In a move expected to transform Thailand’s financial landscape, the country’s Ministry of Finance has officially approved the establishment of its first virtual banks, signaling a bold shift toward digital banking. The Bank of Thailand (BOT) recently announced that three high-profile consortia received the green light to begin operations in 2026.

The selected players are ACM Holding Co., operator of TrueMoney and backed by CP Group; Krungthai Bank, in partnership with telecom giant AIS and PTT Oil and Retail Business Plc (OR); and SCB X, the holding arm of Siam Commercial Bank, joining forces with South Korea’s KakaoBank and China’s WeBank.

Who made the cut (and why it matters)

BOT officials at a press briefing announcing the approved consortia. Source: NBT World

The selection process, which reviewed applications from five competing groups, emphasized transparency and a commitment to innovation. The aim was to encourage financial inclusivity by providing more accessible and efficient services, particularly for underbanked segments like small businesses and retail customers.

Dr. Roong Mallikamas, Deputy Governor of the BOT, noted during a press briefing that while the central bank is not currently concerned about any single player dominating the market, it will nevertheless closely monitor the virtual banks over the next 3-5 years to ensure they operate within an ecosystem that remains open and competitive.The three approved consortia must now form public limited companies and pass a readiness assessment before they can apply for final operating licenses. According to the BOT, the virtual banks must officially launch within one year of approval, setting a mid-2026 deadline.

A Thai flavor of digital disruption

Each consortium brings unique strengths to the table. ACM Holding’s TrueMoney already boasts a strong digital payment ecosystem across Thailand. At the same time, Krungthai’s team-up with AIS and PTT OR hints at potentially integrating financial services with nationwide consumer platforms and energy outlets. Finally, SCB X’s collaboration with global digital banking leaders KakaoBank and WeBank offers a technological edge that could redefine user expectations.

Officials say the approval represents a “landmark decision” aimed at boosting competition without sacrificing financial system stability. The virtual banks are also expected to introduce “new value propositions” through AI-driven tools, mobile-first design, and streamlined services.

What this means for consumers in Thailand

Thailand’s digital-savvy population — already familiar with cashless payments and mobile wallets — could see faster, more flexible financial options come to market. From AI-powered customer service to instant loan approvals, the future of banking in the Kingdom just became a lot more virtual.

As for the nation’s underserved, the shift may finally bring them the type of targeted, accessible banking that traditional institutions have long struggled to provide.

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