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Bank of Thailand says virtual banks to be operational by 2025 as it launches consultation papers to get feedback on its plans


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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/

 

TE

-- © Copyright Thai Enquirer 2023-01-13

 

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