Thailand has approved three applicant institutions to establish virtual banks, aimed at promoting financial innovation, expanding access to underserved markets, and enhancing competition in the Thai banking sector. According to the Bank of Thailand (BOT), the Ministry of Finance stated that a consortium led by Krung Thai Bank, along with a consortium made up of telecom giant Advanced Info Service and PTT Oil and Retail Business, as well as a consortium comprising SCB X, WeTechnology, and South Korea's KakaoBank, have received preliminary approval. A total of five applicant institutions submitted applications, and after a detailed evaluation process, three institutions were ultimately selected, with the assessment focusing on the qualifications of the applicant institutions, digital business models, and the ability to provide inclusive financial services. Regulators indicated that this initiative aims to improve service channels for retail customers and small and medium-sized enterprises (SMEs) through innovative digital channels, particularly for those who currently lack bank accounts or have inadequate services.