Thailand’s largest business groups, Charoen Pokphand Group and Gulf Energy Development, are vying for the country’s new virtual banking licenses as the Bank of Thailand opens applications.
True Corp Pcl, the telecom unit of CP Group, and its partners including Ant Group are preparing a bid, said Chairman Suphachai Chearavanont.
Gulf Energy expects that obtaining a new virtual banking license will help accelerate its expansion into online businesses such as cryptocurrency trading and digital lending. Thailand may issue three more such licenses to promote competition in the sector.