The Bank of Thailand has announced the names of three groups that have qualified for a Virtual Bank license. The selected groups include (1) KTB, AIS, GULF, OR, (2) SCBX, Kakao Bank, WeBank, and (3) AsendMoney, CP Group. Out of the five groups that applied, two failed to meet the qualifications: (1) SeaGroup, VGI, BBL, ThaiPost and (2) LightnetGroup, WeLab.
Following this announcement, the next step involves approval from the Minister of Finance. Once approved, the qualified groups are required to establish their Virtual Banks by mid-2025 and commence operations within one year after receiving approval.
