14-9-2023 (BANGKOK) Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput announced on Thursday that the central bank is making progress in accepting and approving licenses for virtual banks, staying on track with its schedules. Mr. Sethaput made these remarks during a digital finance conference held in Bangkok.
In July, the BoT governor had previously stated his expectation that virtual banks would commence operations by 2025. This latest update reaffirms the central bank’s commitment to meeting that timeline.
Additionally, Mr. Sethaput revealed that the BoT intends to release a consultation paper on a digital technology framework in the early part of the fourth quarter of 2023. The forthcoming paper will cover topics such as common utility, open digital payment systems, and fostering collaboration in new technologies.
