Thailand opens applications for virtual banks

THAILAND will accept applications for virtual banks within the next six months, with the aim of supporting people with no or limited access to financial services, the Finance Ministry said on Tuesday (Mar 5).

Applicants must demonstrate sufficient experience and resources to support the commercial banking business, it said, in issuing its guidelines for licences.

The ministry added that it and the central bank will consider applications within nine months of when the submission period ends.

Approved banks must prepare and begin operations within one year, it said.

The authorities have not limited the number of licence,s but will consider as appropriate for the Thai financial institutions system, it added.