Thailand’s Ascend Bank has moved its planned July launch to later this year as regulatory preparations continue, the Bangkok Post reported.
The virtual bank is still expected to begin operating before the end of 2026, according to Sigve Brekke, Group Chief Executive of True Corporation.
Brekke indicated that the group wanted to finalise the bank’s offering and user experience before launching.
Ascend Bank is being developed through ACM Holding, a subsidiary of CP Group.
CP All shareholders rejected a proposal in principle on 29 May to include Counter Service, Thai Smart Card and CP Axtra in ACM Holding’s financial business group.
The resolution was opposed by 96.4% of eligible votes cast.
The proposed structure is relevant because Thailand’s virtual bank framework requires financial operations controlled by an applicant to sit within a dedicated financial group that is separate from non-financial businesses.
Ascend Bank’s rollout remains subject to the Bank of Thailand’s assessment of the group’s financial business structure.
Clicx Bank began serving the public through its app on 19 June. It is backed by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business.
Bank X, backed by SCB X, is completing its remaining compliance work and is targeting a launch before year-end.
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific
