Groups Backed By Thai Billionaires Dhanin, Sarath, Win Virtual Bank Licenses
Mobile banking is one of the services to be provided by virtual banks.
Three groups backed by energy-to-telecommunications tycoon Sarath Ratanavadi, billionaire Dhanin Chearavanont's Charoen Pokphand Group and an international consortium led by Siam Commercial Bank's SCB X won permits to establish virtual banks in Thailand, the central bank announced on Thursday.
The Bank of Thailand hopes the entry of new players would boost innovation in the banking industry and stimulate competition, while maintaining the country's financial stability. The virtual banks are expected to start their commercial operations within one year from the issuance of the licences.
Establishing a virtual bank is a major diversification move for Charoen Pokphand, Thailand's largest conglomerate with interests in agribusiness, food, retail, e-commerce, fintech, media, real estate and telecommunications. CP Group is the main source of wealth for Dhanin Chearavanont and his family, whose net worth of $29 billion makes them the country's second wealthiest.
For Sarath, a virtual bank is a natural extension of his Gulf Development's ventures in digital infrastructure such as data centers and crypto currency exchange. The project will be implemented by his Advanced Info Service, the nation's second biggest mobile carrier. Sarath has a real-time net worth of $11.1 billion.
SCB X, meanwhile, has roped in digital banks such as China's WeBank and South Korea's Kakao Bank, a unit of billionaire Kim Beom-su's Kakao messaging app, to help it build a digital bank in Thailand.
Although virtual bank operations can provide long-term opportunities for those getting the licenses, any immediate impact will likely be limited since they will need to book substantial investment and operating losses in the initial stage.
'We are of neutral view with this development because any material benefit will not be seen within the next five years,' Piriyapon Kongvanich, investment strategist at Bangkok-based Bualuang Securities, said. 'As earnings bases of those involved are massive, it will be difficult for future profits from the virtual bank businesses to push an uptick in their bottom lines.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
HTEC Opened a New Office in Budapest, Signaling Further Expansion on the Hungarian Tech Scene
BUDAPEST, Hungary, June 20, 2025--(BUSINESS WIRE)--HTEC, a global AI-first company and a provider of technology design and engineering services, has opened a new office space in central Budapest, marking another step in the company's strategic expansion across the Hungarian market. Located at Erzsébet krt. 2, the new space will serve as a hub for innovation and collaboration, welcoming new employees eager to shape the future of technology. HTEC partners with leading global companies to solve complex business problems in Financial Services, MedTech, Advanced Technologies, Retail, Telecommunications, and Enterprise Software & Platforms. Its end-to-end expertise—from product strategy to design and delivery—positions the company as a true extension of its clients' teams. With a focus on strong partnerships and delivering measurable ROI fast, HTEC continues to invest in building deep industry knowledge and advancing technological capabilities through both talent acquisition and internal enablement programs. HTEC began its journey in Hungary with the opening of its first office in Szeged in 2022. Today, the company has a growing presence in four Hungarian cities: Budapest, Szeged, Debrecen, and Pécs. The company's expanding local footprint reflects its long-term commitment to creating value for both clients and tech communities in Hungary. To celebrate the new office opening, HTEC hosted an informal event on June 19 at the new location. The gathering brought together HTEC employees from around the country for an afternoon of connection, reflection, and celebration. CEO Aleksandar Cabrilo and President Dusan Kosic were both in attendance. Cabrilo addressed the team, sharing the company's vision for Hungary and outlining ambitious global growth plans. "I'm very thankful for the opportunity to welcome our team into this beautiful space in the heart of Budapest," said Aleksandar Cabrilo, CEO of HTEC. "After three successful years in Hungary, we continue to be amazed by the technical talent and dedication across all of our teams in the country, especially in embedded technologies, an area of strategic importance where skilled professionals are in high demand and play a critical role in driving success across industries. We've recognized the strategic importance of this region and are happy to offer local talent the chance to work on some of the world's most creative technological challenges and become part of our AI-first employee enablement program, which equips them with the essential AI skills for the future." One of the first employees to join HTEC Hungary, Zsolt Zalatnay, Senior Engineering and Delivery Lead, shared his experience: "I joined HTEC because I was drawn to the chance to work on real-world challenges while continuing to learn and grow. I'm delighted to have been