Thailand will allow the country's first virtual banks to offer services in 2025, with plans to open applications later this quarter, according to Bloomberg. The Bank of Thailand plans to allow virtual banks to act as financial service providers and issue three different licenses to interested companies in 2024, in which the regulation of virtual banks will be the same as that of traditional commercial banks under the licensing framework, or they can Offers full-service banking, but will not be permitted to open physical branches and operate its own ATMs, and qualified applicants need to meet certain requirements, including a minimum registered capital of 5 billion baht (approximately US$150 million) , which must expand to 10 billion baht (approximately US$300 million) when fully operational.