Thailand Greenlights Three Digital Banks in FinTech Shake-Up

Bank of Thailand names Krungthai, SCBX, and Ascend Money-led consortia to pioneer virtual banking services, aiming for a 2026 launch

 

Thailand's financial landscape is poised for a digital shake-up as the Bank of Thailand (BOT) has given the nod to three major consortia to establish virtual banks.

 

The chosen entities are partnerships led by Krungthai Bank, SCB X, and Ascend Money (the financial arm of the CP Group), signalling a significant step towards branchless banking in the Kingdom.

 

The Bank of Thailand finalised its selection after a rigorous application process that saw five contenders vying for the coveted licences between March and September of last year.

 

The unsuccessful applicants included Singaporean tech giant Sea Group (owner of Shopee), in collaboration with BTS Group and others, and Lightnet Group, partnering with Hong Kong-based virtual bank WeLab.

 

The three successful bidders are:


Krungthai Bank, teaming up with energy firm Gulf, telecommunications provider AIS, and PTT Oil and Retail (OR).
SCB X, the parent company of Siam Commercial Bank, partnering with South Korea's KakaoBank and China's WeBank.
Ascend Money, the operator of the popular “TrueMoney” app, backed by Ant International.
 
 

Sources at the Ministry of Finance confirmed that the BOT had concluded its assessment of the applicants' qualifications and capabilities following extensive interviews. 

 

The names of the three successful consortia have now been submitted to the Finance Minister for final approval, expected by mid-2025. These entities will then have a year to prepare their operations for a potential launch of virtual banking services in 2026.

 

Tanyapong Thamavaranukupt, co-president of Ascend Money, told local media that they were fully prepared across personnel, technology, and infrastructure to launch their virtual bank.

 

He highlighted their focus on designing a secure and comprehensive platform to serve the underserved population and small businesses seeking financial growth opportunities.

 

"We aim to be a key driver of financial inclusion through a transparent and user-friendly approach," Tanyapong stated, emphasising their existing experience with the TrueMoney app, which boasts 32 million users and is Thailand's most downloaded application.

 

Ascend Money stressed its commitment to economic equality by improving access to financial services and credit, particularly for those traditionally overlooked by mainstream lenders.
  

They leverage advanced risk analysis models to provide digital loans to freelancers, small traders, and farmers, with over half of their credit applicants being first-time borrowers from formal financial institutions.

 

The company believes that a virtual banking licence will significantly amplify their impact by fostering innovation, expanding service reach, and promoting greater financial inclusion.

 

While the official announcement of the licence recipients from the BOT is still pending, Ascend Money anticipates a potential service launch by mid-2026, in line with the regulator's indicative timeline.

 

Tanyapong added that Ascend Money's ambition is to become a leading digital bank that champions equality, accessibility, and improves the lives of Thai people through tailored financial services.

 

He believes that technology should bridge gaps and reduce inequality, contributing to overall economic and social progress.

 

Ascend Money, under the CP Group umbrella, also benefits from an extensive nationwide retail network through 7-Eleven (over 15,000 branches), Lotus's (around 2,450), and Makro, as well as a substantial user base from True mobile (33.8 million subscribers), dtac (21.2 million subscribers), TrueOnline broadband (5 million users), and TrueVisions (3.2 million users).

 



 

Meanwhile, the Krungthai-AIS-Gulf-OR consortium presents a formidable alliance, combining Krungthai Bank's position as a major national bank with the extensive customer bases and digital capabilities of AIS (around 50 million subscribers) and OR's vast retail network (including Cafe Amazon and 8 million Blueplus members), alongside Gulf's financial strength and data centre business.

 

The SCBX-KakaoBank-WeBank partnership also offers significant strengths. SCBX, the parent of Siam Commercial Bank, brings a long-established financial institution with a strong customer base and digital transformation efforts.

 

KakaoBank, South Korea's largest digital bank, offers proven virtual banking expertise and technology, while WeBank, China's leading digital bank with over 360 million users, brings experience in serving the unserved and underserved through innovative technology. This powerful combination positions them as strong contenders in Thailand's emerging virtual banking market.

(2025/04/16-00:00)