Upgrade your membership plan for the full website experience.
View Membership Plans
January 25, 2023

Bank of Thailand to Allow Virtual Banks by 2025

Authored by
placeholder
placeholder
January 25, 2023

Thailand will allow virtual banks to begin offering services in 2025. On January 12, the Bank of Thailand issued the Consultation Paper on Virtual Bank Licensing Framework, outlining a proposed framework for virtual banks to operate in Thailand. Virtual banks are expected to have lower staff and bank branch costs, expanding access to banking services for underserved segments of retail and SMEs. According to the consultation paper, virtual banks will be allowed to provide full-service banking business and will need to comply with the same regulations and supervision as traditional commercial banks. However, virtual banks will not be able to open physical branches or operate their own ATMs. Virtual banks must also meet certain qualifications to operate and will go through a restricted phase during the initial years of operation. According to Assistant Governor Tharith Panpiemras, the Bank of Thailand plans to issue three licenses in 2024 before operations begin, with ten parties already expressing interest to apply for permits. Applications for permits are expected to open in Q1 2023. Comments and suggestions on the proposed framework can be submitted to the Bank of Thailand through February 12.

Join the Council to continue reading this article
Enhance your business impact in Southeast Asia: Become a member of the US-ASEAN Business Council and tap into a network of possibilities.
Free Related Articles

Membership Plans

Corporate Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • Business missions to all 10 ASEAN markets which engage governments at the highest levels.
  • Off-the-record roundtables and policy briefings with senior government leaders in ASEAN and the U.S.
  • On-the-ground support for promoting your positions/policy priorities with policy makers.
  • Industry-specific, country-specific, cross-sector and regional advocacy through committees that target their engagement based on member priorities.
  • Advocacy on your behalf in situations where your company should not be directly identified or is unable to be present.

Chairman’s Council

Corporate membership provides general advocacy support, access to all country- and industry-specific updates, and access to most Council events.

  • All Corporate benefits.
  • Assistance with resolving company-specific trade or investment issues through our six regional offices and U.S.-based staff.
  • Develop effective advocacy strategies to impact policy concerns.
  • Identification of, and engagement with appropriate policy influencers to impact policy concerns.
  • Assistance in conducting follow-up after engaging government leaders (can include providing officials with additional materials, setting up meetings with their staff, getting a readout of the government’s reaction to the discussion).
  • Support for developing arguments that will resonate with target stakeholders.
  • Leading and setting the agenda and policy priorities of the Country and Industry Committees.