E-COMMERCE and gaming company Sea has partnered four Thai companies, including conglomerate BTS Group Holdings, to apply for a virtual bank licence in Thailand.
The other three Thai companies are commercial lender Bangkok Bank, goods manufacturer Saha Group and Thailand Post, the tech giant said on Thursday (Sep 19).
Thailand opened applications for virtual banks in March. Sea said it will leverage each of the four companies’ “complementary strengths to offer innovative and compelling digital financial services in Thailand” and will focus on improving access to financial services for underserved segments.
“The diverse and comprehensive set of capabilities brought together by this partnership will enable us to offer compelling virtual bank products and services that appeal to a wide range of users, including individuals and small businesses, across both urban and rural communities, as well as to unserved and underserved groups,” the US-listed company added.
Each of the consortium companies plans to invest in the proposed virtual bank via “appropriate subsidiary companies”, said Sea.
If awarded the licence, the consortium plans to ensure responsible lending practices so that the virtual bank can “grow both sustainably and together with Thailand’s economy”.
Other big Thai companies have also formed partnerships to vie for the virtual banking licence. Thai financial group SCBX has formed a consortium with South Korea’s KakaoBank and WeBank to apply for the permit.
Meanwhile, Thai energy supplier Gulf Energy has partnered Krung Thai Bank, telco Advanced Info Service and PTT Oil and Retail Business in hopes of launching a virtual bank as well.
Payment solutions provider Lightnet and Hong Kong-based fintech WeLab have also teamed up to apply for the virtual banking licence.
