The central bank wants virtual banks to concentrate on providing financial services and products to unserved and underserved customers. (File photo)
The Bank of Thailand expects the formation of virtual banks to provide reduced interest rates and fees as the operating costs for purely digital banking services are lower without physical branches and fewer staff.
The approval of virtual bank licences should introduce more players to the market, fostering competition within the industry.
As a consequence, this competition is likely to result in reasonable pricing from virtual banks in terms of interest rates and fees,…
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