- Thailand aims to boost competitiveness and economic growth by permitting virtual banks
By 2025, the Bank of Thailand (BOT) intends to permit the creation of virtual banks. This marks a significant step towards the modernization of the Thai banking industry and a shift towards digital banking services.
Banks that only conduct business online are referred to as virtual banks or digital banks. Without the necessity for physical branches, they provide a variety of financial services through digital platforms including websites and mobile apps. This enables them to operate more cheaply and offer services at a lower cost than traditional banks. Customers can access their bank accounts and conduct transactions from anywhere at any time with virtual banks, which also provide a better level of ease and accessibility.
The “Consultation Paper on Virtual Bank Licensing Framework” published by the central bank states that applications for the provision of financial services would …