The Bank of Thailand plans to license three virtual banks in the first phase, with the Finance Ministry scheduled to announce the list of approved virtual banks by June 19. The central bank has submitted the approved virtual bank applicants to the ministry for review.

The regulator is granting three virtual bank licences to the five consortiums that applied, considering this number appropriate for its supervisory capacity and commitment to consumer protection.

The five groups that submitted applications include the Gulf Group, SCB X consortium, Shopee consortium, Ascend Money consortium, and Lighthub Asset consortium.

Financial inclusion is the central bank's key criterion for virtual bank licensing, aiming to allow underbanked and underserved segments better access to financial services.

After the winning banks are announced, they will be required to spend one year preparing for business operations, with the launch of new banking services scheduled for 2026.