webfact Posted January 13, 2023 Share Posted January 13, 2023 By Thanaphum Charoensombatpanich The Bank of Thailand (BoT) has come out to say that it has issued ‘consultation papers’ for possible launch of 3 ‘virtual bank’ licenses to put Thailand’s digital growth on the roadmap that the rest of the world is witnessing. The BoT said that after the initial hearing that ends in 1-months’ time, the central bank would open the doors for applicants to seek license to operate ‘Virtual Bank’ which would be branchless and without any automatic teller machines (ATM). The aim is for Thailand to have its 1st virtual bank operational by mid-2025. The timeline for the process is for the BoT to select the 3 names within 6-months from the date of application, after that the application winner’s names would be forwarded to the Ministry of Finance (MoF) which would take another 3-months to consider. It is only after the MoF gives the go-ahead the winners will be informed and given 1-year to prepare for the ‘official’ launch sometimes in mid-2025. Full story: https://www.thaienquirer.com/47478/bank-of-thailand-says-virtual-banks-to-be-operational-by-2025-as-it-launches-consultation-papers-to-get-feedback-on-its-plans/ -- © Copyright Thai Enquirer 2023-01-13 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! Link to comment Share on other sites More sharing options...
Caldera Posted January 13, 2023 Share Posted January 13, 2023 Wow, in 2025, they've really missed the FinTech boat. Link to comment Share on other sites More sharing options...
rwill Posted January 13, 2023 Share Posted January 13, 2023 Virtual bank with virtual money? Is this how the matrix started? Anyway would you be able to use one of these banks for your extension? Link to comment Share on other sites More sharing options...
StayinThailand2much Posted January 13, 2023 Share Posted January 13, 2023 24 minutes ago, rwill said: Virtual bank with virtual money? Is this how the matrix started? Anyway would you be able to use one of these banks for your extension? Will I be able to pay my 300-baht fee to enter Thailand with virtual money from such a virtual bank? Link to comment Share on other sites More sharing options...
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