Overview

• The Thai Ministry of Finance selected the SCBX-led consortium including Kakao Bank to join two other winners in the country’s new virtual banking system.
• Kakao Bank will be the venture’s second-largest shareholder alongside SCBX and Chinese digital lender WeBank.
• Thailand’s virtual banking push aims to offer financial services entirely online without physical branches to enhance customer access and competition.
• Kakao Bank’s expertise in digital infrastructure and localization strategies earned high marks during the license evaluation.
• The venture marks the return of Korean banking to Thailand after nearly three decades and bolsters Kakao Bank’s overseas expansion strategy.