Reporters reported that the establishment ofBranchless Commercial BankAnd providing services through digital channels or virtual banks should be established as soon as possible within the year 2024 and there will be no more than 3 licensees. Let’s set up a virtual bank today.
The BOT stated that the recruitment and selection process Starting from recruitment, those interested in establishing a Virtual Bank can discuss and apply for permission to establish. Including relevant documents to the BOT within 6 months from the date on which the Notification of the Ministry of Finance on Criteria for Establishing a Virtual Bank is effective. Then, suitable candidates will be selected within 6 months from the end of the application period. And present the list of the most suitable candidates to the Minister of Finance for approval within 3 months.
Initially, it is expected to submit a list of no more than 3 people who deserve to be considered for a Virtual Bank establishment license to the Finance Minister, who will help meet the Green Line’s needs sustainably. Including to increase the number of new players to help stimulate competition in the financial institution system appropriately. not too much to the extent that it affects the stability of the financial system and the financial institution system or until unable to supervise effectively according to the intention of the Financial Institution Business Act B.E. 2551
However, those who are selected to establish a Virtual Bank must start operating within 1 year. The BOT will examine the readiness of the newly established Virtual Bank before submitting to the Minister of Finance to consider granting a license to the Virtual Bank to begin opening. However, in case of necessity, the BOT may allow the Virtual Bank to commence operations after one year.
While the initial registered capital must not be less than 5,000 million baht, since the Virtual Bank must have a strong financial position like a traditional bank. But not allowing to have their own ATM/CDM. For the Virtual Bank, it must be registered in Thailand.