By approving this move led by Krungthai Bank, SCBX, and Ascend Money, the Bank of Thailand aims to support branchless banking and scale financial inclusion in the region. The selection of the three financial institutions followed a careful application process. At the time of writing, the three entities were awaiting final approval from the Finance Minister, expected to be provided by mid-2025. Also, Thailand seeks to launch three additional digital-only banks, with them operating without any physical branches.
Furthermore, the Bank of Thailand mentioned that one group is managed by Krungthai Bank, the second by SCBX, the company behind Siam Commercial Bank, and the last one by Ascend Money, the company that runs the TrueMoney app. Krungthai Bank is set to work with Gulf, AIS, and PTT Oil and Retail (OR), while SCBX will collaborate with KakaoBank and WeBank. At the same time, Ascend Money will be supported by Ant International in delivering its solutions to the underserved population and small businesses, utilising the TrueMoney app and centring on economic equality.
By establishing these new banks, the financial institutions are projected to assist individuals who do not have access to traditional banking, including small business owners and those in rural areas. Additionally, their services, such as loans and savings accounts, are set to be offered through apps and websites. Since the announcement, the selected companies have a year to prepare for the launch and, if everything goes accordingly, the virtual banks could be operating by 2026.
SCBX’s partnership with KakaoBank
In addition to working together on this initiative, SCBX and KakaoBank joined forces in
November 2025 to open an internet bank for clients and users in Thailand. The collaborative effort was expected to start a local launch of branchless banking solutions amid a digital push. The two financial entities were set to merge their expertise and suite of solutions to establish a virtual bank. Also, the venture was modelled based on South Korea’s digital-only banking framework and was projected to offer banking tools exclusively via a digital platform, with the process bypassing the need for physical branches in the local market.
