Thailand Plans First Virtual Banks in 2025 to Boost Competition
- Country will offer three licenses, Bank of Thailand says
- Applications are expected to open later this quarter
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Thailand will allow the nation’s first virtual banks to offer services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and individuals.
The Bank of Thailand plans to issue three such licenses in 2024 before the operations begin a year later, said Assistant Governor Tharith Panpiemras. There are about 10 parties who have expressed an interest to apply for the permits, he said. Applications will open later this quarter.