Virtual banks to be announced in June

The Finance Ministry is scheduled to announce the list of approved virtual banks by June 19, with the Bank of Thailand confirming it will grant three bank licenses in the initial stage.

- SOMRUEEDI BANGCHONGDUANG

According to Chayawadee Chaianant, the central bank's assistant governor for corporate relationships, it already submitted the approved virtual bank applicants to the ministry.

The ministry will now review the qualifications of the banks, and then announce the winners on June 19, she said.

For the initial phase, the regulator is granting three virtual bank licences to the five consortiums that applied.

The central bank considers three licences an appropriate number, aligning with its supervisory capacity and commitment to consumer protection.

After the winning banks are announced, they are required to spend one year preparing for business operations as part of a phased process.