Thailand Approves 3 Virtual Banks to Boost Financial Inclusion and Innovation

The Minister of Finance and the Bank of Thailand have reviewed applications and announced the approval of three entities to establish virtual banks, out of a total of five applicants.

Virtual Bank

The groups approved to establish virtual banks are:

• ACM Holding Co., Ltd.
• Krungthai Bank Public Company Limited, Advanced Info Service Public Company Limited, and PTT Oil and Retail Business Public Company Limited
• SCB X Public Company Limited, WeTechnology Limited, and KakaoBank Corp.

Roong Mallikamas, Deputy Governor for Financial Institution Stability, stated that the goal of establishing virtual banks is to enhance financial accessibility for the unserved and underserved populations, especially individuals and SMEs.

Another key reason for promoting virtual banks in Thailand is to increase competition, encouraging traditional banks to develop innovative products that better serve the unserved and underserved, thereby reshaping the country's financial landscape.