Sea Forms Consortium to Pursue Virtual Bank License in Thailand

Sea has partnered with BTS Group, Bangkok Bank, Saha Group, and Thailand Post to apply for a virtual bank license in Thailand, focusing on innovative financial services for underserved communities.

Key Points

• Sea, an e-commerce and gaming company, has partnered with four Thai companies—BTS Group Holdings, Bangkok Bank, Saha Group, and Thailand Post—to apply for a virtual bank licence in Thailand.
• The partnership aims to leverage each company’s strengths to provide innovative financial services, focusing on improving access for underserved segments across urban and rural communities.
• Other Thai firms, including SCBX with KakaoBank and Gulf Energy with Krung Thai Bank, are also seeking virtual banking licences to expand digital financial services.

E-commerce and gaming giant Sea has forged a strategic alliance with four prominent Thai companies, including the conglomerate BTS Group Holdings, to pursue a virtual banking license in Thailand. This collaboration also incorporates Bangkok Bank, the product manufacturer Saha Group, and Thailand Post, as announced on September 19. The application opportunity for virtual banks was launched in Thailand in March, indicating a burgeoning interest in digital financial services within the region.

Sea emphasizes that the consortium aims to leverage the unique strengths of each partner to deliver innovative digital financial solutions aimed at enhancing accessibility for financial services, particularly for underserved communities. The partnership seeks to offer a diverse range of virtual banking products tailored to meet the needs of various demographics, including individuals, small businesses, and rural populations. The company asserts that the comprehensive capabilities of this alliance will enable them to create appealing financial services that can resonate with a broad user base.

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To realize this objective, each member of the consortium intends to invest in the proposed virtual bank through their respective subsidiary companies. Sea underscores its commitment to responsible lending practices, ensuring that the growth of the virtual bank aligns sustainably with the broader Thai economy.

In addition to Sea’s collaboration, other notable companies are also forming partnerships to secure virtual banking licenses. The financial group SCBX has allied with South Korea’s KakaoBank and WeBank, while Gulf Energy has joined forces with Krung Thai Bank, Advanced Info Service, and PTT Oil and Retail Business. Additionally, Lightnet, a provider of payment solutions, has partnered with the fintech firm WeLab from Hong Kong for a similar initiative. This competitive landscape illustrates the significant interest and potential for virtual banking in Thailand.