Thailand to launch first online bank in 2025
Thailand's central bank expects virtual banks to begin operating in the second quarter of 2025, announced the bank on January 12.
Thailand to launch first online bank in 2025 (Photo: REUTERS)Bangkok (VNA) - Thailand's central bank expects virtual banks to begin operating in the second quarter of 2025, announced the bank on January 12.
The move aims to boost competition, widen loan access and cut costs for businesses and individuals.
According to Assistant Governor Tharith Panpiemras, the Bank of Thailand plans to issue three such licenses in 2024 before the operations begin a year later.
There are about 10 parties who have expressed an interest to apply for the permits. Applications will open later this quarter.
Virtual banks must have registered capital of at least 5 billion baht (150.15 million USD) and must expand up to 10 billion baht (300 million USD) when fully operational./.
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