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Thai Central Bank Anticipates Virtual Banks To Start Operating By 2025

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1 year ago

January 12, 2023

Thai Central Bank Anticipates Virtual Banks To Start Operating By 2025

(CTN NEWS) – BANGKOK – According to a statement released by the Thai central bank on Thursday, it is the bank’s expectation that virtual banks will commence operations in the second quarter of 2025.

Wipawin Promboon, a senior director at the BOT, stated during a news conference that the institution is planning to announce that it intends to propose issuing licenses to three operators for virtual banks.

Thai central bank expects virtual banks to start operations in 2025 https://t.co/KzrAfzwhUi pic.twitter.com/5RZfPqTx0m

— CNA (@ChannelNewsAsia) January 12, 2023

However, the BOT may open this up for other applicants. Wipawin did not identify any banks.

According to Wipawin, virtual banks must have registered capital of at least 5 billion baht ($150.15 million), and international operators must have a Thai partner to conduct business in Thailand.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.