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Thailand’s Virtual Banking Licences: New Guidelines Released

On 4 March 2024, the Notification of the Ministry of Finance Re: Criteria, Methods, and Conditions of the Application for a Licence and Issuance of a Licence to Operate a Virtual Bank ("Notification"), dated 20 February 2024, was published in the Government Gazette. The Notification provides guidance on the process for applying for a virtual bank licence, as well as the relevant criteria, requirements and conditions.

The Notification will become effective on 19 March 2024. A "virtual bank" regulated under this Notification is one which operates entirely online. Such virtual banks are potentially able to offer efficient financial services through digital channels, which would be principally operated by an operator who has the necessary expertise in technology, digital services, and data analytics. Conducting banking services online could save operational costs and also promote accessibility to financial services for underserved or unserved customers.

This Update provides a high-level summary of the virtual bank application process and key requirements.

A Guide to Renewable Energy in Southeast Asia

The Association of Southeast Asian Nations ("ASEAN") recognises the crucial role of energy in driving the region's growth. This has led to two key priorities: energy security and clean energy development. ASEAN aims for a 23% renewable energy ("RE") share by 2025 in the ASEAN Energy Mix (or TPES: Total Primary Energy Supply), with discussions underway for an even more ambitious target soon. Southeast Asia has abundant RE resources, but several hurdles remain, for instance infrastructure, the need for policy harmonisation, and community engagement. Each ASEAN country faces its own particular set of challenges and constraints in achieving its net zero emissions goal due to a myriad of factors including its stage of economic development, resources (financial and non-financial) and geographical constraints. As such, the policies and focus of each country in the deployment and development of RE may differ. In this Guide, we provide an overview of the RE landscape in the region and certain salient legal and regulatory issues affecting the development and deployment of RE in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Navigating the Intersection of AI and Art: Copyright Challenges and Commercial Implications

The dawn of a new era in artificial intelligence ("AI") artwork is upon us. There is no doubt that AI technology has experienced a significant leap in recent years, with its growing integration into various sectors, including the art world and graphic design. Notably, there have been instances where AI-generated images have claimed top honors in art competitions, sparking debate about fairness to artists who rely on their human creativity. 

AI's rising popularity in various sectors stems from its utility as a time-saving tool. Tasks that once demanded two to three days can now be accomplished in seconds, thanks to technologies that sift through vast datasets to generate new content. However, to take just one example, concerns have arisen among artists regarding the sourcing of data for AI-generated works, as these creations often lack entirely original foundations. While such practices may not directly breach copyright laws, ethical questions loom over the acquisition of data without the consent of copyright holders. 

In this Update, we take a look at how AI-generated content interacts with intellectual property law in Thailand, as well as the upcoming legislative landscape relating to AI.