Thailand has approved three applicants to set up virtual banks

PANews reported on June 22 that according to CrowdfundInsider, Thailand has approved three applicants to set up virtual banks, a move aimed at promoting financial innovation, expanding access to underserved markets, and enhancing competition in Thailand's banking industry. Based on the recommendation of the Bank of Thailand (BOT), the Ministry of Finance said that the consortium led by Krung Thai Bank, ACM Holding Company Limited, and a consortium consisting of telecom giants Advanced Info Service and PTT Oil and Retail Business, as well as a consortium consisting of SCB X, WeTechnology and South Korea's KakaoBank, have received preliminary approval.

The bank said it will continue to provide financial services to retail customers and small and medium-sized enterprises (SMEs), especially those who are currently unbanked or underserved, through innovative digital channels.