Thai Tycoons Heat Up New Virtual Bank Licenses as Bids Open
- CP Group unit, Gulf Energy among those vying for permits
- Thai virtual banks expected to begin operations in 2026
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Charoen Pokphand Group and Gulf Energy Development Pcl, among Thailand’s largest business groups, are vying for the country’s new virtual bank licenses as the Bank of Thailand opens applications.
True Money, a financial technology arm of CP Group, and its partners including Ant Group are in the process of preparing a bid, said Suphachai Chearavanont, the group’s chief executive officer. Gulf Energy, the nation’s top power producer, will submit the bid in partnership with Krung Thai Bank Pcl and its affiliate Advanced Info Service Pcl, according to Chief Executive Officer Sarath Ratanavadi.