The Bank of Thailand (BOT) discloses guidelines for granting “Establishing a branchless commercial bank” Virtual Bank for operating in the country for the first time The service will be available by 2025 according to a report from Bloomberg
The BOT will issue three types of licenses to interested companies within 2024. At present, there are at least 10 applicants interested in applying for a license.
Regulations and supervision for virtual banks are the same as for traditional commercial banks under the licensing framework. In addition, qualified applicants must meet certain requirements.
The Bank of Thailand expects to be able to disclose The licensee can be obtained around the middle of 2024 and after that will give entrepreneurs 1 year to prepare for setting up a business and is expected to officially open for service in the middle of 2025.
During the first year of operation There will be close monitoring to hedge the risks of the financial system.
“In the first 3-5 years since getting a licensed person The Bank of Thailand will closely monitor that the service provider is actually not ready Can it meet the expectations of the Bank of Thailand? And there is no behavior that the BOT does not want to see. to ensure that business is ready and must provide good service throughout the service but at the end of 5 years If the service provider can meet the goal The BOT will reduce close supervision. for service providers to work more agilely.”
In addition, there must be no branches, ATMs or ATMs (CDMs) as all services must be provided digitally. and can join hands with other banks or convenience stores with services through cash or with ATM and CDM machines
refer : LINK
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