Thailand's 1st Virtual Bank is expected to provide services by 2025
The Bank of Thailand (BoT) said on January 12 that the country's first virtual banks are expected to start providing services in 2025.
Thailand’s central bank plans to license three online banks by 2024 before officially going into operation a year later.
About 10 banks have expressed interest in applying for a license in the context that some banks will start deploying online applications to support customers by the end of this quarter.
ph: instagram@khumm
Thailand is the latest country to adopt the concept of an online lender as tech companies including Ant Group and Grab Holdings expand financial services to tap growing demand in the region.
In the context of Thailand's lack of independent online banking, Bangkok banks, Kasikornbank and other local banks have increased investment, providing various digital services including online accounts and payments.
Online banks will be subject to the same regulations and supervisory systems as traditional commercial banks. However, these banks will not be allowed to open branches or operate their own ATMs.
Entities wishing to apply for registration must have a minimum registered capital of 5 billion baht ($150 million), and must expand up to 10 billion baht ($300 million) when fully operational.
Thailand\'s 1st Virtual Bank is expected to provide services by 2025
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