SCBX, the financial technology business group of Siam Commercial Bank, announced its readiness to apply for a license to establish a virtual bank with South Korean digital bank KakaoBank.
This partnership involves the formation of a consortium, in with SCBX holding a majority stake and KakaoBank holding a stake of at least 20%.
Currently, SCBX and KakaoBank are jointly exploring opportunity to identify other strategic partners to accelerate this process.
![SCBX, KakaoBank Gears up to Apply for Virtual Bank License From Bank of Thailand - Fintech Singapore Arthid Nanthawithaya, CEO and Chairman of the Executive Committee of SCBx](https://platoblockchain.com/wp-content/uploads/2023/06/scbx-kakaobank-gears-up-to-apply-for-virtual-bank-license-from-bank-of-thailand-fintech-singapore.jpg)
Arthid Nanthawithaya
Arthid Nanthawithaya, Chief Executive Officer of SCBX, said,
“We truly believe a strategic partnership with KakaoBank, a globally renowned and South Korea’s largest full-fledged digital bank, will significantly enhance our group’s competitive advantage.
KakaoBank’s strengths lie in distinctive expertise in developing virtual banking business with state-of-the-art technology. The signing of a consortium agreement marks a pivotal milestone as we prepare to apply for a virtual banking license with the Bank of Thailand.”
![SCBX, KakaoBank Gears up to Apply for Virtual Bank License From Bank of Thailand - Fintech Singapore Yun Ho Young](https://platoblockchain.com/wp-content/uploads/2023/06/scbx-kakaobank-gears-up-to-apply-for-virtual-bank-license-from-bank-of-thailand-fintech-singapore-1.jpg)
Yun Ho Young
Yun Ho Young, Chief Executive Officer of KakaoBank, said,
“We are delighted to join hands as partners with SCBX, Thailand’s leading financial technology group, in the realm of virtual banking.
We hope to replicate the disruption KakaoBank brought to the South Korean retail banking market in Thailand with our leadership in financial technology coupled with SCBX’s thorough understanding of the market.”
- SEO Powered Content & PR Distribution. Get Amplified Today.
- EVM Finance. Unified Interface for Decentralized Finance. Access Here.
- Quantum Media Group. IR/PR Amplified. Access Here.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Source: https://fintechnews.sg/75263/thailand/scbx-kakaobank-gears-up-to-apply-for-virtual-bank-license-from-bank-of-thailand/
- $UP
- 12
- 7
- a
- accelerate
- ADvantage
- Agreement
- and
- announced
- Apply
- ARE
- AS
- At
- Bank
- Bank of Thailand
- Banking
- begin
- believe
- brought
- business
- caps
- ceo
- chairman
- chief
- chief executive officer
- commercial
- committee
- competitive
- consortium
- coupled
- CSS
- delighted
- developing
- digital
- digital bank
- Disruption
- distinctive
- enhance
- establish
- executive
- Executive Officer
- expertise
- Exploring
- false
- financial
- financial technology
- fintech
- For
- form
- formation
- friendly
- from
- full-fledged
- gears
- gears up
- Globally
- Group
- Group’s
- Hands
- holding
- hope
- HTTPS
- identify
- in
- ITS
- join
- jpg
- Korea’s
- Korean
- largest
- Leadership
- leading
- least
- License
- mailchimp
- Majority
- majority stake
- Market
- milestone
- of
- Officer
- Opportunity
- Other
- our
- partners
- Partnership
- pivotal
- plato
- Plato Data Intelligence
- PlatoData
- Prepare
- process
- Readiness
- realm
- Renowned
- retail
- Retail Banking
- return
- Said
- siam
- siam commercial bank
- significantly
- signing
- Singapore
- South
- south korean
- stake
- state-of-the-art
- Strategic
- strategic partners
- Strategic partnership
- strengths
- Technology
- Thailand
- Thailand’s
- The
- this
- to
- truly
- understanding
- Virtual
- virtual bank
- Virtual Banking
- we
- will
- with
- young
- zephyrnet