SCBX, the financial technology business group of Siam Commercial Bank, announced its readiness to apply for a license to establish a virtual bank with South Korean digital bank KakaoBank.

This partnership involves the formation of a consortium, in with SCBX holding a majority stake and KakaoBank holding a stake of at least 20%.

Currently, SCBX and KakaoBank are jointly exploring opportunity to identify other strategic partners to accelerate this process.

Arthid Nanthawithaya, Chief Executive Officer of SCBX, said,

“We truly believe a strategic partnership with KakaoBank, a globally renowned and South Korea’s largest full-fledged digital bank, will significantly enhance our group’s competitive advantage.

 

KakaoBank’s strengths lie in distinctive expertise in developing virtual banking business with state-of-the-art technology. The signing of a consortium agreement marks a pivotal milestone as we prepare to apply for a virtual banking license with the Bank of Thailand.”

Yun Ho Young, Chief Executive Officer of KakaoBank, said,

“We are delighted to join hands as partners with SCBX, Thailand’s leading financial technology group, in the realm of virtual banking.

 

We hope to replicate the disruption KakaoBank brought to the South Korean retail banking market in Thailand with our leadership in financial technology coupled with SCBX’s thorough understanding of the market.”