Five business groups to apply for the Bank of Thailand's virtual bank licences

Following this announcement, included in the five companies is SeaMoney Thailand, which was developed in order to offer digital financial services, payments, and lending through the use of ShopeePay and SPayLater in the Thai market. Shopee, an ecommerce platform in Southeast Asia and Taiwan, is owned by Singapore's Sea Group, which also operates MariBank, a digital financial institution in the region of Singapore. 

In addition, the business groups are expected to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well. 

More information on the announcement

The Bank of Thailand is currently planning to issue three virtual bank licences in the initial phase, although the Finance Ministry suggested that the overall number should not be limited. At the same time, the central bank requires a minimum registered capital of USD 145 million (THB 5 billion) for a virtual bank, later increasing to USD 291 million (THB 10 billion). The application deadline is set for the 19th of September 2024. 

VGI, the advertising and financial services arm of BTS Group, recently expressed an interest in virtual banking through a strategic deal made with a major local financial institution. Bangkok Bank (BBL), a lender by total assets, and Jaymart are expected to be potential partners as well.

The other three consortiums include SCB X, the financial technology conglomerate and holding company of Siam Commercial Bank, Charoen Pokphand (CP) Group, as well as Gulf Energy Development. SCBX is currently collaborating with South Korea-based KakaoBank in order to form a consortium to apply for a virtual banking licence, while the consortium is also partnered with WeBank for its technology solutions. 

At the same time, CP Group intends to operate a virtual bank service under TrueMoney, as they plan to leverage CP Group's retail channels and collaborate with Ant Group. Gulf is also partnering with Krungthai Bank (KTB), Advanced Info Service, and PTT Oil and Retail Business.