The Bank of Thailand hopes virtual banks can serve underserved and unserved segments of the population, along with small businesses.
The Bank of Thailand has issued a consultation paper for the virtual bank licensing framework as part of its hearings into the creation of virtual banks as new financial service providers. Below are details about virtual banks listed in the paper and frequently asked questions.
BASIC INFO
What is a virtual bank and how is it different from traditional commercial banks that have mobile/internet banking services?
A virtual bank is a commercial bank without a physical branch, and mainly provides a full range of services via digital channels.
Licence applicants must possess expertise in technology,…
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