The Bank of Thailand (BOT) has granted approval to three consortia, led by Krungthai Bank, SCBX, and Ascend Money, to establish virtual banks. These digital-only banks are slated to launch in 2026, marking a significant step towards branchless banking and enhanced financial inclusion across Thailand.
The selected entities, now awaiting final approval from the Finance Minister expected by mid-2025, emerged from a rigorous application process that saw five contenders vying for the coveted licenses. The unsuccessful applicants included Singaporean tech giant Sea Group (owner of Shopee), in collaboration with BTS Group and others, and Lightnet Group, partnering with Hong Kong-based virtual bank WeLab.
These virtual banks will operate without physical branches, aiming to serve individuals and small businesses with limited access to traditional banking services. Services will include loans and savings accounts accessible via apps and websites. Krungthai Bank is teaming up with energy firm Gulf, telecommunications provider AIS, and PTT Oil and Retail (OR). SCB X, the parent company of Siam Commercial Bank, is partnering with South Korea's KakaoBank and China's WeBank. Ascend Money, the operator of the popular “TrueMoney” app, is backed by Ant International.