Banking
Thailand — Banking: Online Banks
On 19 June 2025 Thailand's Minister of Finance, on the Bank of Thailand's advice, approved three groups to set up virtual banks: ACM Holding Company Limited; a consortium of Krung Thai Bank, Advanced Info Service and PTT Oil and Retail Business; and a consortium of SCB X, WeTechnology and KakaoBank. Approval is not the licence itself: each group must establish a public limited company, meet the Minister's conditions and pass the Bank of Thailand's readiness assessment before applying for a virtual bank licence, and was expected to begin business within one year of approval. Check the Bank of Thailand's virtual bank page for which have launched and whether they accept foreign residents.
Why this matters
Foreigners expecting a fast, fully digital neobank signup similar to what's available in Europe will find Thailand's market still transitional — most banking still requires a traditional account, supplemented by Wise/Revolut for cross-border transfers.
Key facts
- The Minister of Finance approved three virtual bank applicants on 19 June 2025, from five applications received between 20 March and 19 September 2024.
- Approved: ACM Holding; a consortium of Krung Thai Bank, Advanced Info Service and PTT Oil and Retail Business; and a consortium of SCB X, WeTechnology and KakaoBank.
- Approval is not a licence: each must set up a public limited company, meet the Minister's conditions and pass the Bank of Thailand's readiness assessment, then request a licence.
- Approved groups were expected to begin business within one year of approval; confirm launch status and customer eligibility on the Bank of Thailand site.
Common mistakes
- Assuming a virtual bank is already open to foreign residents — approval in June 2025 was only the first step toward a licence.