The Bank of Thailand (BOT) will look to issue rules on the operation of virtual banks in the third quarter of this year.
The Thai central bank on Monday stated that it will extend the registration period for establishing the virtual bank to the fourth quarter of 2023 as the central bank needs to put more detail and information on the matter. In this regard, the BOT is expected to set rules on virtual banks in 3Q23.
The available license for establishing a virtual bank remains the same at three licenses.
Krung Thai Bank Public Company Limited (SET: KTB) and Advanced Info Service Public Company Limited (SET: ADVANC) are known to have jointly signed an MOU to invest in virtual banks.
JMART Group Holdings Public Company Limited (SET: JMART) also showed interest in virtual banks, having J Ventures Company Limited and Korean KB Financial Group as main developers.
SCB X Public Company Limited (SET: SCB) and Gulf Energy Development Public Company Limited (SET: GULF) are seen as potential participants from their joint venture in fintech business.
