Thailand received 5 applications for virtual bank licenses

It expects to announce the list of successful applicants by mid-2025.

The Bank of Thailand (BOT) received a total of 5 applications for a virtual bank license.

The application period ended on 19 September 2024.

BOT expects to announce the list of successful applicants by mid-2025.

Amongst applicants include Singapore-based e-commerce platform Sea Limited, which teamed up with local lender Bangkok Bank. Another applicant is SCB X, the parent firm of Siam Commercial Bank, as well as Krungthai Bank.
https://asianbankingandfinance.net/retail-banking/news/thai-banks-join-forces-billionaires-fintechs-virtual-bank-bid

The BOT said that it will evaluate the applicants’ qualifications, potential, and capabilities in accordance with the Ministry of Finance’s set rules, procedures, and conditions for the application for and the issuance of a virtual bank license, published in the Royal Gazette on 4 March 2024.

A list of qualified applicants will then be submitted to the Minister of Finance for approval.

Successful applicants must commence virtual bank operations within 1 year from the date of approval.

Follow the link for more news on

Bank of Thailand

Also Read

Why banks will be ‘invisible’ by 2030

Flooding impact on Thai banks ‘manageable’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit