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Thailand’s SCB X and Korea’s KakaoBank to team for digital banking licence, report says

SCB X says income inequality remains a “big problem” in Thailand, as many people do not have access to financial services
By Goh Thean Eu   
June 20, 2023

Thai financial technology conglomerate SCB X Plc and South Korea’s KakaoBank will form a consortium to apply for a digital banking licence from the Bank of Thailand, according to a report in the Bangkok Post, quoting SCB X Chief Executive Officer Arthid Nanthawithaya.

He says SCB X, the parent company of Siam Commercial Bank, will hold the majority stake in the consortium while KakaoBank will hold at least 20%.

“There is a plan to attract additional partners to promote greater competitiveness,” Arthid is quoted as saying in the report published on June 19.

He says digital banks can help address the “big problem” of income inequality in Thailand as many people do not have access to financial services.

"Thai virtual banks will play a pivotal role in allowing the underserved population to access financial products and services conveniently and safely," he says.

SCB X and KakaoBank spokespersons did not immediate respond to questions from Asia Asset Management.