The Bank of Thailand says it plans to issue guidelines for digital banks by June.
By Bloomberg
Published On 2 Feb 2022
Thailand is preparing rules for the setting up of virtual banks, set to join peers including Singapore and Malaysia in promoting financial technology to spur competition and wider access to banking services.
The Bank of Thailand plans to issue the guidelines for digital banks by June and may allow existing lender and new applicants to seek licenses, Assistant Governor Roong Mallikamas said at a virtual briefing Tuesday. The central bank also plans to scrap a limit on investment by commercial banks in financial technology, except digital assets, she said.
Thailand is the latest country in Asia to embrace the concept of virtual lenders as companies like Ant Financial Services Group and Grab Holdings Inc. scour the region for investment…
