BoT picks first three virtual banks to modernise finance sector

The Bank of Thailand (BoT) yesterday announced three successful applicants to establish the first batch of virtual banks in the country.

- WICHIT CHANTHANUSORNSIRI

They are required to begin their business operations within one year from the date of the Finance Ministry's approval, which was yesterday.

According to the central bank's statement, the first winner is ACM Holding Co (TrueMoney), which is backed by the Charoen Pokphand Group. The second one is Krungthai Bank (KTB), collaborating with Advanced Info Service Plc and PTT Oil and Retail Business Plc (OR).

The third successful applicant is the SCB X consortium, comprising SCB X (the holding company of Siam Commercial Bank), KakaoBank (South Korea's largest digital bank), and WeBank (a global digital bank known for its advanced technology).