Bloomberg: Thai business group is bidding for a virtual banking license
Golden Finance reported that with the opening of applications by Thai banks, Thailand's largest business group Charoen Pokphand Group and Gulf Energy Development Company are competing for the country's new virtual banking license. Chairman Suphachai Chearavanont stated that CP Group's telecom subsidiary True Corp Pcl and its partners, including Ant Group, are preparing to bid. Gulf Energy is expecting that obtaining a new virtual banking license will help accelerate its expansion into online businesses such as cryptocurrency trading and digital lending. Thailand may issue three or more such licenses to promote competition in the industry.
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