License to bill: Thailand gives green light to trio of virtual banks
Thailand’s financial future is getting a digital upgrade, with three new virtual banks set to get the green light by June 19, the Finance Ministry has confirmed.
In a bold move to modernise banking and boost financial inclusion, the Bank of Thailand has already shortlisted three candidates from a pool of five heavyweight consortiums. The final list of approved operators is now in the hands of the Finance Ministry, which is currently reviewing qualifications before making the big reveal, said Chayawadee Chai-anant, assistant governor at the central bank.
“This first round will see three virtual bank licences issued. It reflects both our supervisory capacity and our mission to protect consumers.”
Once approved, the chosen consortiums will have a year to gear up for launch, with actual services expected to roll out in 2026.
Big names are in the running. The Gulf Group has teamed up with Krungthai Bank, telecom giant AIS, and energy titan PTT. Another strong contender is the SCB X consortium, which features SCB X, South Korea’s KakaoBank, and China’s WeBank.
E-commerce powerhouse Shopee is also in the mix, via parent company Sea Ltd, backed by Bangkok Bank, VGI, Thailand Post and Saha Group. Not to be outdone, Charoen Pokphand Group is backing the Ascend Money consortium, operator of the TrueMoney app. Rounding out the race is Lighthub Asset, partnered with Hong Kong’s WeLab.
Industry insiders reckon the top three picks are the Gulf, SCB X, and Ascend Money consortiums, all of whom are said to have received the central bank’s blessing, pending official ministry approval.
Digital disruption is the name of the game, and each bidder is bringing serious firepower. SCB X boss Arthid Nanthawithaya said the group plans to hold an 80–90% stake in its virtual bank, leaning on international tech partners for their know-how in user experience and design, reported Bangkok Post.
Meanwhile, Tanyapong Thamavaranukupt, co-president of Ascend Money, said the firm is already helping underbanked customers through its TrueMoney lending platform.
“Around 60–70% of our users don’t qualify for traditional bank loans.”
With the race to revolutionise banking now well underway, Thailand is poised to leap into the fintech fast lane and the days of queuing in bank branches may soon be numbered.
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