Thailand is set to welcome its first digital banks by 2026, following the Bank of Thailand’s (BOT) approval of three consortium-led applications, according to a local media report.
According to The Nation, the selected groups are anchored by Krungthai Bank, SCB X, and Ascend Money.
The decision follows a selection process that ran from March to September last year, during which five applicants submitted proposals.
The three approved consortia were evaluated based on their financial capacity, business models, and readiness to meet regulatory requirements for digital banking operations.
Krungthai Bank’s consortium includes Gulf Energy, telecommunications provider AIS, and PTT Oil and Retail (OR).
SCB X, the parent of Siam Commercial Bank, is partnering with South Korea’s KakaoBank and China’s WeBank.
Ascend Money, known for its TrueMoney platform, is backed by Ant International and the CP Group.
The BOT has forwarded the names of the selected applicants to the Ministry of Finance for final approval, which is expected by mid-2025. The approved entities will then be given a year to prepare for a potential rollout of digital banking services in 2026.
The unsuccessful applicants included Sea Group, which owns Shopee, in a consortium with BTS Group and others, as well as Lightnet Group in partnership with Hong Kong-based WeLab.
Ascend Money stated that it has taken steps to ensure operational readiness, including staffing, technology infrastructure, and system security.
The firm indicated it aims to improve access to financial services, particularly among individuals and small businesses with limited banking options.
The company currently offers digital lending services that use alternative data to assess creditworthiness. A significant share of its borrowers are first-time users of formal credit, according to the firm.
Ascend is also expected to draw support from the wider CP Group ecosystem, which includes retail outlets such as 7-Eleven and Lotus’s, as well as a large telecommunications customer base through True and dtac.
The Krungthai-led consortium brings together a major public bank with partners that have broad consumer reach and infrastructure capabilities. AIS serves about 50 million mobile subscribers, while OR operates a network that includes Café Amazon outlets and a loyalty programme with over 8 million members.
SCBX’s consortium combines its experience in financial services with digital banking expertise from KakaoBank and WeBank.
Both have operated digital banks in their respective markets and are expected to contribute technology and operational models suited to the Thai context.
Featured image credit: Edited from Freepik
