© Reuters. The Bank of Thailand opens criteria for the establishment of a ‘Virtual Bank’, starting with 3 licenses, expected to be ready for use in 2024.
Reporters reported that The establishment of a branchless commercial bank and providing services via digital channels or virtual banks should be established as early as 2024 and there will be no more than 3 licensees from the latest Bank of Thailand (BOT). Has set guidelines for allowing the establishment of a virtual bank today, with the BOT stating that the application and selection process Starting from recruitment, those interested in establishing a Virtual Bank can discuss and apply for permission to establish. Including relevant documents to the BOT within 6 months from the date on which the Notification of the Ministry of Finance on Criteria for Establishing a Virtual Bank is effective. Then, suitable candidates will be selected within 6 months from the end of the application period. And presenting the list of the most suitable people to the Minister of Finance for approval within 3 months. Initially, it is expected to present the list of people who deserve to be considered for obtaining a license to establish a Virtual Bank to the Minister of Finance. No more than 3 entrepreneurs who will help meet the Green Line’s needs sustainably. Including to increase the number of new players to help stimulate competition in the financial institution system appropriately. not too much to the extent that it affects the stability of the financial system and the financial institution system or until unable to supervise effectively according to the intention of the Financial Institution Business Act B.E. 2551
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