By 2025, the Bank of Thailand Plans to enable the First Virtual Banks
- For the first time, the Bank of Thailand (BOT) has announced intentions to enable virtual banks to operate nationwide. According to a Bloomberg estimate, financial organizations will be able to supply services by 2025.
- By 2024, the BOT will grant three distinct licenses to interested enterprises. According to the study, at least ten parties are interested in issuing licenses.
- Under the licensing structure, virtual banks will be subject to the same regulations and supervision as regular commercial banks.
- According to the central bank, virtual banks will be subject to a “restricted phase” during their initial years of operation, which will entail tight surveillance to minimize systemic financial threats.
- Thailand’s Securities and Exchange Commission has announced steps to strengthen crypto regulations to increase investor safety.
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