Thailand is set to allow virtual banks, equivalent to internet lenders in Korea, to operate in the country. The Thai Ministry of Finance has confirmed regulations for this, allowing lenders to offer full banking services, including deposits and credit transactions. The Bank of Thailand will receive applications from Wednesday to September 10 and the new banks are expected to begin operations within one year. The number of licenses is expected to bring about better customer experience and stimulate healthy competition in the Thai financial institution system without posing risks to financial stability. Kakao Bank, the internet banking arm of Korean tech giant Kakao, has teamed up with Thailand's finance giant SCBX to form a consortium to acquire the license to operate a virtual bank. If the consortium successfully earns a license, Kakao Bank will become the first Korean lender to launch a business in Thailand in nearly two decades. The push to encroach into Thailand comes partly as the country sees an upsurge in the distribution rate of mobile devices. (ICE BANGKOK)

Fonte notizia: The Nation