Thai Virtual Bank Licence Deadline Passes with 5 Initial Applicants
-
Loading... - Emiko Ming
- 23 Sep 2024
- 96 Views
- 0 Like
- 0 Comment
The Bank of Thailand has closed the application period for three virtual bank licences, with the final number of contenders remaining at five. The deadline for submitting applications passed on September 19, with no additional applicants beyond the initial five announced in August.
The Five Applicants
The five applicants vying for the three virtual bank licences are:
i. SCB X: A financial arm of Siam Commercial Bank, in collaboration with foreign virtual bank operators WeBank (China) and KakaoBank (South Korea).
ii. Gulf Energy Development (GULF) and Partners: A joint venture involving Gulf Energy Development, telecom giant Advanced Info Service (AIS), and Krungthai Bank Plc (KTB).
iii. Ascend Money: Under Charoen Pokphand (CP) Group, partnered with Ant Group, a leading FinTech firm of Alibaba Group (China).
iv. Sea Group and Partners: A joint venture of Singapore-based Sea Group (operator of Shopee) with Thai partners Bangkok Bank, Thailand Post, Sahapat Group, and VGI (a BTS Group Holdings subsidiary).
v. Lightnet: Led by Chatchawan Chearavanont in collaboration with WeLab, a leading virtual bank operator in Asia-Pacific.
Next Steps
The Bank of Thailand will review the applicants' qualifications and announce selected operators by mid-2025. Successful applicants will be expected to launch their virtual banks within a year, following approval by the finance minister.
