Thailand’s central bank has received five applications for three virtual banking licences. The deadline for submissions was September 19.
Somchai Lertlarpwasin, assistant governor of the financial institutions policy group at the Bank of Thailand (BOT), says the bank will evaluate the applicants’ qualifications, potential and capabilities in operating a virtual bank.
“A list of qualified applicants will be submitted to the Minister of Finance for approval,” Somchai says in a statement on September 23.
He adds that the list of successful applicants approved by the Ministry of Finance will be announced by the middle of next year. “These applicants must then undertake preparations to commence virtual bank operations within one year from the date of approval,” he says.
- The five applicants are as follows: SCB X, a financial arm of Siam Commercial Bank, in collaboration with foreign virtual bank operators WeBank (China) and KakaoBank (South Korea);
- a joint venture involving Gulf Energy Development, telecom company Advanced Info Service and Krungthai Bank Plc;
- a joint venture involving Ascend Money, a unit of Thailand conglomerate Charoen Pokphand Group, and Ant Group, a fintech firm owned-by Alibaba Group;
- a joint venture of Singapore-based Sea Group with Thai partners Bangkok Bank, Thailand Post, Sahapat Group, and VGI;
- a partnership between local firm Lightnet and WeLab, a virtual bank operator in Asia.