Technology and data have proved to be the key drivers in enhancing financial inclusion, competition, and customer experiences within the financial markets over the past decade. Nowadays, not only the private sector, but also regulators tap into these tools to solve financial market problems.

On 12 January 2023, the Bank of Thailand (BOT) issued the Virtual Bank Licensing Framework for public hearing as virtual banks, which technically are commercial banks that operate mainly via digital channels, will be a key player to enhance competition within the financial market in the digital economy.

This briefing will provide you with the overview of virtual banks in Thailand based on the Virtual Bank Licensing Framework in the public hearing process.