Thai central bank studies option of virtual banking licenses | Inquirer Business

Thai central bank studies option of virtual banking licenses

/ 04:18 PM September 23, 2020

Bank of Thailand deputy governor Ronadol Numnonda

Bank of Thailand’s deputy governor Ronadol Numnonda

BANGKOK — Bank of Thailand’s deputy governor Ronadol Numnonda said the central bank is studying the pros and cons of virtual banking now that central banks in other countries have granted licenses for digital banking.

Banks in Europe, Singapore and Malaysia already offer customer services via virtual banking platforms.

Article continues after this advertisement

Though Thai banks provide several services via mobile banking and have cut down on physical bank branches in response to consumer demands, the services provided online are still limited.

FEATURED STORIES

Ronadol said both local and foreign banks have discussed the prospect of virtual banking operations in Thailand with the central bank.

However, he added, the central bank wants to make sure that the new digital banking service answers the needs of both customers who live in large cities as well as those who are upcountry. The virtual banking operation must also ensure customers’ safety, he said.

Article continues after this advertisement

Thaweelap Rittapirom, executive vice president of Bangkok Bank, said banking services have changed a lot because now people prefer using mobile banking options and have cut down on the use of ATM machines. Hence, he said, there is a great possibility that virtual banking will arrive in Thailand soon.

Amorn Suvachittanont, first senior vice president at Kasikornbank, suggested that other key developments such as a wider use of digital currencies may take place before virtual banking materializes in Thailand.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Bank of Thailand, Business, Finance, Virtual banking

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.