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Thai's top financial firms eye virtual banks


Virtual bank business has attracted leading companies in the financial, tech, and telecommunications sector in Thailand. The proposed virtual bank licensing was believed to lead to an acceleration of innovation in the banking sector and enhanced financial services. SCB X, the holding company of Siam Commercial Bank, said it was interested in setting up a virtual bank. Super-app Grab and Singapore’s internet giant Sea are also considering joining the fray. State-owned Krungthai Bank has partnered with telecom operator Advanced Info Services on a plan to jointly invest in a virtual bank. More companies are lining up to form virtual banks in Thailand while regulations for the new sector are considered. The Bank of Thailand earlier said that roughly 10 business operators indicated an interest in applying for licences, both financial institutions and non-financial companies.

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