The AIS, KTB and OR consortium has submitted an application to acquire a Virtual Banking License on Wednesday, September 11, 2024, sources in the commercial banking business told ‘Kaohoon’.
The reference is made in accordance to the application submission set by the Bank of Thailand for a Virtual Bank license from Mar. 20 to Sept. 19, where the applicant must go over a process of requesting permission by registering for Digital Signature with TDID and BOT SecureNET with the central bank to issue the application with the necessary document via Microsoft Teams.
Sources told ‘Kaohoon’ that a consortium consisting of Advanced Info Service (SET: ADVANC), Krungthai Bank (SET: KTB), and PTT Oil and Retail Business (SET: OR) have submitted an application for a Virtual Bank license as of today (Sept. 11, 2024) without Gulf Energy Development (SET: GULF).
GULF previously considered investing in the venture, but decided to drop out as the company is now holding more than 40% of shares in ADVANC and adding the company to the mix would be repetitive.
The Bank of Thailand will take approximately six months to evaluate applications after all documents have been submitted. The assessment of applicant qualifications is expected to take an additional nine months. The announcement of the first three licensed applicants is projected by mid-2025. However, if necessary, or in the case of numerous applications, the evaluation timeline may be extended by up to 3 months.
Following the selection process, preparations will commence to ensure operational readiness, staff training, and regulatory compliance checks. Virtual Bank operations are set to start after obtaining approval from the Ministry of Finance, with an estimated timeframe of 1 year. The earliest potential launch date for the first Virtual Bank service is projected for June 2026.
