The Bank of Thailand postpones the release of the Virtual Bank licensing regulations

On 27 April 2023, the Bank of Thailand (BOT) announced the postponement of the Virtual Bank licensing regulations. The final licensing regulations should be submitted to the Ministry of Finance for consideration by July 2023.

The Virtual Bank Licensing Framework is one of BOT’s initiatives to enhance Thailand’s sustainable digital economy. The goal of the Virtual Bank License is to achieve better financial services, improved financial access, and enhanced consumer protection.

Following the Virtual Bank Licensing Framework public consultation in January and February of this year, the BOT received questions and feedback from key stakeholder and interested parties, some of which may affect decisions or business plans of the applicants’ proposed virtual bank. From these consultations, the BOT announced that they will take these following actions:

1. Clarify the conditions within the licensing regulations and clearly elaborate further details in the application manual.
2. Refine the application and selection process to ensure that all applicants receive information and opportunities in an equal and transparent manner. These include, for example, arranging a forum to provide information and clarification to all applicants at the same time.

Therefore, the BOT expects that the final licensing regulations should be submitted to the Ministry of Finance for consideration by July 2023, which suggests that the application window will open in quarter 4 at the earliest.