The Bank of Thailand (BoT) has received five applications for three virtual bank licenses, marking a significant step toward advancing the country's digital banking landscape. According to Somchai Lertlarpwasin, the assistant governor for financial institutions policy, the application period closed on September 19, and the selected virtual banks are expected to start operations by mid-2025.
The evaluation process will focus on the applicants' qualifications, operational capabilities, and the potential benefits they can offer to Thailand’s financial system. This includes expanding financial services to underserved communities and supporting small and medium-sized enterprises (SMEs). At the same time, the BoT will consider any risks these digital banks could pose to financial stability.
According to the Bangkok Post, the five applicants are led by prominent business groups, including Gulf Energy Development, SCB X Group, Ascend Money Group, Sea Group, and Lighthub Asset. Notably, Gulf has teamed up with major players like Krungthai Bank and PTT Group, while SCB X is partnering with South Korea’s KakaoBank and WeBank, a global leader in digital banking.
Ascend Money, backed by the Charoen Pokphand (CP) Group, is collaborating with Ant Group, and Singapore-based Sea Ltd is working with BTS Group and Bangkok Bank. Lastly, Lighthub Asset is joining forces with WeLab, a pan-Asian fintech platform.
To secure approval, they must demonstrate innovative business models that align with the central bank’s regulatory expectations, including risk-based pricing and maintaining robust financial ratios.
