Bank of Thailand opens specifications for “Virtual Bank” with only 3 licenses, emphasizing quality people.
March 25, Mr. Pinyo Tripetcharaporn, Director of the General Risk Management Department Bank of Thailand (BoT) special interview on Scammers defraud money transfers and how to respond when an incident occurs in the SpotlightLiveTalk program published after the Bank of Thailand (BoT) guidelines for request a license to establish a commercial bank without a branch (Virtual Bank) With the intention of having a virtual bank, the BoT wants to give opportunities to small and small businesses. or the public among many people who do not have access to credit Because there is no clear financial evidence
“So, the BoT wants virtual banks to support small businesses. A small number of people do not have enough financial information to use as evidence for applying for a loan. or have access to various financial transactions So the establishment of virtual banks gives this group the opportunity to join. Because virtual banks may have lower costs than traditional banks. and be able to provide loans to a wider range of customers,” said Mr Pinyo.
Mr Pinyo said, in addition, whether virtual banks will increase risks to the financial system or not remains to be seen. Scammers usually use tricks to trick people. will it use information from current news Or is it an interesting story that is close to the people? From the news that there is a possibility to establish a virtual bank, now it is still open for applications for those who are interested in applying for a license to establish a virtual bank. But in fact the service will be opened for use in 2026. So, if fraudsters are deceiving using virtual banks, they want the public to know that it is not true.
However, virtual banks can be a source of concern for many parties. Because it has the characteristics of a branchless bank. Everything must be in the mobile banking system. It is certain that the aim is to use this issue to further deceive the public. So, this is the origin of who can provide virtual banking services. It must be a company with strong technology and a focus on financial protection. and various cyber threats
“The BoT sees the importance of this and is therefore limiting the number of virtual bank licenses to no more than 3 licenses at the start. Ensure that people with real potential can be screened. can provide services and the BoT can supervise with close and strict measures compared to banks in the current normal format,” said Mr Pinyo.
Mr Pinyo said that the technology of virtual banks that will protect against financial disasters is basically, the technological basis should not be less intensive than the services of the current commercial banking system. and things that are clearly different 1.Virtual Bank does not have bank branches. And when there are no branches, a bank account must be opened online only. And the process for screening account openers to ensure they are the real account owners must be strengthened.
2. Compared to banks with various branches When an event occurs, customers can walk into the branch. But when it is a virtual bank, the only communication channel is online, therefore, the number of channels that will be received in terms of problem notifications or different financial disasters Including providing customer service If contact cannot be made through online channels , there must be adequate backup channels.
“There will be two main areas where the BoT will have to focus on virtual banks, but the financial protection system will be more intensive. and it must develop to keep up with the scams of criminals Prevent the loss of public property The BoT will work more closely with all relevant agencies,” said Mr Pinyo.
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