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Thailand Open Doors for Virtual Banks to Operate by 2025

BOT plans to allow the nation’s first virtual banks to provide services by 2025.Thailand issued the ‘Consultation Paper on Virtual Bank Licensing Framework.’BOT...
Thailand Open Doors for Virtual Banks to Operate by 2025 Thailand Open Doors for Virtual Banks to Operate by 2025

  • BOT plans to allow the nation’s first virtual banks to provide services by 2025.
  • Thailand issued the ‘Consultation Paper on Virtual Bank Licensing Framework.’
  • BOT had already laid down the licensing framework for upcoming virtual banks.

Aiming for development, the Bank of Thailand (BOT) plans to allow the nation’s first virtual banks to provide services by 2025 to boost competition and enhance the country’s overall economy. Yesterday, BOT announced that the ‘Consultation Paper on Virtual Bank Licensing Framework’ has been issued, allowing virtual banks to act as new financial service providers.

Bloomberg’s report revealed that the BOT plans to issue three different licenses for interested virtual banks by 2024, which is one year before their operations. Assistant Governor of BOT, Tharith Panipiemras mentions that there are about 10 parties who expressed an interest in applying for these permits. However, the application will only be available later this year.

Although BOT believes that virtual banks would operate in a sustainable manner, the central bank expects these futuristic financial institutions to follow some criteria, stating:

Virtual banks should not initiate a race to the bottom through irresponsible lending, give preferential treatment to related parties, nor abuse dominant market position which will pose risks to financial stability, depositors, and consumers as a whole.

Furthermore, BOT had also laid down licensing frameworks for the upcoming virtual banks. The first framework states, “virtual banks may provide full-service banking businesses to be flexible and accommodate changing customer needs.”

BOT warns that virtual bank applicants must meet all the appropriate qualifications. Thailand’s central bank also mentions that once approved, virtual banks shall comply with the same regulations and supervision as traditional commercial banks.

In the end, BOT explains that the virtual banks will go through a restricted phase during its initial years of operations. Thailand’s central bank pinpointed that the virtual bank’s initial stage shall be subject to specified conditions as well as to close monitoring to ensure sustainable business operations without posing systemic risks. Thailand’s move is one of the predictions made by the crypto community about the regulators opening the market for the blockchain industry.

The post Thailand Open Doors for Virtual Banks to Operate by 2025 appeared first on Coin Edition.

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24-02-2024 14:16:25 (UTC+7)

EUR/USD

1.0821

-0.0002 (-0.02%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (2)

EUR/USD

1.0821

-0.0002 (-0.02%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (3)

Sell (2)

GBP/USD

1.2671

+0.0012 (+0.09%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (5)

USD/JPY

150.52

+0.01 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

AUD/USD

0.6564

+0.0011 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

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USD/CAD

1.3510

+0.0029 (+0.21%)

Summary

↑ Buy

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Buy (12)

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Indicators:

Buy (7)

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EUR/JPY

162.88

-0.05 (-0.03%)

Summary

Neutral

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Indicators:

Buy (1)

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EUR/CHF

0.9535

+0.0008 (+0.08%)

Summary

↑ Buy

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Gold Futures

2,045.80

+15.10 (+0.74%)

Summary

↑ Sell

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Silver Futures

22.977

+0.193 (+0.85%)

Summary

↑ Buy

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Buy (11)

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Copper Futures

3.8690

-0.0280 (-0.72%)

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Neutral

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Crude Oil WTI Futures

76.57

-2.04 (-2.60%)

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↑ Buy

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Brent Oil Futures

81.58

-2.09 (-2.50%)

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↑ Buy

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Natural Gas Futures

1.582

-0.150 (-8.66%)

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↑ Sell

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US Coffee C Futures

179.85

-3.30 (-1.80%)

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↑ Sell

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Indicators:

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Euro Stoxx 50

4,872.25

+16.89 (+0.35%)

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Buy

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Indicators:

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S&P 500

5,088.80

+1.77 (+0.03%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

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DAX

17,419.33

+48.88 (+0.28%)

Summary

Neutral

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Indicators:

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FTSE 100

7,706.28

+21.79 (+0.28%)

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↑ Sell

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Hang Seng

16,725.86

-17.09 (-0.10%)

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↑ Sell

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Buy (1)

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Sell (6)

US Small Cap 2000

2,016.69

+2.85 (+0.14%)

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↑ Sell

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IBEX 35

10,130.60

-8.30 (-0.08%)

Summary

Buy

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BASF SE NA O.N.

46.600

-0.245 (-0.52%)

Summary

↑ Buy

Moving Avg:

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Bayer AG NA

28.82

-0.10 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (9)

Allianz SE VNA O.N.

246.50

-8.60 (-3.37%)

Summary

Buy

Moving Avg:

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Adidas AG

188.78

+0.96 (+0.51%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (1)

Deutsche Lufthansa AG

7.381

-0.122 (-1.63%)

Summary

↑ Buy

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Buy (12)

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Indicators:

Buy (9)

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Siemens AG Class N

175.30

+3.20 (+1.86%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

12.390

+0.138 (+1.13%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

 EUR/USD1.0821Buy
 GBP/USD1.2671Sell
 USD/JPY150.52Neutral
 AUD/USD0.6564↑ Sell
 USD/CAD1.3510↑ Buy
 EUR/JPY162.88Neutral
 EUR/CHF0.9535↑ Buy
 Gold2,045.80↑ Sell
 Silver22.977↑ Buy
 Copper3.8690Neutral
 Crude Oil WTI76.57↑ Buy
 Brent Oil81.58↑ Buy
 Natural Gas1.582↑ Sell
 US Coffee C179.85↑ Sell
 Euro Stoxx 504,872.25Buy
 S&P 5005,088.80↑ Sell
 DAX17,419.33Neutral
 FTSE 1007,706.28↑ Sell
 Hang Seng16,725.86↑ Sell
 Small Cap 20002,016.69↑ Sell
 IBEX 3510,130.60Buy
 BASF46.600↑ Buy
 Bayer28.82↑ Sell
 Allianz246.50Buy
 Adidas188.78Neutral
 Lufthansa7.381↑ Buy
 Siemens AG175.30↑ Sell
 Deutsche Bank AG12.390Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,630/ 7,800
(0/ 0) # 1,759
SJC HCM7,660/ 7,880
(30/ 30) # 1,801
SJC Hanoi7,660/ 7,882
(30/ 30) # 1,803
SJC Danang7,660/ 7,882
(30/ 30) # 1,803
SJC Nhatrang7,660/ 7,882
(30/ 30) # 1,803
SJC Cantho7,660/ 7,882
(30/ 30) # 1,803
Cập nhật 24-02-2024 14:16:27
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$2,035.57+10.60.52%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.10024.580
RON 95-III23.59024.060
E5 RON 92-II22.47022.910
DO 0.05S20.91021.320
DO 0,001S-V21.90022.330
Dầu hỏa 2-K20.92021.330
ↂ Giá dầu thô thế giới
WTI$76.45+2.650.04%
Brent$80.92+2.210.03%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.420,0024.790,00
EUR25.943,7727.367,66
GBP30.352,8931.644,65
JPY158,40167,65
KRW15,9619,35
Cập nhật lúc 14:14:07 24/02/2024
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