The Ministry of Finance of Thailand has approved three companies to establish the country’s first virtual banks. This decision was made based on recommendations from the Bank of Thailand (BOT) and aims to expand access to modern financial services for the population.
This is reported by Business • Media
Main Participants in the New Market
Licenses to create digital banks have been granted to ACM Holding Limited, a consortium that includes Krung Thai Bank, Advanced Info Service, and PTT Oil and Retail Business, as well as another consortium comprising SCB X, WeTechnology, and South Korea’s KakaoBank. All these groups must undergo a readiness assessment by the BOT and establish public joint-stock companies, after which they can apply for an official banking license.
Conditions for Launch and Expected Impact
According to the regulator’s requirements, all approved banks must commence operations no later than June 19, 2026. Following the procedure, operational activities must begin within a year from the approval date—by June 19, 2025. The selection process, as noted by the Central Bank, was conducted transparently and adhered to the principles of equal opportunity for all participants, with mechanisms implemented to prevent conflicts of interest.
“In total, five applications were received, and three successful groups were selected based on a detailed evaluation that focused on the qualifications of the applicants, their digital business models, and their ability to provide inclusive financial services,” the statement said.
The Central Bank expects that the emergence of virtual banks will enhance customer service quality, expand the range of financial products, and strengthen competition in the sector, contributing to the overall efficiency of the country’s financial system.
It is worth noting that Thailand is actively reforming its financial sector. In particular, starting from June 28, 2025, the Securities and Exchange Commission plans to ban the operations of cryptocurrency exchanges OKX, Bybit, CoinEx, 1000X, and XT.com due to their lack of appropriate licenses in the local market.