Sea Group files application to set up virtual bank
Singapore’s tech giant, whose partners include Bangkok Bank and Sahapat, confident it can improve life for the unserved and underserved
Singapore-based tech giant Sea Group, operator of Shopee e-commerce platform, has announced that it had submitted an application to the Bank of Thailand (BOT) to establish a virtual bank in Thailand.
Besides operating Shopee, the largest e-commerce platform in Southeast Asia, Sea Group has also been licenced to operate virtual banks in Singapore, Malaysia, and Indonesia.
The group said it has formed a partnership with four Thai entities namely Bangkok Bank, Thailand Post, Sahapat Group, and VGI, a subsidiary of BTS Group Holdings.
Bangkok Bank is one of the top four banks in Thailand, while BTS Group is the leader in public transport with millions of customers in urban areas. Thailand Post is a top operator in domestic courier services while Sahapat excels in accessing the SME market.
“The group and partner companies are confident of effectively using technology and comprehensive expertise to enhance access to financial services in Thailand,” the group said. “This will lead to an improved quality of life for consumers and SMEs, especially for the underserved and unserved groups, helping reduce issues related to debt from informal loans.”
The group went on to say that it aims to create financial innovations that promote positive competition in the Thai financial sector and support the sustainable development of the Thai economy through financial and digital services that are accessible to all Thais.
The application deadline for virtual bank licence was Thursday (September 19). Only three licences will be granted.
After obtaining approval from the finance minister, the successful applicants are required to make necessary preparations, such as information technology systems and risk management tools, so that their virtual banks can start operating by June 2026.
Earlier on Tuesday, state-owned Krungthai Bank (KTB) announced that its group had submitted an application for a virtual bank licence.
KTB has partnered up with telecom giant Advanced Info Service (AIS) and PTT Oil and Retail Business (OR), a subsidiary of national oil and gas conglomerate PTT Plc to establish a branchless bank in Thailand.
