# Bank of Thailand approves virtual banking licenses for three groups

- Link: https://www.thailand-business-news.com/banking/227206-bank-of-thailand-approves-virtual-banking-licenses-for-three-groups
- Published: 2025-06-20T08:27:57+07:00
- Author: Boris Sullivan

The Minister of Finance, following recommendations from the Bank of Thailand (BOT),
has granted approval to three applicants to set up virtual banks under the February
2024 licensing framework.

**Successful Applicants:**

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 1. ACM Holding Company Limited
 2. A consortium including Krung Thai Bank, Advanced Info Service (AIS), and PTT Oil
    and Retail
 3. A consortium including SCB X, WeTechnology, and Korea-based KakaoBank

 * **Selection Criteria**: Applications were evaluated based on **business plans,
   technological capabilities**, and their ability to enhance financial inclusion,
   especially for underserved retail and SME customers.
 * **Intent**: The initiative aims to **foster innovation, healthy competition**,
   and improved financial access and service quality without compromising financial
   system stability.
 * **Next Steps**: Approved applicants must set up public limited companies and 
   pass a **readiness assessment** by the BOT. They must commence operations within**
   one year** of the approval date.

The applications were assessed focusing on qualifications, strategies, and abilities
to deliver innovative or efficient digital financial services. The goal is to meet
diverse customer needs, especially unserved and underserved retail and SME sectors,
enhance customer experience, and drive financial innovation while promoting healthy
competition in quality and pricing.

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The BOT prioritized transparency and fairness, thoroughly reviewed all information
for compliance, and established protocols to prevent conflicts of interest during
the process.

Source: [Announcement of a List of Successful Applicants Approved by the Minister of Finance to Establish a Virtual Bank](https://www.bot.or.th/en/news-and-media/news/news-20250619.html)