The Bank of Thailand (BOT) has announced the selection of three consortiums to receive virtual bank licenses, following a detailed review process. The approved groups are SCBX, Krungthai Bank, and ACM Holding Group, a subsidiary of the Charoen Pokphand (CP) Group. These entities were chosen from five applicants that submitted proposals between March 20 and September 19, 2024.
SCBX will partner with China’s WeBank and South Korea’s KakaoBank. Krungthai Bank will collaborate with AIS and PTT Oil and Retail Business Public Company Limited. ACM Holding Group will work through Ascend Money, which operates the TrueMoney e-wallet.
The Ministry of Finance authorized the BOT to oversee the licensing process, which was conducted under the criteria outlined in the February 20, 2024, official notification. The selection emphasized applicants’ financial capabilities, technological readiness, and ability to serve diverse customer needs, particularly retail and small business clients who are often underserved.
The goal is to improve service efficiency, encourage financial innovation, and enhance competition in Thailand’s banking sector, while maintaining financial stability. The BOT also considered how many new virtual banks were needed to ensure market competition without harming consumer trust or stability.
The three selected groups must now register as public limited companies, fulfill specific conditions set by the Ministry of Finance, and complete a readiness assessment by the BOT. They are required to officially apply for their licenses and begin operations within one year of the Ministry’s approval date, June 19, 2025.
