Thailand approves its first virtual banks
Thai, South Korean and Chinese firms will operate online-only lenders, central bank announces
Thailand’s central bank announced today (June 20) that three companies had been approved to operate the country’s first virtual banks.
The Bank of Thailand (BoT) said in a statement that the Ministry of Finance, following advice from the central bank, had approved applications to establish new financial institutions that would deliver services entirely online.
The BoT said applicants had been assessed on their ability to provide “new value propositions” digitally, with a particular focus on
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