The Bank of Thailand revealed that there are 5 companies applying for a Virtual Bank. It is expected that the list will be announced in mid-2025 and must be operational within 1 year from the date the Minister of Finance approves.
Mr. Somchai Lertlarpwasin, Assistant Governor, Financial Institutions Policy Group, Bank of Thailand (BOT), revealed that as the Ministry of Finance and the BOT have opened for interested parties to submit applications for licenses to operate branchless commercial banks (Virtual Banks) to the BOT until September 19, 2024,
the BOT has closed the applications with a total of 5 applicants. The BOT will consider the qualifications, potential, and ability to operate a Virtual Bank business of the applicants in accordance with the Ministry of Finance’s announcement on criteria, methods, and conditions for applying for and issuing licenses to operate branchless commercial banks (Virtual Banks) published in the Government Gazette on March 4, 2024, taking into account the benefits to the Thai financial system as a whole and the risks to financial stability before submitting the list of those who should be permitted to operate the business to the Minister of Finance for further consideration.
It is expected that the list of those who have received approval from the Minister of Finance to set up a Virtual Bank will be announced by mid-2025. Those who have received approval must prepare to be able to open for business within 1 year from the date of the Minister’s approval.
Source: Thai News Agency