Chief Executive Officer of Kiatnakin Phatra Bank Public Company Limited (SET: KKP), has come out to deny the report of partnership between the bank and CP Group to participate in the Virtual Bank license.
Mr. Aphinant Klewpatinond, CEO of KKP, told ‘Kaohoon’ that the bank is not looking into an investment in Virtual Banking and there is no discussion to partner with CP Group nor any other entities on this matter.
After an unsuccessful discussion with financial institutions, CP Group is expected to independently run for the license through Ascend Money, a provider of True Money service with Ascend Group at the helm. Notably, MUFG Bank holds a 10% stake in the Ascend Group.
CP Group expects the Virtual Bank license to spur growth for True Money and widen its service space, especially depository service. Currently, the service requires cooperation with KKP.
The license will allow True Money to operate depository service by itself, which would lower financial cost and allow the company to run its own promotional campaign as well as expanding its service into high-risk loans.
