Thailand picks Krungthai, SCBX and Ascend Money for Digital Banking
Thailand's financial regulator has selected three consortia led by Krungthai Bank, SCB X, and Ascend Money to pioneer virtual banking services, aiming for a 2026 rollout, The Nation reported.
The Bank of Thailand finalised its choice after five applicants vied for licences between March and September last year.
Singaporean tech firm Sea Group, in partnership with BTS Group, and Lightnet Group with WeLab of Hong Kong, were among those unsuccessful.
The Krungthai consortium pairs the state backed lender with energy company Gulf Energy, mobile operator AIS and oil retailer PTT Oil and Retail.
The SCB X group brings together Siam Commercial Bank's digital arm with South Korea's KakaoBank and China's WeBank. Ascend Money, operator of the TrueMoney payments app, is backed by Ant International.
Ministry of Finance sources said the BOT had completed its assessment of each bidder's qualifications and capabilities through extensive interviews.
The names have been forwarded to the Finance Minister for final approval, expected by mid 2025.
The licenses are nontransferable. The BOT said licensees meet cybersecurity and consumer protection standards. Applicants must secure capital thresholds and maintain risk management practices.
Successful applicants will then have a year to set up operations ahead of a potential launch in 2026.
Ascend Money co president Tanyapong Thamavaranukupt said the firm was ready with personnel, technology and infrastructure to support underserved customers and small businesses.
He said the virtual licence would expand its reach beyond the 32 million TrueMoney users.
The Krungthai consortium will tap AIS's roughly 50 million subscribers, OR's retail network and Gulf's corporate and data centre expertise to deliver banking services digitally.
SCB X, he added, will leverage KakaoBank's proven virtual banking platform and WeBank's experience serving over 360 million customers.
Analysts said the entry of digital only banks could boost competition, lower costs and enhance financial inclusion in Thailand's banking sector. The BOT has said it plans to issue licences for up to five virtual banks.
First, please LoginComment After ~