BANGKOK (NNT) – The Bank of Thailand (BOT) has granted preliminary approval for three virtual bank licenses, in a bid to foster financial inclusivity for underserved customer segments.

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According to BOT Governor Sethaput Suthiwartnarueput, the limited number of licenses aims to maintain stability in the local financial market and safeguard depositors from risks associated with new ventures.

The finalization of licensing regulations is expected to be completed this month, with submission to the Finance Ministry for approval to follow. The application process for licenses is slated to open in 2024, and official operations for the virtual banks are projected to commence in 2025.

Full story: National News Bureau of Thailand

Reporter: Krajangwit Johjit,
Rewriter: Thammarat Thadaphrom
National News Bureau of Thailand