泰国作为东南亚重要的汽车生产国和消费市场之一，其汽车与摩托车金融业务一直是消费金融领域的重要组成部分。随着经济发展和消费者信贷需求的增长，汽车分期付款和融资租赁业务已成为泰国金融体系不可或缺的一环。2017年至2021年间，该行业以年均5.5%的增速扩张，截至2021年底，汽车分期付款和租赁市场的未偿交易额达1.8万亿泰铢，约占泰国家庭债务总额的12.3%2。然而，随着市场的快速扩张，旧有法规框架已难以应对新的市场挑战，消费者权益保护不足、信息不对称、不公平合同条款等问题日益凸显，相关投诉数量不断攀升。

因此，为加强金融保障、确保经济稳定并保护消费者，泰国银行（BOT）与泰国财政部财政政策办公室（FPO），依据《佛历2551年金融机构业务法》（FIBA）制定了皇家法令，以进一步建立清晰公平标准，保护客户，并管理与庞大的家庭债务相关的系统性风险。《关于汽车和摩托车分期付款与融资租赁业务的皇家法令B.E.2568》（Royal Decree on Hire-Purchase and Leasing Services B.E. 2568 (2025)，简称“皇家法令”）于2025年6月5日在泰国皇家公报上正式公布，并于公布之日起180天后，即2025年12月2日生效。皇家法令的出台出于对重大经济问题的关切以及填补主要监管空白的需要。

As one of the key automobile manufacturing and consumption markets in Southeast Asia, Thailand's automobile and motorcycle financing sector has long been a vital component of its consumer finance landscape. With economic development and growing consumer credit demand, hire-purchase and leasing of automobiles and motorcycles have become integral to Thailand's financial system. Between 2017 and 2021, the sector expanded at an average annual growth rate of 5.5%. By the end of 2021, outstanding transactions in the automobile hire-purchase and leasing market reached 1.8 trillion Thai Baht, accounting for approximately 12.3% of Thailand's total household debt. However, as the market expanded rapidly, the existing regulatory framework struggled to address emerging challenges. Issues such as inadequate consumer protection, information asymmetry, and unfair contract terms became increasingly prominent, leading to a continuous rise in related consumer complaints.

To enhance financial safeguards, ensure economic stability, and protect consumers, the Bank of Thailand (BOT), in collaboration with the Fiscal Policy Office (FPO) of the Ministry of Finance, exercised its authority under the Financial Institution Business Act B.E. 2551 (FIBA) to propose the issuance of a Royal Decree. This initiative aims to establish clearer and fairer standards, protect customers, and manage systemic risks associated with the substantial household debt. The Royal Decree on Hire-Purchase and Leasing Services B.E. 2568 (2025) (the 'Royal Decree') was officially published in the Royal Gazette on June 5, 2025, and took effect 180 days later on December 2, 2025. The enactment of the Royal Decree addresses significant economic concerns and fills a major regulatory gap.

一、受监管的业务范围Scope of Regulated Activities

皇家法令以“焦距从事业务”的监管思路，将以汽车、摩托车分期付款或融资租赁作为日常经营活动的法人实体纳入监管范围，其适用标准取决于业务的性质，而非法律形式。值得注意的是，该法令不适用于FIBA定义的金融机构和专业金融机构、合作社法管辖下的合作社和非法人实体（即个体经营者），因为它们已受其他监管机构或法律法规管辖。相反，皇家法令适用于任何作为业务运营商的法人实体，无论其分期付款或租赁汽车、摩托车的目的是个人使用还是商业用途。这一界定有助于确保监管覆盖的完整性和针对性。

皇家法令中“分期付款租赁”指的是依据泰国《民商法典》（CCC）第572条所定义的汽车或摩托车分期付款购买业务的经营活动，其租赁标的物为汽车或摩托车。“租赁”指的是汽车或摩托车的出租行为，即所有或几乎所有的所有权人应享有的风险和收益都将转移给承租人3。

The Royal Decree adopts a "Focus on business operations" regulatory approach, bringing juristic persons (e.g., companies) that engage in automobile or motorcycle hire-purchase or leasing as part of their ordinary course of business under its regulatory purview. Applicability is determined by the nature of the business activity rather than its legal form. Notably, the Royal Decree does not apply to financial institutions and specialized financial institutions as defined under the FIBA, cooperatives governed by cooperative laws, or non-juristic persons (e.g., individual operators), as these entities are already subject to oversight by other regulatory bodies or existing laws and regulations. Conversely, the Royal Decree applies to any juristic person acting as a business operator, regardless of whether the purpose of the hire-purchase or leasing is for personal use or commercial purposes. This delineation helps ensure comprehensive and targeted regulatory coverage.

