The Bank of Thailand has disclosed plans to allow virtual banks to operate in the country. It is expected that the first virtual banks will be permitted to provide services in 2025. As noted in the “Consultation Paper on Virtual Bank Licensing Framework” published by the central bank, applications for a license allowing virtual banks to act as financial services providers will be available later this year. The Bank of Thailand will issue three different licenses for interested companies by 2024. Under the licensing framework, virtual banks will be subject to the same regulations and supervision as those applicable to traditional commercial banks. Moreover, qualified applicants will need to meet certain requirements. The initiative of allowing virtual banking in the country aims to increase competition among financial service providers and boost Thailand’s economic growth.
Sources: https://cutt.ly/x29IsON
