Virtual bank race: Five giants vie for digi-crown in Thailand

[snoop1130]

 

The race is heating up for the new virtual bank licences, with five heavyweight business groups ready to battle it out. Gulf consortium has already thrown its hat into the ring, according to Krungthai Bank (KTB) president Payong Srivanich. This power team includes Gulf Energy Development and PTT Group.

 

Armed with a solid business plan and robust ecosystem that meets central bank regulations, the consortium is feeling confident, said Payong.

 

“Our virtual bank aims to cater to unbanked and underbanked customers. Despite the higher credit risks, we are banking on innovative tech to manage these effectively.”

 

Bangkok Bank (BBL) president, Chartsiri Sophonpanich, also expressed keen interest in virtual banking and is currently analysing customer segmentation. BBL ambitions to extend its customer base, ensuring financial inclusion in today’s digital age. However, Chartsiri stayed mum on potential tie-ups with BTS Group, saying there’s still time before the central bank’s deadline.

 

 

 

 

The Bank of Thailand will close applications for virtual bank licences tomorrow. VGI, BTS Group’s advertising and financial arm, is eyeing virtual banking through a partnership with a local financial giant. With BBL’s strong ties to BTS Group, all eyes are on them as a potential partner.

 

CP Group is set to enter the fray via TrueMoney, leveraging its retail network (think 7-Eleven) and collaborating with Ant Group, the Alibaba-affiliate. Meanwhile, SCB X teams up with South Korea’s KakaoBank and global player WeBank for a robust virtual banking bid.

 

Gulf isn’t flying solo either, it’s partnering with KTB, Advanced Info Service, and PTT Oil and Retail Business. Sea Group (Thailand), linked to the Singapore-based Sea Group, is also in the license hunt, planning to tap into Shopee’s massive database to supercharge its virtual banking efforts.

 

Sea Group already operates MariBank, which boasts a full digital bank licence from the Monetary Authority of Singapore, reported Bangkok Post.

 

By Bob Scott

Picture courtesy of SCB

 

Source: The Thaiger

-- 2024-09-18
 

 

[Sydebolle]

Well, Chartsiri Sophonpanich should sit in for digital banking with his own financial institute - to start with.

• iBanking Bualuang works not 24/7 (FDC accounts)
• allows only 40 beneficiaries on the "transfer to" list
• very limited to transfer for public (PEA/PWA/MEA etc.)
• fee table slightly mind-boggling - see screen capture hereafter:
  
   

[Sydebolle]

Siam Commercial Bank lost me as a customer, as they halted their website presence "for security reasons" and hence can be accessed only by smart phone applications. 
Have you tried to pay a couple of invoices through a smart phone application, when you have to enter things like invoice number etc.?  I did and still do it on a desktop computer but no longer through Siam Commercial Bank. 
Citibank pulled the retail plug earlier this year and passed on their business to UOB. What a disaster for non-Thai customers; they must have lost the majority by now already. Credit Card customers get their statement only by mail or through an App again; Citibank at least sent a password protected statement. On the other hand, UOB hammers you with COUNTLESS useless advertisements, which cannot be stopped (unless you block them online). Consequently I moved my credit card business away from UOB, despite having been a loyal Citibank customer for 40 years. 

Banking was not invented in this country - that's for sure, but why not have a look, how other professional countries are handling their banking business electronically; Switzerland as a banking heaven springs to mind 😉 

[BigStar]

1 hour ago, Sydebolle said:

Banking was not invented in this country - that's for sure

 

See how First Iraqi Bank treats you.

[Sydebolle]

47 minutes ago, BigStar said:

 

See how First Iraqi Bank treats you.

Well, as an infidel I do not qualify and if I am not mistaken in my rather poor understanding of the Fidels rules, they are not allowed to charge interest either. Anyway, I am too old, too infidel and too small with my little banking business these days ..........

[John Drake]

3 hours ago, Sydebolle said:

Siam Commercial Bank lost me as a customer, as they halted their website presence "for security reasons" and hence can be accessed only by smart phone applications. 

 

When I first came to Thailand over 14 years ago, my employer required me to use SCB. It worked well. Plenty of ATMs, branch offices, and a reliable online website. All three of those are either now diminished or, in the case of the website, no longer in existence. I had few security concerns back then. And it seems to me, just reading headlines that phone apps have made banking scams, theft, and disruptions much, much more likely than before. Why was all this "convenience" pushed on to us? I'd much rather dial back on the ease of use to a system with more safeguards. The phone apps are theft-in-waiting. And now with this "virtual bank" I wonder if my money will be regarded as "virtual currency" when it disappears into some scamsters pockets with no effective recourse to regaining it.