The Treasury issues an announcement to set up a Virtual Bank with no limit on the number of licenses.

The Ministry of Finance has announced criteria for setting up a Virtual Bank, with no limit on the number of licenses. The initial registered capital is set to be not less than 5 billion baht, the normal period is 1 billion baht and can be a Joint Venture.

5 Mar 67 Dr. Paophum Rojanasakul, Secretary to the Minister of Finance Revealing the establishment Branchless bank (Virtual Bank)

1. The Ministry of Finance has issued an announcement of the Ministry of Finance regarding criteria for requesting and issuing a license for a Virtual Bank, which is a branchless bank. Combining expertise in 3 areas Including banks - digital technology - behavioral analysis data together to promote access to financial services. Accelerating entry into the digital economy and becoming an ASEAN financial hub

2. “Branchless Bank” focuses on financial services.to

1. 1. People without regular income and SMEs
   2. Groups that do not receive adequate financial services (Underserved)
   3. Groups that do not have access to financial services (Unserved) 4. Groups that do not have access to credit and those that are in debt outside the system.

3. Unlimited number of licenses (previously limited to 3 licenses) This is because the Ministry of Finance wants to open the door to potential and qualified applicants by allowing the BoT to consider granting licenses in an amount that will stimulate competition. and do not pose a risk to the stability of the financial system

4. “Branchless banks” are regulated by the BoT like other commercial banks. It is under the protection of the Deposit Protection Agency. Branchless banks will not use the deposit system, loan system, Internet Banking together with other financial institutions both domestically and abroad.

5. The Ministry of Finance and BoT will jointly consider permission requests within 9 months. From the last day of submitting the application Must establish a public limited company and open for service within 1 year.

6. The head office must be established in Thailand. and have a registered capital of not less than 5,000 million baht in the initial stage and not less than 10,000 million baht in the normal stage. Can be a joint venture company (Joint Venture) to combine specific expertise.

Read the full announcement
https://ratchakitcha.soc.go.th/documents/22064.pdf

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• (Feb. 29, 67) "Branchless banks" are definitely coming. BoT expects to allow applications for licenses within March. 2567
• (Feb. 5, 67) The Ministry of Finance hopes “branchless banks” will help underserved groups gain access to financial services.