Under the Royal Decree, "hire-purchase" refers to the business activity of engaging in hire-purchase of automobiles or motorcycles as defined in Section 572 of the Thai Civil and Commercial Code (CCC), where the subject matter of the hire is an automobile or motorcycle. "Leasing" refers to the leasing of automobiles or motorcycles, specifically leases that transfer substantially all the risks and rewards of ownership to the lessee.

二、对受管制业务的监管要求Regulatory Requirements for Controlled Businesses

根据已公布的条款，纳入监管的经营者需履行以下主要义务：

（一） 信息披露义务

信息披露不透明是旧法规时期消费者投诉的主要焦点之一。皇家法令要求服务提供者在营业场所及宣传材料中清晰披露利率、各项服务费用及年化总成本计算方式，以确保对公众和客户的透明度，相关信息需定期向泰国银行（BOT）报备。

（二） 财务合规义务

服务提供者必须按照政府相关主管部门认可的专业机构制定的会计准则编制账目，以反映其实际经营成果和财务状况，满足可能的监管要求。同时，服务提供者必须遵守泰国银行（BOT）关于利率、费用、消费者保护以及宏观审慎措施的标准，并按要求定期向泰国银行（BOT）提交报告和财务报表，确保所有数据准确完整。

（三）消费者保护义务

为保护消费者利益，泰国银行（BOT）有权颁布规定，要求服务提供者遵守与客户达成的法律行为或合同，其资产或价值达到泰国银行规定的标准。如果达成的法律行为或合同赋予业务经营者单方面变更合同的权利，则必须遵守相应的条款。

Based on the published provisions, regulated operators are required to fulfill the following key obligations:

2.1 Information Disclosure Obligations

Lack of transparency in information disclosure was one of the major sources of consumer complaints under the previous regulatory regime. The Royal Decree requires service providers to clearly disclose interest rates, various service fees, and the calculation method of the annualized total cost at their business premises and in promotional materials. This ensures transparency for the public and customers. Such information must also be regularly reported to the Bank of Thailand (BOT).

2.2  Financial Compliance Obligations

Service providers must prepare accounts in accordance with accounting standards set by professional institutions recognized by the relevant governmental authorities, reflecting their actual operational results and financial position to meet potential regulatory requirements. Furthermore, service providers must comply with the Bank of Thailand (BOT) standards regarding interest rates, fees, consumer protection, and macro-prudential measures. They are required to submit regular reports and financial statements to the Bank of Thailand (BOT) as requested, ensuring all data is accurate and complete.

2.3  Consumer Protection Obligations

To protect consumer interests, the Bank of Thailand (BOT) is authorized to issue regulations requiring service providers to comply with legal acts or contracts entered into with customers, where the involved assets or value meet thresholds specified by the Bank of Thailand (BOT). If a legal act or contract grants the business operator the right to unilaterally amend the contract, specific compliance clauses must be adhered to.

三、监管机构的权责Authority and Responsibilities of the Regulatory Body

为保障监管有效实施，皇家法令赋予了泰国银行（BOT）相应的监管权限，包括可以发布与业务运营和消费者保护相关的规则（含设定利率、费用、首付款和罚金的上限）、任命检查员审查公司的业务活动、资产和负债并有权进入营业场所及要求管理层和员工提供信息。

若服务提供者违反或未能遵守皇家法令或据此发布的相关通知，泰国银行（BOT）可向服务提供者或相关人员发出警告信，命令其停止违规行为，并可发布禁止相关行为的命令。在发生严重违规或对客户不公平/剥削性行为、可能造成重大损害的情况下，泰国银行（BOT）有权命令其进行运营整改，或在指定时期内暂时中止部分或全部业务运营。

在处罚规定方面，皇家法令参考了《金融机构业务法》(Financial Institution Business Act B.E. 2551(2008) ，简称’FIBA’ ）的相关条款，为违规行为设定了相应的法律责任。

To ensure effective supervision, the Royal Decree grants the Bank of Thailand (BOT) corresponding regulatory powers. These include issuing rules related to business operations and consumer protection (including setting caps on interest rates, fees, down payments, and penalties), appointing inspectors to examine a company's business activities, assets, and liabilities, and empowering these inspectors to enter business premises and request information from management and staff.

