Thai Virtual Bank Race Heats Up as Bidders Outnumber Permits [Financial Post (Toronto, Ontario, Canada)]
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share (SE)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Thailand's virtual banking competition is heating up as applications exceeded the number of licenses the central bank's plans to grant. Bank of Thailand received five applications for virtual banking licenses ahead of the Sept. 19 deadline, according to a statement Monday. BOT, which plans to grant no more than three virtual banking licenses, expects to announce the winning bidders by mid-2025, it said. The BOT didn't name the applicants. Authorities across Asia are opening up to allow virtual banking services in a bid to broaden access. The new lenders have faced stiff competition to generate profits against more traditional brick-and-mortar banks, who are also increasing their digital offerings. Ahead of the deadline, groups led by SCB X Pcl, Gulf Energy Development Pcl, and Charoen Pokphand Group indicated interest in applying for a permit. W
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