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Finance

Thailand's big corporations scramble for virtual bank licenses

CP Group, Gulf Energy, AIS join the race as kingdom's financial market heats up

Thailand was the third country in ASEAN, after Singapore and Malaysia, that kicked off virtual banking at a time of digital disruption.   © Reuters
APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer | Thailand

BANGKOK -- The Thai financial market is heating up as big corporations seek partners in the scramble for one of the three virtual banking licenses that the Bank of Thailand plans to grant next year.

Several listed companies have formed teams in order to compete in the multibillion-baht digital banking business.

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