Bangkok Bank (BBL) is confident it will secure a virtual bank licence, backed by the robust capabilities of each partner within its consortium.
The bank has studied virtual banking models overseas and found that there are three critical success factors: core banking technology, a strong ecosystem, and effective risk management, according to the bank's senior executive vice-president Kobsak Pootrakool.
Mr Kobsak said that while traditional banks require substantial investments in technology to reinforce core banking systems, virtual banking operates differently, relying heavily on data as a key driver of business success.
BBL's consortium, comprising five business partners applying for a virtual bank licence, is well-positioned to establish a strong ecosystem, leveraging the extensive customer bases of its partners such as Shopee, Thailand Post, and Saha Group, said Mr Kobsak.
BBL, Thailand's largest bank by assets, has partnered with Singapore-based Sea Limited, BTS Group (via VGI's subsidiary), Saha Group, and Thailand Post to apply for a virtual bank licence from the Bank of Thailand.
Sea Group, which operates Shopee, Southeast Asia's leading e-commerce platform, also offers a range of digital financial services through its subsidiary SeaMoney. This includes mobile wallets, payment processing, credit, banking, and insurtech, offered across eight Southeast Asian markets, along with Taiwan and Brazil, under brands such as ShopeePay, SPayLater, SLoan, SeaBank and MariBank.
With 79 years of banking experience in Thailand and 70 years internationally, BBL has a solid foundation in operational performance and risk management, currently operating in nine out of 10 Asean member states. BBL does not operate at present in Brunei.
"With these strengths, we are optimistic about securing a virtual bank licence, meeting local customer needs, and driving sustainable, long-term growth," Mr Kobsak said.
In addition, Mr Kobsak said BBL's business outlook for the fourth quarter this year remains in a positive trend, following a record net profit of 12.4 billion baht in the third quarter, an increase of 9.93% year-on-year.
Although Thailand's GDP growth is expected to be below 3% this year, it is projected to improve in 2025, he said.
BBL expects the country's economic growth to reach at least 3% in 2025 and projects the bank's total loan growth to be in the range of 3-4%. Key areas driving the bank's loan expansion next year will include sustainable and green finance, along with regional banking.
With a focus on reducing carbon emissions, BBL is committed to supporting clean energy development across Asean, which will drive demand for green loans over the next five years.
As a regional bank, BBL's loan growth is expected to benefit from new renewable energy investments and the regional expansion of both local corporations and international clients, aligning with Asean's economic growth trajectory, Mr Kobsak said.
