SCB X and KTB gear up for virtual bank launch, awaiting official license decision
The Bank of Thailand (BOT) is expected to officially announce the list of virtual bank licensees by mid-2025. The first virtual bank services are expected to launch by mid-2026.
Two major business groups, SCB X and Krungthai Bank (KTB), are preparing to enter the virtual banking sector despite the ongoing challenges posed by the current economic environment. The Finance Ministry is set to announce the list of companies granted virtual bank licenses soon, and both banks are poised to become key players in this emerging market.
Arthid Nanthawithaya, CEO of SCB X Plc, acknowledged that while the bank has not yet received official confirmation about being awarded the license, it is fully prepared to proceed.
He emphasized that SCB X has already made significant preparations, including setting up the necessary infrastructure, technology, and operational systems, in anticipation of receiving the license.
However, he also pointed out that the economic conditions will need to be considered before proceeding further, as these conditions could impact the ability to fully accelerate business operations.
Payong Srivanich, CEO of Krungthai Bank, also confirmed that his bank has been preparing continuously, including discussions with shareholders on operational and business strategies. While they are still waiting for the official announcement, he expressed confidence that the bank is ready to implement its plans as soon as the decision is made.The Bank of Thailand (BOT) is expected to officially announce the list of virtual bank licensees by mid-2025. After the BOT's decision, the Finance Ministry will review the outcomes and take the necessary steps for approval. The first virtual bank services are expected to launch by mid-2026.
The BOT has set the goal of developing virtual banks to provide enhanced financial services for underserved and unserved customer segments who currently lack access to traditional banking services. The BOT aims to improve the quality and efficiency of services by offering financial products that are better suited to customer needs and risk profiles.
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