A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand, according to the Bangkok Post.

SeaMoney Thailand, a digital financial services provider under Singapore’s Sea Group, is among those vying for a licence.

The company currently offers payment and lending services through ShopeePay and SPayLater in Thailand, and its parent company operates MariBank, a digital bank in Singapore.

Previously, SCB X, CP Group, and Gulf Energy had shown interest in the digital banking race, and their plans seems to have now solidified.

SCB X has teamed up with South Korea’s KakaoBank and WeBank, while CP Group continues to leverage its TrueMoney platform in collaboration with Ant Group.

Gulf Energy, partnering with Krungthai Bank (KTB), Advanced Info Service, and PTT Oil and Retail Business, is also moving forward with its application.

KTB President Payong Srivanich has indicated that their consortium plans to submit its application ahead of the deadline.

VGI, part of the BTS Group, is another contender, reportedly looking to partner with a major local financial institution.

Speculation points to Bangkok Bank (BBL), the country’s largest lender, and Jaymart as potential collaborators.

BBL President Chartsiri Sophonpanich has remained non-committal but indicated the bank is exploring virtual banking options as part of its digital shift.

The Bank of Thailand plans to issue three virtual bank licences initially, despite the Finance Ministry suggesting no cap on the number.

To qualify, applicants need to have a minimum registered capital of 5 billion baht, which will later increase to 10 billion baht.

The application deadline is 19 September.