Thailand’s virtual bank race heats up – but real disruption may take time

[BANGKOK] Thailand’s finance ministry is set to issue three virtual banking licences by mid-June – a move that could jolt the country’s lucrative but tightly held financial sector, long dominated by a few powerful incumbents. The digital permits aim to inject long-awaited competition into the banking landscape.

“The good thing is that, finally, the government is granting new bank licences, because they haven’t granted new licences for many decades,” said Chonladet Khemarattana, president of the Thai Fintech Association.

Five consortiums have submitted bids, but only three will succeed.