The Bank of Thailand (BOT) has published the list of applicants approved by Thailand’s Minister of Finance to establish virtual banks, after the Minister of Finance and the BOT completed their review of five applications submitted under the Ministry of Finance’s February 2024 virtual bank licensing notification. The approved groups are ACM Holding Company Limited; Krung Thai Bank, Advanced Info Service and PTT Oil and Retail Business; and SCB X, WeTechnology and KakaoBank Corp (each with other joint applicants). The review assessed applicants’ qualifications, business plans and capability to deliver new value propositions or improve efficiency through digital channels, with an emphasis on meeting the needs of unserved and underserved retail and small and medium-sized enterprise customers and supporting competition on quality and price without undermining financial stability. The BOT also noted controls to support transparency, equal treatment and conflict-of-interest prevention in the review process. Each approved group must establish a public limited company, meet conditions imposed by the Minister of Finance and pass a BOT readiness assessment before requesting a virtual bank licence. The virtual banks must begin operations within one year of the Minister of Finance’s approval dated 19 June 2025.
Bank of Thailand 2025-06-19
Bank of Thailand announces three successful applicants to establish virtual banks
The Bank of Thailand (BOT) approved three groups to establish virtual banks after a review by the Minister of Finance and BOT. The approved entities are ACM Holding Company Limited, a consortium led by Krung Thai Bank, and a group involving SCB X and KakaoBank Corp. The review assessed applicants' qualifications, business plans, and their ability to serve unserved and underserved customers while maintaining financial stability.