Thailand has approved three applicants to set up virtual banks

Odaily News Thailand has approved three applicants to set up virtual banks, a move aimed at promoting financial innovation, expanding access to underserved markets and enhancing competition in the country's banking sector. Based on the Bank of Thailand's (BOT) recommendation, the Ministry of Finance said that the consortium led by Krung Thai Bank, ACM Holding Company Limited, and a consortium consisting of telecom giants Advanced Info Service and PTT Oil and Retail Business, as well as a consortium consisting of SCB X, WeTechnology and South Korea's KakaoBank, have received preliminary approval.
A total of five applicants submitted applications. After a detailed evaluation process, three institutions were finally selected. The evaluation focused on the qualifications of the applicants, their digital business models, and their ability to provide inclusive financial services. The regulator said the move aims to improve service channels for retail customers and small and medium-sized enterprises (SMEs), especially those who are currently unbanked or underserved, through innovative digital channels. (CrowdfundInsider)