SCB X Plc, Siam Commercial Bank’s fintech conglomerate, is partnering with KakaoBank, South Korea’s largest digital bank, to form a consortium applying for a virtual bank licence from the Bank of Thailand. The consortium, majority-owned by SCB X with KakaoBank holding at least 20%, aims to invite additional partners to boost competitiveness. Arthid Nanthawithaya, SCB X CEO, highlighted the role of Thai virtual banks in facilitating financial service access for the underserved population. Yun Ho Yong, CEO of KakaoBank, expressed hopes to replicate the company’s South Korean success in the Thai retail banking market. The collaboration aims to leverage digital technology to enhance financial accessibility and reduce banking industry operating costs.
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