SCBX, KakaoBank and WeBank Move Forward With Thai Virtual Bank

SCBX has formalised a tri-party collaboration with South Korea’s KakaoBank and WeBank Technology Services to advance plans for a virtual bank in Thailand, as competition intensifies in Southeast Asia’s digital banking market. The partners said the agreement marks the next phase of development for the proposed fully digital bank, which is intended to expand access to financial services for individuals and small businesses in Thailand. The initiative comes as Thai regulators move forward with frameworks to license virtual banks, aimed at increasing financial inclusion and fostering innovation in the domestic banking sector.