Thailand’s Ministry of Finance, with the advice of the Bank of Thailand (BOT), has announced the approval of three applicants to establish virtual banks in Thailand.

BOT said in a statement on Thursday that the three applicants that have received approval to proceed with the establishment of virtual banks are ACM Holding Company Limited; a consortium comprising Krung Thai Bank Public Company Limited, Advanced Info Service Public Company Limited, and PTT Oil and Retail Business Public Company Limited; and another consortium comprising SCB X Public Company Limited, WeTechnology Limited, and KakaoBank Corp.

This was following the Ministry of Finance’s issuance of a notification — on February 20, 2024 — outlining the rules, procedures, and conditions for applying for a virtual bank license.

The BOT accepted applications between March 20 and September 19, 2024. A total of five applications were submitted.

The Minister of Finance, in collaboration with the BOT, has now completed its review of all applications, supporting documents, and related information in accordance with the criteria set forth in the notification.

The review of the applications, which is in accordance with the criteria specified in the notification, included due consideration of the qualifications, business plans and capabilities of each applicant to provide financial services with new value propositions or those that would improve the efficiency of existing financial services through digital channels.

This aims to ensure that virtual banks would serve diverse needs of each customer segment, particularly the unserved and underserved segments of retail and small and medium-sized enterprises (SMEs) customers, and provide better customer experience, as well as introduce financial innovations and improved financial services that help promote healthy competition in the system both in terms of quality and price.

Moreover, due consideration has been given to the appropriate number of new banks that would stimulate optimal competition in the financial institutions system for the benefits of depositors, customers, and the overall Thai economy and financial system, without affecting stability of the financial system.

During the review process, the BOT placed great importance on the transparency and equal treatment of applicants.

The BOT also comprehensively reviewed and verified all relevant information, ensuring adherence to a consistent standard.

In addition, a protocol was in place to prevent potential conflicts of interests of those involved in the review process.

The qualified applicants as approved by the Minister of Finance shall establish a public limited company, comply with the conditions imposed by the Minister of Finance and pass the readiness assessment by the BOT before submitting the request for a virtual bank license.

The virtual banks shall begin business operations within 1 year from the date of the Minister of Finance’s approval (dated June 19, 2025).

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