According to the report from Bloomberg, the Bank of Thailand will allow virtual banks to provide services in the country by 2025. The application will be opened later this year and the central bank plans to grant three different licenses to applicants by 2024. There are already 10 parties expressing interest in applying for the licenses. Virtual banks operating in the country will be subject to the same regulatory standards as those for traditional financial institutions and they will also be under close supervision by the authority in their first years of operation.