Thailand’s Finance Ministry announced that it will begin accepting applications for virtual bank licenses within the next six months, aiming to expand financial inclusion for those with limited or no access to traditional banking services.

According to Reuters, the ministry also released guidelines for applicants, who will need to demonstrate experience and resources sufficient to support a commercial banking business model.

Authorities will evaluate applications within nine months of the submission period closing, with successful applicants given one year to prepare and launch operations.

While the number of licenses is not capped, they will be awarded based on what is deemed suitable for the stability of the Thai financial system, the ministry added.

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