Belaws Thailand
  • thailand
  • legal
    • Legal
      • All Legal services
      • Urgent. Same day advice
      • Immediate legal consultation
      • Document Review
    • Our expertise
      • Employment Law
      • Merger & Acquisitions
      • Restructuring & Insolvency
      • Banking & Finance
      • Real Estate
      • Startups Services
      • Blockchain Expertise
      • Energy, Mining & Infrastructure
      • Intellectual Property
      • Tax Expertise
      • Telecommunication, Media & Technology
      • Commercial Transactions
      • Family Law
      • Download your free copy of our guide, 'Starting a Business in Thailand for Foreigners,' featuring essential insights for successfully establishing a business in Thailand.
  • incorporation
    • Incorporation
      • All Incorporation services
      • Business feasibility check
      • Market research
      • Entry strategy
    • Companies type
      • BOI Company
      • Limited company
      • Branch Office
      • Representative Office
      • U.S Treaty of Amity company
      • Startups Services
    • Business Licenses
      • Foreign Business License
      • E-commerce License
      • Factory License
      • Important License
      • Restaurant License
      • See all Licences
  • Accounting & secretary
    • accounting & secretary
      • All Accounting & Secretary services
      • Urgent. Same day advice
      • Immediate consultation
      • Document review
    • corporate
      • Draft minutes
      • Changing directors
      • Share transfer
      • Registered address change
      • Capital increase
      • Meetings AGM
      • Meetings (EGM)
      • Closing a company
    • Legalisation
      • Notarisation and legalisation
      • Translation document
    • accounting
      • Bookkeeping & tax filings
      • Annual audit
      • Payroll
      • Payroll outsourcing
      • Tax
      • VAT Registration
      • Corporate Income Tax
      • Personal income tax
  • Corporate
    • accounting & secretary
      • All Accounting & Secretary services
      • Urgent. Same day advice
      • Immediate consultation
      • Document review
    • corporate
      • Draft minutes
      • Changing directors
      • Share transfer
      • Registered address change
      • Capital increase
      • Meetings (AGM)
      • Meetings (EGM)
      • Close a company
      • Translation document
      • Notarisation & Translations
      • Notarisation & Legalisation
      • Translation documents
    • accounting
      • Bookkeeping & tax filings
      • Annual audit
      • Payroll
      • Payroll outsourcing
      • Tax
      • VAT Registration
      • Corporate Income Tax
      • Personal Income Tax
  • visas
    • visas
      • All Visas services
      • Urgent. Same day advice
      • Document review
      • Immediate Visa consultation
    • live in thailand
      • Thailand LTR Visa
      • Thailand Elite Visa
      • Retirement Visa
      • Marriage visa
      • Change your visa type
      • See all visa options
    • work in thailand
      • PEO services
      • Non immigrant B Visa
      • Work Permit
      • BOI Visa & Work Permit
      • Change your visa type
  • BLOG
  • CONTACT
    • fr_FRFrançais
    • en_USEnglish
  • Menu Menu
  • INCORPORATION
  • LEGAL
  • ACCOUNTING & SECRETARY
  • VISAS
  • Blog
  • IMMEDIATE CONSULTATION
  •  
  • en_USEnglish
  • fr_FRFrançais
Belaws Home ›› Thailand ›› Blog ›› Digital banks to come to Thailand by 2025

legal

Digital banks to come to Thailand by 2025

08/02/2023

Virtual banks or digital banks could be coming to Thailand by 2025. Virtual banks (digital banks) have the potential to transform the traditional banking landscape in Thailand and offer customers a new way to manage their finances. 

With a focus on digital convenience, these banks allow customers to access a range of financial services, such as deposit accounts, loans, payment services, and investment products, all through a user-friendly digital platform through technology such as artificial intelligence, blockchain, and biometrics. 

This blog post will look at the recent announcement from the Bank of Thailand relating to virtual banks (digital banks).

