Singaporean tech group Sea has applied for a digital banking license in Thailand.

A digital banking license would enable Sea to offer diverse financial services, including deposits, lending, and asset management.

Sea has partnered with Thailand’s prominent entities like Bangkok Bank, BTS Group, Saha Group, and Thailand Post for this application.

As of the September 19 application deadline, five parties submitted proposals for Thailand’s inaugural virtual bank licenses. The Bank of Thailand is keeping the identities of the applicants confidential.

The Bank of Thailand is expected to announce the license winners by mid-2025. There will be a preparation period of about a year before operations launch.