Thailand’s Ministry of Finance has approved three business consortia to establish the country’s first virtual banks, aiming to boost financial inclusion and promote greater competition in the banking sector, according to a statement released on 20 June.
The approval followed a selection process overseen by the Bank of Thailand (BOT), which evaluated five applicant groups. Finance Minister Pichai Chunhavajira endorsed the final selections, reflecting the government’s commitment to supporting digital innovation in financial services.
BOT stated that the three consortia were chosen for their potential to deliver accessible and innovative banking solutions, particularly to underserved populations and small- to medium-sized enterprises (SMEs). The selected groups include: ACM Holding Company Limited, known for operating True Money; a partnership formed by Krungthai Bank, Advanced Info Service (AIS), and PTT Oil and Retail Business (OR); and a third consortium consisting of SCB X, WeTechnology, and South Korea’s KakaoBank.
In a briefing, BOT officials noted that the licensing process was designed to be transparent and geared toward encouraging fair and open market dynamics. The central bank emphasized that these virtual banks are expected to extend services to segments currently excluded or underserved by conventional financial institutions.
Each approved group must now register as a public limited company and complete a readiness assessment under the supervision of the BOT. Operations are expected to begin within 12 months from the date of approval.
BOT plans to meet with the selected consortia in early July to outline implementation procedures. The central bank also indicated it would monitor the virtual banks over a period of three to five years to ensure a balanced competitive environment is maintained.
Deputy Governor Roong Mallikamas announced the decision on behalf of the BOT, reiterating the institution’s focus on financial inclusivity and innovation. The announcement follows a review process involving multiple stakeholders and policy leaders within the financial sector.
