SCB X, KakaoBank eager on virtual banking

Several companies vie for licences released : 19 Jun 2023 at 07: 15 Mr Arthid, best, and Mr Ho Yong, left, at the finalizing. SCB X Plc is teaming up with KakaoBank to set up a consortium to use for a virtual bank licence from the Bank of Thailand. SCB X, which is the monetary innovation corporation and holding business of Siam Commercial Bank, signed a cooperation contract with KakaoBank, the biggest digital bank in South Korea, to set up a consortium. SCB X holds the bulk of shares and KakaoBank holds at least 20%. There is a strategy to drawin extra partners to promote higher competitiveness. The arrangement was made as it prepares to use for a virtual bank licence from the main bank, stated Arthid Nanthawithaya, chief executive of SCB X. He stated earnings inequality stays a huge issue in Thailand, as lotsof individuals cannot gainaccessto monetary services. Virtual banking is suggested to serve this underserved section,
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