Thailand has approved three applicants to set up virtual banks

Odaily Planet Daily News 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 advice 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 been given preliminary approval. A total of five applicants submitted applications this time, and after a detailed evaluation process, three institutions were finally selected, with the evaluation focusing on the qualifications of the applicants, digital business models, and the ability to provide inclusive financial services. The regulator said the move aims to improve service channels for retail customers and small and medium-sized enterprises (SMEs), especially those who currently do not have bank accounts or are underserved, through innovative digital channels. (CrowdfundInsider)