Thailand will allow the first batch of virtual banks to operate in 2025

ChainCatcher news, according to Bloomberg, Thailand will allow the country's first virtual banks to operate in 2025 and plans to open application channels later this quarter. The Bank of Thailand plans to allow virtual banks to act as financial service providers and will issue three different licenses to interested companies in 2024.

It is reported that the regulation of virtual banks in Thailand will be the same as that of traditional commercial banks under the licensing framework, and they can also provide full-service banking, but will not be allowed to open physical branches or operate their own ATMs. Eligible applicants must meet certain requirements, including a minimum registered capital of 5 billion baht (approximately 150 million USD), which must expand to 10 billion baht (approximately 300 million USD) when fully operational. (Bloomberg)