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ARTICLE · 19 MARCH 2024

Thailand Unveils Virtual Bank Licensing Framework

Tilleke & Gibbins
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Thailand's Ministry of Finance has issued the Notification re: Criteria, Methods and Conditions for Applying for and Issuing Licenses to Operate Virtual Bank Business...

ThailandFinance and Banking
Athistha (Nop) Chitranukroh
Athistha (Nop) Chitranukroh
Pornpan Wichawut
Pornpan Wichawut
Rada Lamsam
Rada Lamsam
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Thailand's Ministry of Finance has issued the Notification re: Criteria, Methods and Conditions for Applying for and Issuing Licenses to Operate Virtual Bank Business, which was published in the Government Gazette on March 4, 2024. This notification opens an opportunity for qualified experts in technology, digital services, and diverse data usage fields to apply for virtual bank licenses to provide financial services through new digital channels. The main goal is to serve the financial needs of target groups that may not have received sufficient or tailored financial services from the traditional banking system.

Licensing Timeline

  • Application submission period: 6 months (March 20–September 19, 2024).

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