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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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27-09-2023 16:44:28 (UTC+7)

EUR/USD

1.0554

-0.0016 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0554

-0.0016 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2141

-0.0016 (-0.14%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (4)

USD/JPY

149.18

+0.13 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.6371

-0.0025 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.3537

+0.0022 (+0.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

157.43

-0.17 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

EUR/CHF

0.9678

-0.0004 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (3)

Gold Futures

1,912.70

-7.10 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

22.995

-0.201 (-0.87%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Copper Futures

3.6380

-0.0110 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Crude Oil WTI Futures

91.14

+0.75 (+0.83%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Brent Oil Futures

92.89

+0.46 (+0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

2.901

+0.056 (+1.97%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (3)

US Coffee C Futures

149.47

-1.38 (-0.91%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

Euro Stoxx 50

4,135.05

+5.87 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,273.53

-63.91 (-1.47%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (1)

DAX

15,229.65

-26.22 (-0.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,607.92

-17.80 (-0.23%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Hang Seng

17,552.50

+77.50 (+0.44%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (2)

US Small Cap 2000

1,761.61

-22.63 (-1.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

IBEX 35

9,356.79

-10.11 (-0.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

41.950

-0.160 (-0.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Bayer AG NA

45.74

+0.06 (+0.13%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

228.62

-1.83 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

158.68

-1.26 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

Deutsche Lufthansa AG

7.623

+0.016 (+0.21%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Siemens AG Class N

130.88

+0.96 (+0.74%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

10.372

+0.274 (+2.71%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.0554↑ Sell
 GBP/USD1.2141Sell
 USD/JPY149.18↑ Buy
 AUD/USD0.6371↑ Sell
 USD/CAD1.3537↑ Buy
 EUR/JPY157.43↑ Buy
 EUR/CHF0.9678Neutral
 Gold1,912.70↑ Sell
 Silver22.995↑ Sell
 Copper3.6380↑ Sell
 Crude Oil WTI91.14↑ Sell
 Brent Oil92.89↑ Sell
 Natural Gas2.901↑ Buy
 US Coffee C149.47↑ Sell
 Euro Stoxx 504,135.05↑ Sell
 S&P 5004,273.53Neutral
 DAX15,229.65↑ Sell
 FTSE 1007,607.92↑ Sell
 Hang Seng17,552.50Neutral
 Small Cap 20001,761.61↑ Sell
 IBEX 359,356.79↑ Sell
 BASF41.950↑ Sell
 Bayer45.74↑ Sell
 Allianz228.62↑ Sell
 Adidas158.68↑ Sell
 Lufthansa7.623↑ Sell
 Siemens AG130.88↑ Sell
 Deutsche Bank AG10.372↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,820/ 6,870
(-10/ -10) # 1,267
SJC HCM6,810/ 6,880
(0/ 0) # 1,278
SJC Hanoi6,810/ 6,882
(0/ 0) # 1,280
SJC Danang6,810/ 6,882
(0/ 0) # 1,280
SJC Nhatrang6,810/ 6,882
(0/ 0) # 1,280
SJC Cantho6,810/ 6,882
(0/ 0) # 1,280
Cập nhật 27-09-2023 16:44:30
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ↀ Giá vàng thế giới
$1,895.38-6.43-0.34%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V26.27026.790
RON 95-III25.74026.250
E5 RON 92-II24.19024.670
DO 0.05S23.59024.060
DO 0,001S-V24.45024.930
Dầu hỏa 2-K23.81024.280
ↂ Giá dầu thô thế giới
WTI$90.74+8.740.11%
Brent$93.01+7.350.09%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.170,0024.540,00
EUR25.069,8726.446,24
GBP28.826,3130.053,60
JPY158,86168,17
KRW15,5919,00
Cập nhật lúc 16:36:29 27/09/2023
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