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Bank of Thailand sets rules for Application and Issuance of a Virtual Bank License
Interested applicants can submit their application for a virtual bank license to the BOT from 20 March 2024 to 19 September 2024. Detailed information on the application process and requirements can be found on the BOT website
The Bank of Thailand will be accepting applications for virtual bank licenses from March 20, 2024, to September 19, 2024, aiming to introduce new value propositions and better serve unserved and underserved customer segments.
- Prospective virtual banks will be assessed based on their qualifications, capabilities, and potential to operate sustainably while offering new value propositions, digital-driven services, and managing risks effectively.
- Successful applicants are expected to be announced in the first half of 2025 and will need to prepare for virtual bank operations within one year from the date of approval, focusing on IT systems and risk management tools.
Mr. Somchai Lertlarpwasin, Assistant Governor of the Financial Institutions Policy Group, announced that the Royal Gazette published the Notification of the Ministry of Finance on 4 March 2024. This notification outlines the rules, procedures, and conditions for applying for and obtaining a virtual bank license in Thailand. The objective is to allow technology and data experts to offer financial services through digital channels, catering especially to underserved retail and SMEs customers.
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