Opening a Shop in Thailand

Key points

  • The Bank of Thailand (BOT) has announced plans to allow the operation of virtual/digital banks from 2025.
  • The details and regulations surrounding virtual banking in Thailand are not yet stablished.
  • Virtual banks are financial institutions that operate online and provide banking services without using physical branches.

What did the BOT announce?

The Bank of Thailand (BOT) has announced plans to allow the operation of virtual banks (digital banks) in the country starting in 2025. These virtual banks aim to increase financial inclusion and competition in the banking sector. 

The details and regulations surrounding virtual banking in Thailand have yet to be fully established. Still, the BOT will set standards and guidelines for virtual banks to ensure they operate safely and securely. The BOT will also oversee the licensing and supervision of virtual banks to ensure they comply with regulations and protect consumers. Overall, the BOT’s plans for virtual banks aim to promote financial innovation and enhance the country’s banking sector.

The Bank of Thailand announced its intention to issue three virtual bank licenses in 2024. To qualify for these licenses, applicants must have a minimum registered capital of 5 billion baht to be scaled up to 10 billion when fully functional.

What is the current status of virtual/digital banks in Thailand?

Over recent times, there has been an explosion in the popularity of digital/virtual banking, with the likes of Revolut and N26 becoming popular. Thailand has been slow in the shift towards digital banks and hasn’t seen widespread growth like in Europe and elsewhere.

This newfound popularity worldwide and Thailand’s slow shift towards digital banking is partly why the Bank of Thailand has announced these new plans. 

While Thailand has not seen any digital banks begin operations, the traditional banks have all released their banking apps. These apps allow users to undertake many actions that traditionally would have required going to a physical branch. These apps are paving the way for banks to move away from the traditional brick-and-mortar ranches and towards digital/virtual banking.

What are virtual/digital banks?

Virtual banks (digital banks) are financial institutions that operate online and provide banking services without using physical branches. They offer a range of financial services such as deposits, loans, and payment services, all accessed through a digital platform such as a website or mobile app. 

Virtual banks (digital banks) aim to provide customers with more convenient, accessible, and efficient banking services and reach a broader range of customers, especially those underserved by traditional physical banks.

Virtual banks (digital banks) typically use technology such as artificial intelligence, blockchain, and biometrics to provide a seamless user experience and to ensure security. The exact range of services offered by virtual banks can vary depending on the specific virtual bank and the regulations of the country in which it operates.

Such banks aim to expand financial inclusion and increase competition in the banking sector.

What services can virtual/digital banks offer?

Virtual banks (digital banks) can offer a range of financial services, including:

  1. Deposits: savings, checking accounts, and certificates of deposit (CDs) will typically be offered.
  2. Payments: Provision of payment services such as online bill payment, peer-to-peer (P2P) transfers, and mobile e-wallet services.
  3. Lending: Ability to offer personal loans, mortgages, and other types of lending services to their customers.
  4. Investment: Offering investment services such as wealth management, robo-advisory services, and other investment products.
  5. Cards: Issuing of debit and credit cards.

However, at this stage exact range of services offered in Thailand hasn’t been revealed. However, virtual banks (digital banks) aim to provide a comprehensive suite of financial services through a user-friendly digital platform.

What are the advantages of virtual/digital banks?

Virtual banks (digital banks) offer several advantages, such as:

  1. Convenience: Customers can access their financial services anytime, anywhere, through a digital platform. This removes the need to visit a physical branch.
  2. Lower Costs: Virtual banks (digital banks) typically have lower overhead costs, allowing them to offer their services at lower prices than traditional banks.
  3. Technology: Banks leverage technology, such as artificial intelligence, blockchain, and biometrics, to provide a smooth and secure customer experience.
  4. Wide Reach: The wider ability to reach a broader range of customers as it is done through a digital platform.
  5. Innovation: Offering new and innovative financial products and services not typically offered by traditional banks.
  6. Competitive rates: Offering competitive interest rates on deposits and loans can help customers save money on their finances.
  7. Improved Customer Experience: Provision of a more personalized and efficient banking experience, using digital tools to analyze their data and offer customized financial solutions.

