Fresh off licence win, CP Group’s TrueMoney one to watch in Thailand’s virtual banking shake-up
The country’s new virtual bank licensees are set to face challenges as they prepare to disrupt a saturated market
[BANGKOK] Thailand is shaking up its sleepy banking sector.
The Finance Ministry’s decision to grant virtual bank licences to three consortiums on Jun 19 is set to inject fresh competition to Thailand’s staid financial sector – but for these newcomers, turning a profit may prove elusive.
Five consortiums threw their hats into the ring in February 2024, vying for a shot at Thailand’s first new bank licences in decades. Only three made the cut. The winners must launch fully operational virtual banks within a year, each backed by at least five billion baht (S$196.4 million) in startup capital.
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