Thailand opens applications for virtual banks

Credit: REUTERS/Athit Perawongmetha

Adds detail from paragraph 3

BANGKOK, March 5 (Reuters) - Thailand will accept applications for virtual banks within the next six months with the aim of supporting people with no or limited access to financial services, the Finance Ministry said on Tuesday, issuing guidelines for licenses.

Applicants must demonstrate sufficient experience and resources to support the commercial banking business, it said in a statement.

The central bank and the finance ministry will consider applications within nine months of when the submission period ends, the ministry said.

Approved banks must prepare and begin operations within one year, it said.

The authorities have not limited the number of licences but will consider as appropriate for the Thai financial institutions system, it said.

(Reporting by Chayut Setboonsarng and Satawasin Staporncharnchai; Editing by Martin Petty)

((chayut.setboonsarng@tr.com; +66854849033;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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