[Alpha Biz= Reporter Kim Sangjin] Kakao Bank is partnering with Thailand's financial holding company SCBX to establish a virtual bank in Thailand.

On November 1, SCBX executives, including CEO Arsit Nandawejdaya, visited Kakao Bank's Pangyo office to discuss the project. The virtual bank, similar to South Korea's internet banks, will provide banking services using a digital platform without physical branches. The Bank of Thailand accepted applications for virtual bank licenses until September, and the approved banks must begin operations within a year. Kakao Bank has already submitted its application for a virtual bank license to the Bank of Thailand in September, based on its collaboration with SCBX.

SCBX is the parent company of 11 subsidiaries, including SCB (Siam Commercial Bank), one of Thailand's three largest banks.

Both companies are discussing ways to enhance access to financial services in Thailand and develop a digital financial ecosystem. They are particularly focused on establishing an innovative virtual bank to strengthen Thailand's financial competitiveness and promote inclusive finance for vulnerable groups.

 

 

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