part of the dynamic growth of the Budapest team from the early days—it's been exciting to contribute to something evolving and impactful. What stood out to me early on was how quickly I was given trust and ownership—there's a genuine culture of curiosity here." HTEC continues to scale globally in more than 30 locations with over 2,500 employees worldwide. With its new Budapest office, the company strengthens its position in Central Europe and deepens its commitment to building a strong, empowered, AI-ready workforce in Hungary. About HTEC HTEC Group Inc. is a global AI-first provider of strategic, software and hardware embedded design and engineering services, specializing in Advanced Technologies, Financial Services, MedTech, Automotive, Telco, and Enterprise Software & Platforms. HTEC has a proven track record of helping Fortune 500 and hyper-growth companies solve complex engineering challenges, drive efficiency, reduce risks, and accelerate time to market. HTEC prides itself on attracting top talent and has strategically chosen the locations of its 20+ excellence centers to enable this. View source version on Contacts For media inquiries please contact HTEC Media Relations, media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Political Woes Could Sink Thai Economy Deeper Into Malaise
By Suttinee Yuvejwattana and Updated on Save Thailand's sudden descent into a new political crisis threatens an economy that's already on the brink of a technical recession and bracing for the impact of the global trade war. Even if Thai Prime Minister Paetongtarn Shinawatra manages to survive a widening rift in the ruling coalition, analysts said the fallout could stall key legislation, undermine US tariff talks and shake investor confidence in already-underperforming Thai assets.
Yahoo
an hour ago
- Yahoo
EY US Announces Anthony Ahee, CEO of Together Women's Health, as an Entrepreneur Of The Year® 2025 Michigan and Northwest Ohio Award Winner
DETROIT, June 20, 2025--(BUSINESS WIRE)--Ernst & Young LLP (EY US) announced that CEO Anthony Ahee of Together Women's Health (TWH) was named an Entrepreneur Of The Year 2025 Michigan and Northwest Ohio Award winner. Entrepreneur Of The Year is the preeminent competitive awards program for entrepreneurs and leaders of high-growth companies. For 40 years, EY US has celebrated ambitious entrepreneurs who are transforming industries, impacting communities and creating long-term value. Anthony was chosen by an independent panel of past winners, top CEOs and business leaders. Judges assessed candidates on long-term value creation, entrepreneurial spirit, purpose-driven commitment and significant growth and impact. Anthony stated, "I'm incredibly honored to be recognized by EY as Entrepreneur of the Year. Entrepreneurship, to me, has always been about building something meaningful with others and this recognition is truly a reflection of the exceptional team at Together Women's Health. From our dedicated providers delivering outstanding care to our support teams driving growth and innovation, I'm proud of the work we're doing to transform women's health. Together, we're advancing our vision to become the most trusted name in women's health." Together Women's Health is a growing network of leading women's healthcare practices committed to delivering exceptional, individualized care for women at every stage of life. Founded by Anthony Ahee, the organization partners with leading physicians to build a premier network of women's health services in the U.S.—from routine gynecologic and obstetric care, breast health, advanced gynecologic procedures, menopause management, and more. With a focus on clinical and operational excellence, innovation, and compassionate care, Together Women's Health empowers providers to thrive while elevating the patient experience. As a Michigan and Northwest Ohio award winner, Anthony is now eligible for consideration for the Entrepreneur Of The Year 2025 National Awards. The National Award winners, including the Entrepreneur Of The Year National Overall Award winner, will be announced in November at the Strategic Growth Forum®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2026. About Together Women's Health Headquartered in Detroit, MI, Together Women's Health ("TWH") is a women's health management services organization committed to partnering with leading physicians to build a premier network of obstetricians and gynecologists. TWH, recently named on the Inc. 5000 list of fastest growing companies in America, supports its affiliated practices and physician partners throughout multiple states with strategic guidance, administrative resources (including revenue cycle management, marketing, human resources, finance, accounting, and IT), operational expertise and capital, thereby allowing physicians to focus on clinical excellence and serving their communities. TWH is building a network of top clinicians in a physician-led culture. For more information about Together Women's Health, please visit About EY EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information, please visit View source version on Contacts Media Contact Suzanne Cooper, Vice President of Marketing
