Thailand Central Bank accepts virtual bank set up

The Bank of Thailand started accepting applications for the opening of virtual banks in Thailand on Thursday, from companies or other business entities which have registered in advance.

More than 200 representatives from about 100 companies have shown interest in investing in virtual banks, the first of their kind in the country. Applications are open for six months and it will take about nine months for the Bank of Thailand and Finance Ministry to scrutinize all the applications.

Those who pass the screening process will be given one year to prepare to set up their virtual banks, which are expected to become operational in mid-2026.