SCBX has formed BankX Bank after its consortium won approval to establish one of Thailand’s three virtual banks.

The new subsidiary will serve as the vehicle for SCBX’s planned virtual banking business in Thailand.

The Bank of Thailand announced in June 2025 that SCB X Public Company Limited, WeTechnology Limited and KakaoBank Corp. were among the three groups approved by the finance minister to establish a virtual bank.

In a filing to the Stock Exchange of Thailand, SCBX said it holds 90 percent of the total issued shares in BankX Bank Public Company Limited.

The company was registered as a public limited company with an initial registered capital of THB 10,000.

SCBX said it plans to raise the registered capital to THB 5 billion within 2026, or upon submission of an application for a virtual banking licence to the Ministry of Finance, in line with the rules and timeline set by the Bank of Thailand.

The central bank said approved groups must establish a public limited company, meet the conditions set by the finance minister, pass a readiness assessment by the Bank of Thailand and begin operations within one year from the date of approval.

BankX Bank is now preparing for launch with its strategic partners KakaoBank Corp. and WeBank Technology Services Limited.

KakaoBank is one of BankX Bank’s shareholders and is South Korea’s largest digital banking service provider.

WeBank Technology Services Limited, formerly known as WeTechnology Limited, is a subsidiary of WeBank Co., Ltd.

The new entity will use technology and innovation from its partners to develop financial products and services in Thailand.

The virtual banks are expected to serve unserved and underserved retail and SME segments, while bringing new value propositions or improving the efficiency of existing financial services through digital channels.

Featured image: Edited by Fintech News Singapore, based on image by lifeforstock via Freepik