Thailand Poised to Join Global Rush for Virtual Banks
- Central bank to issue virtual bank guidelines in first half
- BOT to scrap limit on fintech investments by commercial banks
Roong Mallikamas
Photographer: Dario Pignatelli/Bloomberg
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Thailand is preparing rules for the setting up of virtual banks, set to join peers including Singapore and Malaysia in promoting financial technology to spur competition and wider access to banking services.
The Bank of Thailand plans to issue the guidelines for digital banks by June and may allow existing lender and new applicants to seek licenses, Assistant Governor Roong Mallikamas said at a virtual briefing Tuesday. The central bank also plans to scrap a limit on investment by commercial banks in financial technology, except digital assets, she said.