Thailand publishes rules for virtual bank license applications

Applications begin on 20 March until 19 September 2024.

Thailand has published rules, procedures, and conditions for the application of a virtual bank license on 4 March 2024.

In a press release, the Bank of Thailand (BOT) said that it will consider the applicants’ experience, resources, and capability to operate a virtual bank, and whether they bring new value propositions to serve different customer segments.

Thailand’s central bank also highlighted the need for applicants to have a level of tech and IT expertise. In particular, applicants must demonstrate capability to use and manage IT systems; and must have experience to acquire, manage, and utilise “diverse types of data '' as well as be able to develop data portability mechanisms, according to the BOT.

The BOT has not disclosed how many new virtual bank licenses it will hand out, only stating that it will ensure that there will be “an appropriate number” of new virtual banks to stimulate healthy competition in its financial institution system.

ALSO READ: Thai banks brace for a rise in loan defaults in 2024: analyst

Interested applicants can submit their application for a virtual bank license to the BOT from 20 March 2024 to 19 September 2024. More details on the application process and requirements can be found on the BOT website.

The central bank will hold information sessions for prospective applicants on 19 March, with registration open until 13 March.

“These applicants must then undertake preparations across various aspects, including IT systems and risk management tools, to commence virtual bank operations within 1 year from the date of approval,” BOT said in a statement published on its website.

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