Thailand has approved three application institutions to establish virtual banks

According to CrowdfundInsider, Thailand has approved three applicants to establish virtual banks, with the aim of promoting financial innovation, expanding access to underserved markets, and enhancing competition in the Thai banking industry. According to the recommendation of the Bank of Thailand (BOT), the Ministry of Finance stated that the consortium ACM Holding Company Limited led by Krung Thai Bank, as well as the consortium consisting of telecommunications giants Advanced Info Service and PTT Oil and Retail Business, and the consortium consisting of SCB X, WeTechnology, and South Korean KakaoBank, have received preliminary approval. Five application institutions submitted their applications this time, and after a detailed evaluation process, three institutions were ultimately selected. The evaluation focuses on the qualifications of the application institutions, their digital business models, and their ability to provide inclusive financial services. The regulatory agency stated that this move aims to improve the service channels for retail customers and small and medium-sized enterprises (SMEs) through innovative digital channels, especially for those who currently do not have bank accounts or have insufficient services.