Thailand Post is preparing to join the virtual banking license race following approval from its board of directors, Thailand Post reported. Bangkok Post.
The state-run logistics company plans to leverage its nationwide network to invest in the emerging sector and has two strategies in mind: joining a consortium to apply for a virtual banking licence from the Bank of Thailand or operating as a neutral banking agent for multiple virtual banks.
The Bank of Thailand plans to issue three virtual bank licenses in the first phase, with the application deadline set for September 19.
Thailand Post, which has 1,600 branches and 25,000 postal carriers, aims to support virtual banking in rural and underserved areas by facilitating transactions such as cash deposits, focusing on customers underserved by traditional banks, such as migrant workers and individuals without formal employment documents.
This approach will diversify Thailand Post’s services and expand access to financial services to a larger segment of the population.
Discussions with various consortia are already underway, but specific details have not been disclosed.
Thailand Post president and CEO Danand Subhadravandhoo said joining the consortium could strengthen the company’s business ecosystem by providing additional financial services and infrastructure support.
At this time, Five consortia have expressed interest In applying for a virtual bank license.
These include SeaMoney Thailand, backed by Singapore’s Sea Group, VGI, which is in discussions with Bangkok Bank, SCB X working with KakaoBank and WeBank, CP Group through TrueMoney, Krungthai Bank, Advanced Info Services and Gulf Energy Development in partnership with PTT Oil and Retail Business.
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