Thailand will have virtual banks

The Bank of Thailand revealed that it plans to allow virtual bank operations by 2025, supported by companies that make a living in the world of finance.

The publication of the “Consultation document on the framework for granting licenses to virtual banks” talks about the start of applications to be part of this category, which will begin at the end of 2023.

This action will allow virtual banks to act as financial service providers, focusing on increasing competition and driving economic growth in Thailand.

The Bank of Thailand will issue three different licenses to interested companies before 2024. There are at least 10 interested in granting permits, according to the report. Regulation and supervision of virtual banks will be the same as traditional commercial banks under licensing. In addition, qualified applicants will have to meet certain requirements.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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