SCB X plans to harness Al for virtual bank

Operations expected to start next year

- SOMRUEDI BANCHONGDUANG

SCB X, the technology conglomerate and holding company of Siam Commercial Bank (SCB), is set to launch its virtual bank under the “AI Native Bank” concept.

According to newly-appointed chief executive Arak Sutivong, the upcoming venture is expected to become a new S-curve growth engine among the group's subsidiaries.

Mr Arak was appointed chief executive in May 2025, and he will officially take up the position on Jan 1, 2026.

PREPARING FOR A VIRTUAL BANK

He said the group's virtual bank is expected to commence operations between the second and third quarters of next year, in compliance with the Bank of Thailand's regulations.

SCB X is one of three consortiums selected by the Finance Ministry to establish a virtual bank. For this initiative, SCB X is partnering with Kakao-Bank, South Korea's largest digital bank, and WeBank, a global digital bank known for its cutting-edge technology.

Under the shareholding structure, SCB X holds a majority stake of 80-90% of the virtual bank's initial minimum registered capital of 5 billion baht, as required by the central bank.