The Bank of Thailand is studying licences for digital banks, a tool meant to enhance financial inclusion and keep pace with consumer needs in the digital age.
"In the digital era, the central bank needs to consider the overall banking landscape in the long term, and digital banks are an option. Whether digital bank licences will be issued needs a comprehensive study of all dimensions." said Ronadol Numnonda, deputy governor for financial institutions stability.
Virtual banking services have been growing in accordance with changing consumer lifestyles and tech advancement. Several fintech firms in Thailand have made digital strides, offering financial services such as payment through the digital platform.
Digital-only banks have taken off in Japan, South Korea and China. Regulators in Hong Kong, Taiwan and Singapore last year issued digital bank licences, while Malaysia is expected to accept licence applications this year.