AIS, in collaboration with PTT Oil and Retail Business (OR) and a digital platform provider, is in discussions regarding a potential partnership to apply for a virtual bank license from the Bank of Thailand. AIS Chief Executive, Somchai Lertsutiwong, has stated that these potential partners would be included in AIS’s plan to apply for a license with its current partner, Krungthai Bank (KTB).
While talks are ongoing, the parties involved are waiting for final details from the central bank before reaching a conclusion. The Bank of Thailand is currently awaiting approval of its announcement on the application submission from the Finance Ministry. Once approved, the application process can begin. Somchai highlighted the unique strengths each partner brings to the table, with KTB’s reliable brand, successful track record, and financial services expertise, AIS’s digital technology, nationwide network coverage, and customer service, and OR’s strong retail network and consumer base.
When the central bank opens the application process, AIS and its partners are ready to submit their license application. The demand for loans is high nationwide, especially among retail borrowers and underserved segments. Somchai believes that the partnership between a telecom operator and a bank is a model of synergy that can capitalize on digital platforms, offering cost effectiveness, innovation, and cross-industry operations. AIS has already invested in data analytics and science with over 100 staff members working in those fields. The company plans to hire more employees in these critical areas to support its operations and the virtual banking ecosystem.
AIS has developed a digital credit rating model using data analytics systems over a five-year period. The Bank of Thailand’s latest guidelines for virtual bank licensing require operators to use technologies, data, and digital technology expertise to offer innovative services through digital channels that cater to the needs of all customer groups. Virtual banks will be expected to comply with the same regulations as commercial banks.
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