The Ministry of Finance in Thailand has granted preliminary approval for the establishment of three virtual banks, following recommendations from the Bank of Thailand. This initiative aims to drive innovation within the financial services sector, expand access to markets traditionally underserved or excluded from conventional banking, and enhance competition within the banking industry. The three selected consortia include ACM Holding Company Limited led by Krungthai Bank, a group comprising Advanced Info Service and PTT Oil and Retail Business, and a third consortium featuring SCB X, V Technology, and South Korea’s Kakao Bank.
These three consortia were chosen after a rigorous evaluation of five applicants, focusing on their capabilities, digital business models, and potential to deliver financial services effectively. Regulators have characterized this move as an effort to provide improved and innovative digital services, particularly targeting retail consumers and small to medium-sized enterprises that currently face limited or no access to banking facilities.
This development is regarded as a significant milestone for Thailand’s financial services sector, expected to enhance financial inclusion and stimulate economic growth through advanced digital banking solutions. The introduction of these virtual banks is anticipated not only to offer consumers superior services but also to facilitate easier financial access for businesses, thereby supporting broader economic expansion.
Source: binance
