AKP Phnom Penh, June 20, 2025 —

The Ministry of Finance has given the green light to three major business consortia to establish Thailand’s first virtual banks, in an effort to enhance competition in the banking sector and provide better financial services to underserved segments of the population.

According to the Bank of Thailand (BOT), Finance Minister Pichai Chunhavajira approved the selection following a competitive process involving five applicants. BOT Deputy Governor Roong Mallikamas announced the decision, highlighting the central bank’s goal of fostering innovation and inclusivity in financial services.

The first consortium to receive approval is led by ACM Holding Company Limited, the operator of True Money. The second is a collaboration between Krungthai Bank Public Company Limited, Advanced Info Service Public Company Limited (AIS), and PTT Oil and Retail Business Public Company Limited (OR). The third group is formed by SCB X Public Company Limited, WeTechnology Limited, and South Korea’s KakaoBank Corporation.

The selection focused on each group’s ability to offer innovative digital financial services, particularly to retail customers and small- and medium-sized enterprises (SMEs) that currently lack sufficient access to traditional banking. The BOT emphasized that the licensing process was conducted transparently, with the intent of encouraging fair competition in the financial system.

With approval secured, the three groups must now establish public limited companies and undergo a readiness assessment by the BOT. They are required to begin operations within one year from the date of approval.

The BOT plans to hold a meeting with the approved consortia in early July to discuss the next steps. Deputy Governor Roong also noted that while the central bank is not currently concerned about any one player dominating the market, it will closely monitor the virtual banks over the next three to five years to ensure they operate within an open and competitive ecosystem.

AKP-NNT