Competition for the Virtual Banking license in Thailand is intense
Thailand's financial market is gaining momentum as major corporations team up to compete for the three virtual banking licenses that the Bank of Thailand (BoT) plans to issue next year.
ph: Bank of Thailand
CP Group is also interested in gaining a virtual bank license. Reports from senior Thai government officials and guest analysts suggest that the food and agriculture giant will take advantage of their 14,000 7-Eleven convenience stores network or even use True Telecom's substantial customer base to attract deposits.
Thailand's oldest traditional banking group, SCB X, has entered the race for a virtual banking license too. Arthid Nantwawithaya, CEO of SCB X, has clarified that they are currently analyzing the BoT guidelines on virtual banking and will search for partners if they decide to invest.
Once the licenses are granted, Thailand will become the third country in ASEAN, following Singapore and Malaysia, to offer such services. The BoT's goal is to facilitate the SMEs access to loans more quickly, easily, securely and at a lower cost. Companies eligible to apply need to submit their business models by the end of March and should provide a minimum registered capital of 5 billion baht (US$148 million). This capital must be increased up to 10 billion baht when the project is in full operation. The BoT intends to issue licenses to the winning parties by mid-2024 with an estimated 10 parties having already expressed interest.
Competition for the Virtual Banking license in Thailand is intense
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