Thai Virtual Bank Licences Awarded to SCBX, Krungthai, and CP Group

Bank of Thailand aims to expand financial inclusion with three new digital banks

 

The Bank of Thailand (BOT) has announced the successful recipients of its highly anticipated virtual bank licences, with three prominent consortiums securing the coveted approvals.

 

SCBX, Krungthai Bank, and the CP Group have emerged victorious from a pool of five contenders, marking a major step towards expanding access to financial services across the country.

 

Dr Roong Mallikamas, Deputy Governor for Financial Institutions Stability at the BOT, confirmed the selections during a press conference on Thursday.

 

These three entities have received the Ministry of Finance’s endorsement to operate as virtual banks in Thailand.

 

In collaboration with the BOT, the Ministry of Finance had set the criteria and application process for virtual bank licences, which were outlined in a notification issued on 20 February 2024.

 

Interested parties were invited to submit their applications from 20 March to 19 September 2024, with a total of five submissions received.

 

After a comprehensive review of all applications, supporting documents, and other relevant information in accordance with the established criteria, the Minister of Finance authorised the BOT to announce the successful applicants.

  

The approved consortiums are:

SCBX, in partnership with two leading international digital banking players: WeBank, a prominent digital bank from China, and KakaoBank, a major South Korean bank.

Krungthai Bank, collaborating with its partners AIS and PTT Group, through PTT Oil and Retail Business Public Company Limited (OR).

ACM Holding Group, a subsidiary of the Charoen Pokphand (CP) Group and part of Ascend Money, the operator of the TrueMoney e-wallet service.

 

These successful applicants were selected from the five groups that formally submitted their bids to the BOT.

 

The review process, conducted with strict adherence to the prescribed criteria, meticulously assessed each applicant’s qualifications, business plans, and ability to deliver financial services with innovative value propositions.

 

The aim is to enhance the efficiency of existing services and cater to the diverse needs of customer segments, particularly the underserved retail and SME customers, by offering an improved customer experience.

 

Additionally, the initiative aims to foster financial innovations and promote healthy competition within the sector, ultimately benefiting customers and the broader Thai economy, all while ensuring financial stability.
  

The BOT also took into account the optimal number of new banks needed to stimulate effective competition, ensuring that depositors, customers, and the economy would benefit from improved quality and pricing of financial services.

 

Throughout the process, transparency and fairness were prioritised, with all relevant information carefully verified and protocols strictly followed to prevent any conflicts of interest.

 

Following approval from the Minister of Finance, the successful applicants must now establish a public limited company, meet specific conditions set by the Minister, and undergo a readiness assessment by the BOT.

 

They must then formally request their virtual bank licences and are required to begin operations within one year from the Minister of Finance’s approval, dated 19 June 2025.

(2025/06/19-00:00)