investigates the current laws governing digital financial services in Myanmar and Thailand, analyzing their adequacy in protecting consumer data and ensuring secure digital transactions. In Myanmar, the Telecommunications Law (Law No. 31/2013), Computer Science Development Law (1996), and the Electronic Transactions Law (2004, amended in 2014) form the foundational basis for electronic data protection, but these regulations lack detailed provisions on financial data privacy and cybersecurity measures specifically tailored for digital financial transactions. The absence of comprehensive data protection regulations raises potential risks for consumers, particularly as financial data becomes increasingly accessible to digital platforms.In contrast, Thailand has made strides toward establishing a more robust regulatory landscape. The Personal Data Protection Act (PDPA) B.E. 2562 (2019) mandates stringent data protection standards across sectors, including digital finance, and the Cybersecurity Act B.E. 2562 (2019) requires critical infrastructure providers, such as financial institutions, to adopt enhanced cybersecurity protocols to prevent data breaches and cyber-attacks. Despite these advancements, significant challenges remain, particularly in cross-border data transfer, where regulatory alignment between ASEAN member states is insufficiently developed. This study adopts a comparative approach to identify key gaps within the regulatory frameworks of Myanmar and Thailand, examining issues related to consumer protection, cybersecurity standards, and the implications of regulatory misalignment on regional financial transactions. Ultimately, this research provides recommendations for policymakers, advocating for strengthened data privacy laws, cybersecurity enhancements, and increased efforts toward ASEAN harmonization to foster a secure, inclusive digital financial ecosystem. |
