The Bank of Thailand plans to hold a public hearing about virtual bank licensing early next year, in a move to expand access to financial services for underbanked and unbanked consumers.
The central bank has been drafting the licensing guidelines, which it plans to reveal at a public hearing in early 2023. The Bank of Thailand studied virtual bank models in several countries, including Singapore, said deputy governor Ronadol Numnonda.
The Monetary Authority of Singapore and the Malaysian central bank, Bank Negara Malaysia, have already licensed virtual banking businesses. In some countries this licence is called a pure digital bank licence.
