This consortium aims to secure one of the three virtual bank licences available.
The deadline for virtual bank licence applications is September 19, with only three licences to be awarded. Successful applicants, pending approval from the finance minister, must prepare IT systems and risk management tools to launch their virtual banks by June 2026.
Other notable applicants include SCB X from Siam Commercial Bank, Bangkok Bank in partnership with BTS Group’s VGI, and Ascend Money Group, part of Charoen Pokphand (CP) Group.
The Bank of Thailand is expected to announce its decision in June 2025.
The collaboration aims to leverage the partners’ strengths to meet the government’s goal of reaching underserved and unserved populations. It aspires to improve the virtual banking ecosystem with technology and services beyond traditional banking.
Moreover, introducing virtual banks in Thailand is expected to intensify competition in the financial sector, driven by new technology and market entrants. That is why it is important to integrate the informal economy with the new virtual banking ecosystem to address gaps left by the existing system.
The Bank of Thailand's initiative to issue virtual bank licences is part of its broader regulatory strategy to drive digital transformation in the financial sector. This regulatory move is designed to introduce greater competition and innovation by allowing new entrants to operate without the overhead costs associated with traditional brick-and-mortar branches. The central bank has outlined specific requirements for virtual banks, including stringent standards for capital adequacy, risk management, and technological infrastructure, to ensure their stability and security in the digital landscape.
The rationale behind this regulation is twofold: first, to expand financial services to underserved and unserved segments of the population, thereby enhancing financial inclusion; and second, to stimulate technological advancements and service innovations within the industry. The Bank of Thailand aims to create a regulatory environment that supports the growth of digital financial services while maintaining consumer protection and systemic stability. This approach reflects a strategic vision of integrating modern technology with traditional financial practices to better meet the needs of a diverse and evolving market.
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