Ant Group is likely to seek a partner to apply for a virtual bank licence from the Bank of Thailand.
The company wants to stand behind a partner to support business operations in Thailand, said Sittipong Kittiprapapong, general manager for global merchant partnership at Thailand Ant Group.
Ant Group already partners with Kakao Pay Corp, the mobile payment business of KakaoBank, to offer payment services in the Thai market.
Recently KakaoBank, the largest digital bank in South Korea, collaborated with SCB X Plc, the financial technology conglomerate and holding company of Siam Commercial Bank, to set up a consortium to apply for a virtual bank licence from the Bank of Thailand.
SCB X plans to hold the majority of shares, with KakaoBank holding at least 20%.
There is a plan to attract additional partners to participate in the consortium. However, Mr Sittipong…
