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Central Bank now accepting applications to set up virtual banks

28 Sept 04:22 Key points summarised by AI

The Bank of Thailand has commenced accepting applications for virtual banks, attracting interest from over 100 companies.
Prominent business groups, including major Thai banks and international partners like Kakao Bank and KB Financial Group, are forming joint ventures to pursue these licenses.
The application window is open for six months, with selected virtual banks anticipated to become operational by mid-2026.
These new virtual banks aim to offer more flexible funding options, particularly for customers underserved by traditional banks, requiring significant registered capital estimated at 5-10 billion baht.

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.