Thailand received 5 applications for virtual bank licenses

It expects to announce the list of successful applicants by mid-2025.

The Bank of Thailand (BOT) received a total of 5 applications for a virtual bank license.

The application period ended on 19 September 2024.

BOT expects to announce the list of successful applicants by mid-2025.

Amongst applicants include Singapore-based e-commerce platform Sea Limited, which teamed up with local lender Bangkok Bank. Another applicant is SCB X, the parent firm of Siam Commercial Bank, as well as Krungthai Bank. 
https://asianbankingandfinance.net/retail-banking/news/thai-banks-join-forces-billionaires-fintechs-virtual-bank-bid

The BOT said that it will evaluate the applicants’ qualifications, potential, and capabilities in accordance with the Ministry of Finance’s set rules, procedures, and conditions for the application for and the issuance of a virtual bank license, published in the Royal Gazette on 4 March 2024.

A list of qualified applicants will then be submitted to the Minister of Finance for approval.

Successful applicants must commence virtual bank operations within 1 year from the date of approval.