Thailand is set to welcome its first virtual banks by mid-2026, following the Bank of Thailand’s June 19 announcement of three approved applicants, marking a significant step in expanding digital financial access and modernising the country’s banking system.
As part of efforts to promote inclusive finance, virtual banks are expected to offer more accessible and cost-effective services, particularly targeting underserved groups such as low-income individuals and small businesses. According to central bank data, around half of small and medium-sized enterprises (SMEs), particularly microenterprises, face difficulties securing credit through traditional channels.
Virtual banks are also expected to help alleviate reliance on informal lending, which can impose annual interest rates as high as 300%. The Bank of Thailand has stated that the new institutions could play a role in encouraging greater financial resilience, especially among households lacking sufficient emergency savings.
The three successful applicants—selected from five submissions between March and September last year—include ACM Holding Co (TrueMoney), supported by Charoen Pokphand Group; a partnership between Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business; and a consortium of SCB X, South Korea’s KakaoBank and WeBank. Each group is required to commence operations within one year of receiving final approval from the Finance Ministry.
A study by Kasikorn Research Center suggests Thai consumers could benefit from better deposit rates and lower service fees, especially during the initial phase of market entry. Drawing on regional precedents, early-stage virtual banks in South Korea and Singapore offered rates up to 0.3 percentage points higher than traditional banks, along with reduced fees on services such as loan prepayment and account maintenance.
Despite these expected advantages, effective consumer participation remains dependent on financial literacy. While digital-savvy individuals may find appeal in investment tools and mobile banking services, others—particularly those unfamiliar with online financial platforms—may require guidance and support to engage safely with virtual banking.
The Shopee-led consortium, which included Bangkok Bank and several Thai corporates, and the Lighthub Asset group, in partnership with WeLab, were not selected in this initial round. Officials present at the announcement included Bank of Thailand deputy governor Roong Mallikamas, along with representatives from the approved banking groups.
