Despite receiving several applications from interested operators, the Bank of Thailand wants to grant only three virtual bank licenses.
The central bank will issue licenses it deems appropriate to maintain the stability of the domestic financial market and safeguard depositors from risks associated with new business ventures, says Chayawadee Chai-anant, the regulator’s assistant governor for corporate relations.
Key criteria for virtual bank license approval include innovative technology to reach unbanked and underbanked customers and strong consumer protection measures against cyber risks. Ensuring fair competition and good governance are also crucial factors, she adds.
The central bank is scheduled to unveil the winning applicants by June 2025.
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