SCB X, the financial technology conglomerate and holding company of Siam Commercial Bank (SCB), believes its planned virtual bank will comply with the central bank’s requirements amid competition for the new banking licence.
Arthid Nanthawithaya, chief executive of SCB X, said a consortium under SCB X and KakaoBank, the largest digital bank in South Korea, is seeking partners to apply for a virtual bank licence from the Bank of Thailand. The partners could be either of the equity or business partnership variety to build stronger operations, he said.
The consortium can apply for a new licence under the central bank’s initial requirements, covering registered capital and a sustainable objective for the new operation.
“We are mainly focused on financial inclusion, allowing the…