If a service provider violates or fails to comply with the Royal Decree or related notifications issued under it, the Bank of Thailand (BOT) may issue a warning letter to the service provider or related persons, ordering them to cease the violating acts, and may issue orders prohibiting the relevant actions. In cases of serious violations or unfair/exploitative behavior towards customers that may cause significant harm, the Bank of Thailand (BOT) has the authority to order operational rectifications or temporarily suspend part or all of the business operations for a specified period.

Regarding penalties, the Royal Decree references relevant provisions of the Financial Institution Business Act B.E. 2551 (2008) ("FIBA"), establishing corresponding penalties for violations.

四、影响分析Impact Analysis

消费者或将从更透明的信息环境和更规范的合同条款中获益，这有助于提升金融决策的合理性。同时，明确的权益保护机制也为消费者提供了更多保障，将相关债务纳入系统化监管框架，可能有助于更全面地评估家庭债务状况。

不同类型的金融机构可能面临差异化的影响。非银行金融机构可能需要调整业务流程以满足合规要求，这可能涉及系统升级、流程优化等方面的投入。传统银行机构的监管标准的一致性可能促使竞争焦点向服务质量和风险管理能力转移。

汽车制造商和经销商可能需要审视其与金融机构的合作关系，确保合作伙伴的合规性。销售流程中金融条款的说明和解释可能更加受到重视。

Consumers are likely to benefit from a more transparent information environment and more standardized contract terms, which may enhance the rationality of financial decision-making. At the same time, clearer protection mechanisms provide consumers with greater safeguards. Incorporating related debt into a systematic regulatory framework may also contribute to a more comprehensive assessment of household debt conditions.

Different types of financial institutions may face varying impacts. Non-bank financial institutions may need to adjust their business processes to meet compliance requirements, potentially involving investments in system upgrades and process optimization. For traditional banking institutions, the alignment of regulatory standards may shift the competitive focus towards service quality and risk management capabilities.

Automobile manufacturers and dealers may need to review their relationships with financial partners to ensure their compliance. Explanations and interpretations of financial terms during the sales process are likely to receive increased attention.

五、中企在泰开展相关业务参考Considerations for Chinese Enterprises Conducting Related Business in Thailand

根据皇家法令，非金融机构开展的融资租赁业务被纳入泰国银行（BOT）的监管范围。该法令建立了以业务识别、报告义务及遵守泰国银行（BOT）规定为核心的监管框架。根据泰国《外商经营法》（Foreign Business Act），外商投资业务被划分为三类禁止或限制性行业：

清单一：禁止类业务，主要基于特殊原因（如国家安全、环境保护等）禁止外资经营，例如土地贸易、新闻媒体、广播电台或电视台、林业及天然林木材加工等。

清单二：涉及国家安全、艺术文化传统、自然资源或环境的行业，外资须获得商务部部长及内阁批准的经营许可。

清单三：泰国国民尚未准备好与外资竞争的行业，外资须经外商经营委员会批准并取得外商经营许可证（Foreign Business License, “FBL”）。

清单三共列出21类业务，其中第21项“其他服务业”为概括性条款，涵盖未在前述条目中列明的服务活动，赋予泰国政府较大的裁量权。汽车租赁业务通常被归入此项，因而受到外商投资限制。理论上，外资可直接通过申请FBL豁免限制，但实务中汽车租赁业务获批FBL的案例极少。即便通过其他途径，以连续、系统的方式从事类租赁商业性质活动，则其仍可能受到泰国《外商经营法》中有关外资准入规定的约束。

