Coinspeaker
Thailand Expects First Virtual Banks by 2025
For the first time ever, Thailand will be allowing the operation of virtual banks in the country. The nation’s central bank, the Bank of Thailand, revealed plans to roll out virtual banks as the government tries to boost competition and more. Also, the Southeast Asian country wants to reduce expenses for businesses and individuals and expand loan access. The effort is widely targeted at bolstering the nation’s economy.
Bank of Thailand to Allow Virtual Banks
In a “Consultation Paper on Virtual Bank Licensing Framework,” the Bank of Thailand revealed that the application to allow virtual banks to provide financial services would be available later in 2023. While the application is not yet open till 2023 Q1, there are already 10 parties interested in applying for the permits. It has been noted that all qualified applicants must meet specific requirements. Meanwhile, the central bank said it will issue three licenses in 2024
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