Politics
Thai Cabinet Approves AFAS 9 to Boost Regional Financial Services
The Thai Cabinet has approved the ninth protocol of the ASEAN Framework Agreement on Services (AFAS 9) to facilitate financial service expansion across Southeast Asia.
On September 8, 2026, the Thai Cabinet approved the ratification of the ninth protocol under the ASEAN Framework Agreement on Services (AFAS 9). According to Deputy Government Spokesperson Lalida Periswiwatana, this move aims to deepen regional economic integration by reducing trade barriers in the financial and banking sectors. The protocol will now be submitted to Parliament for constitutional approval.
For residents and business owners, the agreement focuses on standardizing rules for cross-border financial services, including payment and remittance operations. Notably, the protocol sets a maximum foreign shareholding limit of 49% for international money transfer businesses. As current Thai law already permits up to 75% foreign ownership in this sector, officials confirmed that Thailand will not be required to further liberalize its market or amend existing domestic laws.
For those living or working in Thailand, this development is intended to create a more predictable regulatory environment for financial service providers, potentially easing regional transactions. However, the agreement does not lower existing financial oversight standards. While the Cabinet has given its initial green light, the final implementation remains subject to the parliamentary approval process. Residents should monitor future legislative sessions to see when these standardized regional protocols officially take effect.