因此在泰开展类业务时，主动合规、稳健经营，全面提升在泰运营的规范化、本地化和专业化水平，为未来的发展奠定更坚实的基础。

Under the Royal Decree, hire-purchase and leasing businesses conducted by non-financial institutions are brought under the regulatory supervision of the Bank of Thailand (BOT). The Royal Decree establishes a regulatory framework centered on business identification, reporting obligations, and compliance with the Bank of Thailand (BOT) regulations. According to Thailand's Foreign Business Act (FBA), foreign-invested businesses are categorized into three lists of prohibited or restricted industries:

List One: Prohibited Businesses. These are activities prohibited for foreign investment primarily for special reasons (e.g., national security, environmental protection), such as land trading, news media, radio or television broadcasting, forestry, and processing of natural timber.

List Two: Industries involving national security, arts and cultural traditions, natural resources, or the environment. Foreign investment in these sectors requires a business license approved by the Minister of Commerce and the Cabinet.

List Three: Industries where Thai nationals are not yet ready to compete with foreigners. Foreign investment in these sectors requires approval from the Foreign Business Committee and obtaining a Foreign Business License (FBL).

List Three enumerates 21 categories of businesses. Category 21, "Other Services Not Specified in Lists 1 and 2," is a catch-all clause covering service activities not listed in the preceding categories, granting the Thai government considerable discretionary power. Automobile rental/hire-purchase/leasing business is typicallyified under this category, thus subject to foreign investment restrictions. Theoretically, foreign investors could seek an FBL to bypass these restrictions. However, in practice, obtaining an FBL for an automobile rental/leasing business is exceedingly rare. Furthermore, engaging in continuous and systematic commercial activities of a leasing nature through other structures may still be subject to foreign ownership restrictions under Thailand's FBA.

Therefore, when conducting such businesses in Thailand, proactively ensuring compliance and operating prudently are essential. Comprehensively enhancing the standardization, localization, and professionalization of operations in Thailand can lay a more solid foundation for future development.

六、结语Conclusion

皇家法令的颁布，体现了泰国在完善金融市场监管方面的积极探索。这一法令试图在促进市场健康发展和维护消费者权益之间寻求平衡。

法令的实施效果，将取决于监管执行、行业适应与市场响应的协同作用。对于相关机构而言，这既是适应新要求的过程，也可能成为提升管理水平的机会。对于泰国金融市场而言，这可能是其监管体系持续完善过程中的一个重要节点。

随着皇家法令的生效，泰国汽车金融市场将步入新的发展阶段。更加规范化、透明化的市场环境，可能有利于各参与方的长期健康发展。目前，皇家法令尚未提供监督受管制业务的详细监管标准，相关细节将在后续发布的附属法规中规定。皇家法令设计了分阶段实施的安排，给予市场参与者合理的调整时间，相关服务提供者需关注2026年第一季度前完成注册登记这一时间节点。

The promulgation of the Royal Decree reflects Thailand's active efforts to improve financial market regulation. The Royal Decree attempts to strike a balance between promoting healthy market development and safeguarding consumer rights.

The effectiveness of the Decree's implementation will depend on the synergistic interplay of regulatory enforcement, industry adaptation, and market response. For relevant institutions, this represents both a process of adapting to new requirements and an opportunity to elevate management standards. For the Thai financial market, this may constitute a significant milestone in the ongoing refinement of its regulatory system.

With the Royal Decree now in effect, Thailand's automobile and motorcycle financing market is entering a new phase of development. A more standardized and transparent market environment is likely to benefit the long-term healthy development of all participants. Currently, the Royal Decree has not provided detailed regulatory standards for supervising controlled businesses. Relevant specifics are to be stipulated in subordinate regulations to be issued subsequently. The Royal Decree includes a phased implementation plan, allowing market participants a reasonable adjustment period. Relevant service providers should pay close attention to key timelines, such as the requirement to complete registration by the first quarter of 2026.

注释：

1.感谢大成上海合伙人毕似恩律师在本文研究过程中提供的专业支持与宝贵意见，对此研究的顺利完成起到了重要作用，特此致谢。

2.参见Bank of Thailand网站：https://www.bot.or.th/en/news-and-media/news/news-20220815.html.

3.Section 3 of the Royal Decree.

注：毕似恩合伙人手续待备案