Thai banks join forces with billionaires, fintechs for virtual bank bid

Shopee's parent company, and banks SCB X and Bangkok Bank are amongst the aspirants.

Thailand’s largest commercial banks are teaming up with the nation’s top billionaires and Asia’s top fintechs in a bid to clinch one of the virtual bank licenses up for grabs.

Singapore-based e-commerce giant Sea Limited– which operates the Shopee platform– announced that it has formed a strategic alliance with Bangkok Bank, BTS Group, Saha Group and Thailand Post to apply for a virtual bank permit.

Sea Limited has experience in running a virtual bank, having launched a digital bank in Singapore in 2023.

Separately, SCB X– the parent firm of Siam Commercial Bank– Gulf Energy Development Pcl, Krung Thai Bank Pcl and Charoen Pokphand Group are reportedly amongst the bidders for an unspecified number of permits.

Applications for the virtual bank license closed on 19 September 2024. The Bank of Thailand is expected to announce the winning bidders in the first half of 2025.

Permits will be jointly issued by the Bank of Thailand and the Ministry of Finance.

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