How can Belaws help?

You can talk directly to one of our experts for more information about virtual/digital banks in Thailand.

Talk to an expert

This article is for information purposes only and does not constitute legal advice.

Share this post
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on LinkedIn
  • Share by Mail
Immediate Consultation
Book now

Our consultations last for a period of up to 1 hour and are conducted by expert Lawyers who are fluent in English, French and Thai.

Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our legal experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.

USD 150

Up to 1 hour

Online payment (Paypal or Credit card)

Legal consultation can be conducted in English, French or Thai

Legal consultations are handled by experienced lawyers from the relevant fields of practice

Frequently asked questions

Do expats pay income tax in Thailand?

Thailand imposes an income tax on any income earned in Thailand for both resident and non-residents individuals. This tax will be imposed regardless of whether such income is paid in or outside of Thailand.

Do Thai citizens pay taxes?

Yes, Thai citizens are subject to tax.

What happens if you dont pay tax in Thailand?

You will be subject to Imprisonment for a term up to 1 year; or a. Fine up to 200,000 Baht; or. Both.

What’s the average cost of living in Thailand?

On average, $1,500 a month is accepted as a suitable income for a comfortable life in Thailand.

How can I avoid tax in Thailand?

It is not recommended to avoid paying tax in Thailand.

Do expats pay tax?

Thailand imposes an income tax on any income earned in Thailand for both resident and non-residents individuals. This tax will be imposed regardless of whether such income is paid in or outside of Thailand.

How is income tax calculated in Thailand?

Thailand makes use of a progressive tax system for personal income tax, the rates of taxation can be seen below:

Taxable Income Tax Rate
0 – 150,000 Exempted
150,001 – 300,000 5%
300,001 – 500,000 10%
500,001 – 750,000 15%
750,001 – 1 million 20%
1,000,001 – 2 million 25%
2,000,001 – 5 million 30%
5,000,001 or more 35%

Related articles

Decreased Tax Rates for Foreign Professionals

Decreased Tax Rates for Foreign Professionals

29/06/2022
In May 2022, the Royal Decree No. 743 B.E. 2565 (2022) issued under the Revenue Code announced decreased tax rates for foreign professionals.
June 29, 2022/by jonathan
Thailand to work with the OECD to tackle international tax avoidance

Thailand to work with the OECD to tackle international tax avoidance

30/06/2022
As part of their responsibilities as a signatory the OECDs project to tackle international tax avoidance, Thailand has ratified the MLI.
July 1, 2022/by jonathan
Income tax exemptions on offer for investment in target companies

Income tax exemptions on offer for investment in target companies

01/09/2022
Income Tax exemptions have been made available to those who invest in targeted industries and companies.
September 1, 2022/by jonathan

Subscribe today

Subscribe today

To our newsletter for all the latest legal news
in South East Asia, Belaws updates and
special promotions on our services.

To our newsletter today for all the latest legal news in South East Asia,
Belaws updates and special promotions on our services.

+66 (0) 63 695 5945

We are open:
Monday – Friday
9 am – 6 pm (UTC+7)

Email us

SERVICES

Legal

Incorporation

Accounting & Secretary

Visas

Immediate ConsultationNew

COMPANY

About

Careers

Press & Media

Terms of Services

Privacy Policy

Sitemap

Resources

Belaws Thailand Blog

Facebook Thai Visa Belaws

Ebook on Condo purchase

Ebook Employment Law

Our Offices

Thailand

Singapore

Hong Kong

Cambodia

Vietnam

Belaws 2017 - 2025.
Belaws provides information and software only. Belaws is not a "lawyer referral service" and does not provide legal service or participate in any legal representation.
Belaws is not a law firm or a substitute for an attorney or a law firm. The use of Belaws is subject to our Terms of Use.

Updates to income tax exemptions for the purchase of goods and services Updates on Income Tax Exemptions for Purchases of Goods and Services Starting a Tourism Business in Thailand as a Foreigner Starting a Tourism Business in Thailand
Scroll to top