The Bank of Thailand (BOT) has approved three groups to establish virtual banks in the country.
Approved Applicants
The successful applicants are:
- AMC Holding Company Limited
- A consortium of Krung Thai Bank, Advanced Info Service, and PTT Oil and Retail Business Public Company Limited. Krung Thai Bank is state-owned, Advanced Info Service is Thailand’s largest mobile operator, and PTT Oil is a state-owned oil and gas company.
- A consortium comprising SCB X, WeTechnology Limited, and Kakaobank Corp. SCB X is the parent company of Siam Commercial Bank, Thailand’s oldest bank. Kakaobank is a profitable South Korean digital bank, and WeTechnology is the Hong Kong arm of China’s first digital bank, WeBank.
Next Steps for Virtual Banks
These approved groups must begin operations within one year of the Minister of Finance’s approval, which was granted on June 19, 2025. Before receiving their virtual bank licenses, the qualified applicants need to establish a public limited company and pass a readiness assessment by the BOT.
The BOT and the Ministry of Finance considered the applicants’ business plans and their ability to offer innovative financial services or enhance existing ones through digital channels.
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