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Bloomberg

Top Thai Billionaires-Backed Groups Win Digital Bank Permits

Three groups led by Charoen Pokphand Group, Gulf Development Pcl and SCB X Pcl have clinched Thailand's new virtual bank licenses to boost competition in the nation's banking industry, according to the central bank. ACM Holding Co., which is part of CP Group, and Advanced Info Service Pcl, a Gulf Development's mobile phone affiliate, secured the permits, Bank of Thailand said on Thursday. SCB X, which formed a consortium that includes China's WeBank Co. Ltd. and South Korea's KakaoBank Corp, also obtained the virtual bank license.