Thailand has approved three applicants to set up virtual banks

News: Thailand has approved three applicant institutions to establish virtual banks, aiming to promote financial innovation, expand access to underserved markets, and enhance competition in the Thai banking sector. According to the recommendation of the Bank of Thailand (BOT), the Ministry of Finance stated that the consortium led by Krung Thai Bank (ACM Holding Company Limited), as well as the consortium consisting of telecommunications giant Advanced Info Service and PTT Oil and Retail Business, and the consortium composed of SCB X, WeTechnology, and South Korea's KakaoBank, have received preliminary approval. Out of five applicant institutions that submitted applications, three were ultimately selected after a detailed assessment process, focusing on the qualifications of the applicant institutions, digital business models, and their ability to provide inclusive financial services. Regulators stated that this move aims to improve service channels for retail customers and small and medium-sized enterprises (SMEs), particularly those currently unbanked or underserved, through innovative digital channels. (CrowdfundInsider)