A number of Thai and regional business groups, including C-Money Thailand, SCB X, CP Group, Gulf Energy and VGI, are preparing to apply for virtual banking licenses from the Bank of Thailand, the Bank of Thailand said. Bangkok Post.
C-Money Thailand, a digital financial services provider under Singapore’s C Group, is also among the companies vying for a license.
The company currently offers payment and lending services in Thailand through ShopeePay and SPayLater, and its parent company runs the digital bank MariBank in Singapore.
Previously, SCB X, CP Group and Gulf Energy had expressed interest. It has entered the digital banking race and its plans now appear solidified.
SCB X has partnered with South Korea’s KakaoBank and WeBank, while CP Group continues to work with Ant Group to leverage its TrueMoney platform.
Gulf Energy is also working on its application in partnership with Krungthai Bank (KTB), Advanced Information Services and PTT Oil and Retail Business.
KTB president Payong Slivanic indicated that their consortium plans to submit its application before the deadline.
VGI, a subsidiary of BTS Group, is also one of the candidates and is reportedly seeking a partnership with a major local financial institution.
Potential collaborators include the country’s largest financial institution, Bangkok Bank Ltd (BBL) and Jaymart.
BBL Governor Çartsili Soponpanic declined to comment specifically but suggested the bank was exploring virtual banking options as part of its digital shift.
The Bank of Thailand plans to initially issue three virtual bank licenses, despite the Ministry of Finance indicating it will not put a cap on the number.
To be eligible, applicants must have registered capital of at least 5 billion baht, which will later be increased to 10 billion baht.
The application deadline is September 19th.
