Thailand Virtual Banks Granted Flexibility Ahead of Digital Lending Launch

Thailand virtual banks are being given greater flexibility as the central bank allows successful applicants more time to meet pre-licensing requirements.

Governor Vitai Ratanakorn said the three approved groups may delay operations by two to three months beyond the initial June target as they work to comply with regulatory conditions.

The applicants include consortiums led by Charoen Pokphand, Krungthai Bank and SCB X.

Regulators require firms to consolidate financial businesses under a single entity to avoid conflicts of interest, although multiple compliance approaches are permitted.

Licences will only be granted once all requirements are met.

The move signals a measured approach as Thailand prepares to introduce virtual banks into its financial system.