The Bank of Thailand has announced the closure of applications for branchless banking licenses and has begun the official licensing process. The list of approved entities is expected to be revealed by mid-2025.
This process is delayed from the initial announcement by about a year. After the results are announced next year, license holders will have another year to commence operations, making the services likely to be seen in 2026.
Online banking services have been available in many countries, such as Singapore with 4 banks in 2020, South Korea with 3 banks in 2017, and Hong Kong with 8 banks in 2019. For Thailand, the Bank of Thailand had initially stated that they wanted to issue 3 licenses, but the criteria did not limit the number granted.
Source: Bank of Thailand
TLDR: The Bank of Thailand is closing branchless banking license applications and is set to announce approved entities by mid-2025. Services are expected to be seen in 2026. Several countries already offer online banking services with multiple banks.
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