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20 Jun 2025

Financial Institutions

First three virtual banks approved; virtual banking models in other countries (Current Issue No.3586 Full Ed.)

คะแนนเฉลี่ย
•    On June 19, 2025, the Bank of Thailand (BOT) announced the list of three successful applicants to establish virtual banks. KResearch holds the view that while each approved applicant has distinct strengths to provide financial services aligned with the BOT’s Green Lines, all three specialize in financial services for retail clients and SMEs, possess expertise in technology, and have strong strategic partnerships.

•    KResearch anticipates that in their first three years, these virtual banks will focus on rapidly expanding their customer base primarily through innovative deposit products – particularly those tailored to individual needs and potentially offering slightly higher interest rates than those of traditional commercial banks. This will be followed by the rollout of lending and investment products.

•    Another major turning point for players in the financial sector – including existing commercial banks and non-banks, as well as the virtual banks as they commence operations – is Open Data, which the BOT and regulatory agencies are actively promoting. However, a key challenge lies in the ability and potential of financial service providers to leverage this data to enhance their product and service offerings while addressing structural problems such as high household debt and sluggish recovery in household and business incomes. These factors are crucial in credit expansion for both retail customers and SMEs.

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Financial Institutions

Virtual Bank