Finance
Top Banks, Tycoons in Race for Thai Virtual Banking Permits
- Billionaire Sarath’s Gulf, CP Group among license aspirants
- Thailand expects virtual banks to start operations in 2026
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Thailand’s largest commercial banks and firms backed by the nation’s top billionaires are in race for the first batch of virtual bank licenses for which applications closed on Thursday.
SCB X Pcl, Bangkok Bank Pcl, Gulf Energy Development Pcl, Krung Thai Bank Pcl and Charoen Pokphand Group are among the bidders for an unspecified number of permits to be jointly issued by the Bank of Thailand and the Ministry of Finance.