virtual banking
- Business News
Thailand Post considers becoming virtual banking agent
Thailand Post, the government-owned logistics firm, is examining the possibility of becoming a neutral virtual banking agent to supplement the functions of emerging virtual banks, according to Chief Executive Dhanant Subhadrabandhu. The national organisation plans to use its extensive network of 1,600 branches and a delivery workforce of 25,000 to support this initiative. Serving as a neutral virtual bank agent…
- Business News
Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
- Business News
Thai Finance Ministry sets eligibility for virtual bank licences
The Thai Finance Ministry unveiled the eligibility criteria for obtaining a virtual bank licence, which includes a minimum registered capital requirement of 5 billion baht (US$139 million). The specifications were published in the Royal Gazette on March 4, as revealed by Paopoom Rojanasakul, secretary to the finance minister. Virtual banks will be mandated to establish their headquarters in Thailand and…
- Business News
Bank of Thailand to accept virtual banking licences applications
This month, the Bank of Thailand is set to welcome applications for virtual banking licences, a move that has piqued the interest of numerous business operators. The finance ministry is currently in possession of a draft outlining the regulations for virtual banking, which is due to be made public in the Royal Gazette. Suwannee Jatsadasak, a 42 year old assistant…
- Thailand News
KTC reports robust growth, launches Thailand’s first digital credit card
KTC, the leading credit card service provider in Thailand, reported a robust growth in its operations for the year 2023. The company revealed a surge in card spending exceeding its initial target by over 10%. Continuing its growth trajectory into 2024, KTC maintains its previous growth target of 15%. Currently, KTC holds a 12% market share in the total card…
- Thailand News
Thai Bankers’ Association assures bank app security after facial recognition scam
The Thai Bankers’ Association affirmed the security and stability of bank apps, following news of the arrest of a programmer selling software that bypasses facial scanning for transfers exceeding 50,000 baht. The fraudsters exploited loopholes in the system to facilitate transfers without the need for facial recognition for transactions over 50,000 baht. The Thai Bankers’ Association’s Technology Information Security Coordination…
- Business News
Virtual banking: SCB X and KakaoBank join forces for Thai licence bid
A consortium led by financial technology conglomerate SCB X is partnering with South Korea’s KakaoBank to apply for a virtual banking licence from the Bank of Thailand. SCB X, a holding company of Siam Commercial Bank, signed the agreement with KakaoBank, with the aim of bringing additional partners on board to improve competitiveness. Arthid Nanthawithaya, chief executive of SCB X,…
