Competition escalates within Thailand’s virtual banking sector as the number of banking license applications surpasses the limits set by the central bank.

The Bank of Thailand (BOT) has received five applications for virtual banking licenses ahead of its September 19 deadline.

The BOT plans to issue up to three licenses and will announce the approved applicants by mid-2025.

The identities of the applicants have not been disclosed, but notable interest comes from SCB X PCL, Gulf Energy Development PCL, and Charoen Pokphand Group.

A joint application has also been submitted by Hong Kong-based WeLab Ltd. and Lighthub, while Singapore’s Sea Ltd. is partnering with Bangkok Bank PCL.

Meanwhile, billionaire Dhanin Chearavanont’s CP Group is teaming up with Ant Group, and Gulf Energy is collaborating with Krung Thai Bank PCL and PTT PCL.