PANews reported on June 22 that according to CrowdfundInsider, Thailand has approved three applicant institutions to establish virtual banks, aiming to promote financial innovation, expand access to underserved markets, and enhance competition in the Thai banking sector. Based on the recommendation of the Bank of Thailand (BOT), the Ministry of Finance stated that the consortium led by Krung Thai Bank (ACM Holding Company Limited), as well as the consortium composed of telecommunications giants Advanced Info Service and PTT Oil and Retail Business, and the consortium consisting of SCB X, WeTechnology, and South Korea's KakaoBank, have received preliminary approval.
A total of five applicant institutions submitted applications. After a detailed assessment process, three institutions were selected, with the evaluation focusing on the qualifications of the applicant institutions, digital business models, and their ability to provide inclusive financial services. The regulatory authorities stated that this move aims to improve service channels for retail customers and small and medium-sized enterprises (SMEs) through innovative digital channels, especially for those currently without bank accounts or with inadequate services.
