A consortium led by financial technology conglomerate SCB X is partnering with South Korea’s KakaoBank to apply for a virtual banking licence from the Bank of Thailand. SCB X, a holding company of Siam Commercial Bank, signed the agreement with KakaoBank, with the aim of bringing additional partners on board to improve competitiveness.
Arthid Nanthawithaya, chief executive of SCB X, said the partnership seeks to address income inequality in Thailand by providing access to financial services for those who remain underserved. “Thai virtual banks will play a pivotal role in allowing the underserved population to access financial products and services conveniently and safely,” Nanthawithaya added.
KakaoBank’s experience and expertise in managing virtual bank businesses are expected to enhance SCB X’s competitiveness in the sector. Virtual banks…
