Finance Minister Confirms Receipt of Virtual Bank Licence List from Central Bank
The move marks a significant step in the nation's digital banking development; future licensing under review
Thailand's Finance Minister Pichai Chunhavajira has confirmed on Wednesday that the Bank of Thailand (BOT) has submitted the names of the initial three successful applicants for virtual bank licences, in line with the expected timeline.
He indicated that the potential for issuing more licences in the future would be subject to further evaluation.
The BOT officially closed the application window for the coveted virtual banking permits on September 19th of last year.
The central bank had previously stated its aim to conclude the assessment process and announce the successful licensees by the middle of 2025.
Sources within the Ministry of Finance have now confirmed that this assessment has been completed, with the BOT identifying three entities that have met the criteria for a licence. These are:
SCB X Public Company Limited (SCB), partnering with Chinese digital banking giant WeBank and South Korea's major financial institution, KakaoBank.
Krungthai Bank, collaborating with telecommunications firm AIS and the PTT Group (through its subsidiary, PTT Oil and Retail Business Public Company Limited, or OR).
The "Ascend Money Group", the provider of the popular "TrueMoney" e-wallet, which is part of the Charoen Pokphand (CP) Group, in partnership with Ant Group, a leading fintech company and affiliate of China's Alibaba.
