Kasikornbank (KBank) plans to turn its Make by KBank mobile banking app into a purely digital bank and apply for a virtual banking licence from the Bank of Thailand (BoT).
Kattiya Indaravijaya, KBank chief executive, said KBank was interested in applying for such a licence for the Make app if the central bank makes it available.
KBank is awaiting clarity on the virtual banking licence after the central bank said it would be issued for new players, including virtual banks, to enter the local banking business.
In February, the central bank issued a public consultation on the topic of “Repositioning Thailand’s Financial Sector for a Sustainable Digital Economy” to lay out its underlying principles and policy directions for a new financial landscape.
In the consultation paper, the central bank provides greater flexibility for traditional banking business operations…
