Bank of Thailand sets up study group over legitimate establishment of ‘Virtual Banking’ in Thailand

National –

The Bank of Thailand revealed today, September 28, that the organization is setting up a study group to examine the process and the possibility of launching ‘Virtual Banking’ legitimately in Thailand, driven by rapidly changing consumer behavior.

‘Virtual Banking’ is a bank that offers online only banking services through electronic channels without branches. All services of virtual banks can be performed online, including opening an account, making deposits, taking out loans, and performing other banking transactions via a mobile app or through the website of the virtual bank. It significantly helps saving customers’ time without having the need to visit a bank.

The study group will focus on how Virtual Banking should be launched in Thailand and how to make it approachable for everyone in the country by focusing on study cases in Europe, Singapore, Malaysia, and some other countries in which the service had been operated.

PHOTO: Bangkokbiznews

Ronadol Numnonda, the Deputy-Governor of the Financial Institutions Stability Bank of Thailand, told the press that there is a high possibility of establishing Virtual Banking in Thailand as the services of various commercial banks in their branches began to decline while the mobile banking and internet banking began to take place.

The deputy-governor stated: “The Bank of Thailand has to study such guidelines of the service thoroughly and to contemplate whether the service would answer the needs of the Thai people or not.”

“At the same time, we also have to consider how financially applicable it would be for everyone in Thailand because, at the moment, the digital banking services are only easily accessible for people living in the city. To provide electrical services nationwide, Virtual Banking must be functional for those living in both urban and rural areas in order to successfully accomplish our goal of launching the online service,” Ronadol concluded.

Nop Meechukhun
National News Writer at The Pattaya News from September 2020 to October 2022. Born and raised in Bangkok, Nop enjoys telling stories of her hometown through her words and pictures. Her educational experience in the United States and her passion for journalism have shaped her genuine interests in society, politics, education, culture, and art.