Thai financial institutions have for the first time announced plans to allow virtual banks to develop markets in Thailand. Financial companies will be able to help by 2025, according to a result from Bloomberg News.
The people's Bank of China's "consultation document on the license plate structure of virtual banks" shows that it was launched late in 2023 to allow virtual banks to apply as financial services providers. The focus of the move is to enhance competition and boost Thailand's economic development.
By 2024, Thai financial institutions will also issue three different licenses to interested companies. The report states that at least 10 States parties are interested in granting ratification.
Within the framework of approval, strict supervision of virtual banks will be the same as traditional banking. In addition, qualified applicants will have to meet some requirements. The central bank also mentioned:
Virtual banks can not lead to bottom-to-bottom competition according to irresponsible loans, give preferential treatment to related enterprises, and should not abuse the dominant position in the market, so as to make up the overall risk of financial stability, depositors and consumers.
The central bank says virtual banks will be in a "restricted link" for two years, including strict regulation to prevent risks in the financial system. Thailand's Securities and Exchange Commission recently announced plans to tighten encryption rules in an effort to expand investor protection. The Management Office is in the process of developing a set of strict basic guidelines for encryption advertising.
Thailand recently reached a technical cooperation agreement with Austria to support the selection of blockchain technology, while Thailand's demand for mobile payments, e-commerce and cryptocurrency continues to grow, according to Cointelegraph.
In 2022, a series of rapid development related to login passwords appeared in China, including the central bank digital currency program, which is planned for more than 10,000 customer demonstration sites. In the research enterprise Chainanalysis global encryption selection index, Thailand ranks eighth.
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Tue, 18 Apr 2023