Sea Group, a leading global consumer internet company founded in Singapore, has successfully submitted an application for a license to operate a virtual bank in Thailand under a consortium with Bangkok Bank, BTS Group (via VGI), Sahapat Group and Thailand Post, according to a source close to the matter.
It was reported earlier that Sea Group intends to bid for the permit through Seamoney Thailand, which currently offers digital financial services, payments, and lending through ShopeePay and SPayLater in the local market.
Notably, Sea Group has a strong track record in operating virtual banks in several countries, including Singapore, Malaysia, and Indonesia.
Sea Group has chosen its partners carefully as all four companies have their own strength in each field. Bangkok Bank is one of the top four banks in Thailand, while BTS Group is top public transporter with millions of customers in urban areas. Thailand Post is a top operator in domestic courier and Sahapat excels in accessing the SME market.
In the meantime, Lighthub Asset, a Thai fintech powerhouse, and WeLab, a leading pan-Asian fintech platform, today announced that they have submitted an application for a Virtual Banking licence with the Bank of Thailand (BOT). It is expected that the application result will be announced within the first half of 2025.
The consortium aims to empower Thailand’s financial future by revolutionizing banking services, delivering an AI-powered intelligent experience. Their combined expertise, proven track record, and ready-to-launch services are set to bring fresh solutions to the Thai banking sector.
TRUE, under CP Group, is another bidder that is expected to participate in the race for a Virtual Bank license in Thailand to the Bank of Thailand (BOT) via Ascend Money, a provider of True Money service with Ascend Group at the helm.
Last week, it was reported that the ADVANC (AIS), KTB and OR consortium submitted an application to acquire a virtual banking license. 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.
