In a report dated Sept 12, UOB Kay Hian Research (UOBKH) says the credit approval process and lead time to open accounts are likely to be faster than traditional banks.
The Bank of Thailand (BOT) has invited applications for its virtual bank licences between March and September this year. The licences are likely to be awarded in mid-2025, and the virtual banks will beging operations in June 2026.
The applicants for the new virtual banks should have "expertise in technology, digital services, and [be able to utilise] diverse types of data to provide financial services to better serve the needs of the unserved and underserved segments of retail and SME customers", BOT says.
