Bank of Thailand to allow first virtual banks by 2025 By Cointelegraph

Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows.

The ‘Consultation Paper on Virtual Bank Licensing Framework’ has been published by the central bank, and applications shall be available later in 2023, allowing virtual banks to act as financial services providers. The move focuses on boosting competition and Thailand’s economic growth.