SCB X and KTB gear up for virtual bank launch, awaiting official license decision

The Bank of Thailand (BOT) is expected to officially announce the list of virtual bank licensees by mid-2025. The first virtual bank services are expected to launch by mid-2026.

Two major business groups, SCB X and Krungthai Bank (KTB), are preparing to enter the virtual banking sector despite the ongoing challenges posed by the current economic environment. The Finance Ministry is set to announce the list of companies granted virtual bank licenses soon, and both banks are poised to become key players in this emerging market.

Arthid Nanthawithaya, CEO of SCB X Plc, acknowledged that while the bank has not yet received official confirmation about being awarded the license, it is fully prepared to proceed. 

He emphasized that SCB X has already made significant preparations, including setting up the necessary infrastructure, technology, and operational systems, in anticipation of receiving the license. 

However, he also pointed out that the economic conditions will need to be considered before proceeding further, as these conditions could impact the ability to fully accelerate business operations.Payong Srivanich, CEO of Krungthai Bank, also confirmed that his bank has been preparing continuously, including discussions with shareholders on operational and business strategies. While they are still waiting for the official announcement, he expressed confidence that the bank is ready to implement its plans as soon as the decision is made.



The Bank of Thailand (BOT) is expected to officially announce the list of virtual bank licensees by mid-2025. After the BOT's decision, the Finance Ministry will review the outcomes and take the necessary steps for approval. The first virtual bank services are expected to launch by mid-2026.

The BOT has set the goal of developing virtual banks to provide enhanced financial services for underserved and unserved customer segments who currently lack access to traditional banking services. The BOT aims to improve the quality and efficiency of services by offering financial products that are better suited to customer needs and risk profiles.News sources have revealed the names of the top contenders for the virtual bank licenses, with three major business groups from Thailand in the running:

1. SCB X: This group has partnered with two major players, WeBank, a leading digital bank in China, and KakaoBank, a giant in South Korea.

2. Krungthai Bank: In collaboration with key partners including AIS and the PTT Group through PTT Oil and Retail Business Public Company Limited (OR).

3. Ascend Money: The provider of the TrueMoney e-wallet service, part of the Charoen Pokphand Group (CP), partnering with Ant International, a fintech leader and a subsidiary of Alibaba from China.

These three groups are among the five companies that have officially applied for licenses with the BOT in the past period. The other two applicants are:

- C Group, formed through a collaboration of four partners, including Bangkok Bank (BBL), BTS Group Holdings, with its subsidiary VGI Global Media, Saha Group, and Thailand Post.

- Lightnet Group, led by Chatchaval Jiaravanon, in partnership with WeLab, a fintech leader in the Asia-Pacific region.

(2025/06/05-00:00)