Picture courtesy of moneyandbanking
Thailand’s emerging virtual banking sector is seeing intense competition as the number of applications has surpassed the available licences.
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Thailand’s emerging virtual banking sector is seeing intense competition as the number of applications has surpassed the available licences. The Bank of Thailand (BoT) announced it received five applications for virtual banking licences before the deadline, with plans to grant a maximum of three licences.
The successful bidders are expected to be announced by mid-2025. The BoT has not disclosed the identities of the applicants.
Across Asia, regulatory officials are increasingly permitting virtual banking services to enhance financial accessibility. These new digital lenders face significant challenges in achieving profitability, competing with traditional banks that are expanding their digital capabilities.
Several prominent groups had shown interest in the licences before the deadline. SCB X, Gulf Energy Development, and Charoen Pokphand Group…