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The Finance Ministry is scheduled to announce the list of approved virtual banks by June 19, with the Bank of Thailand confirming it will grant three banking licences in the initial stage. According to Chayawadee Chai-anant, the central bank's assistant governor for corporate relationships, it already submitted the approved virtual bank applicants to the ministry. The ministry will now review the qualifications of the banks, and then announce the winners on June 19, she said.
For the initial phase, the regulator is granting three virtual bank licences to the five consortiums that applied. The central bank considers three licences an appropriate number, aligning with its supervisory capacity and commitment to consumer protection. After the winning banks are announced, they are required to spend one year preparing for business operations as part of a phased process.
Following this preparation period, the launch of the new banking services is scheduled for 2026, according to Ms Chayawadee. The five groups that submitted applications for virtual bank licences include the Gulf Group, collaborating with Krungthai Bank (KTB), Advanced Info Service, and PTT Group; and the SCB X consortium, comprising SCB X (the holding company of Siam Commercial Bank), KakaoBank (South Korea's largest digital bank), and WeBank (a global digital bank known for its advanced technology). The other three are the Shopee consortium, led by Sea Ltd (Shopee's parent company), along with Bangkok Bank, VGI (an advertising and financial services arm of BTS Group), Thailand Post, and Saha Group; the Ascend Money consortium, a financial technology firm backed by the Charoen Pokphand Group; and the Lighthub Asset consortium, in collaboration with WeLab.
Financial inclusion is the central bank's key criterion for virtual bank licensing, aiming to allow underbanked and underserved segments better access to appropriate financial services. Industry rumours suggest the Gulf, SCB X and Ascend Money consortiums were approved by the central bank, with their names submitted to the ministry for final consideration. Arthid Nanthawithaya, chief executive of SCB X, said recently the firm plans to hold a majority stake of 80-90% in the proposed virtual bank, while its two international partners will contribute expertise in digital banking, user experience, and user interface design.
Meanwhile, Tanyapong Thamavranukupt, co-president of Ascend Money Co Ltd (the operator of the TrueMoney app), previously said TrueMoney provides digital lending products such as Pay Next and Pay Next Extra with a digital personal loan licence from the central bank, targeting underbanked customers. He said 60-70% of TrueMoney's clients have limited access to traditional bank loans..
