About 10 groups interested in seeking licences, says central bank
Virtual banks are expected to compete with online platforms such as Grab, which is already offering some financial services to its customers and drivers.
The country’s first virtual banks are expected to begin offering services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and individuals.
The Bank of Thailand plans to issue three such licences in 2024 before the operations begin a year later, said assistant governor Tharith Panpiemras. About 10 parties have expressed an interest to apply for the permits, he said. Applications will open later this quarter.
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