Clicx prepares for Thai virtual bank debut

Central bank approves first licence, services to start next month Clicx Bank Plc says it is preparing to become the first virtual bank in the country to launch services next month after being granted a licence by the Bank of Thailand on May 14.Jointly established by Krungthai Bank (KTB), Advanced Info Service (AIS) and PTT Oil and Retail Business Plc (OR), Clicx is the first virtual bank applicant to obtain a licence to operate. AIS and KTB separately filed notices to the Stock Exchange of Thailand saying the central bank had informed Clicx that the finance minister had approved its commercial banking licence, along with approval for payment services businesses under regulatory supervision. Clicx said it aims to enhance financial opportunities for the public by making services more accessible, inclusive, secure and better aligned with the evolving needs of customers. “This licence reflects our readiness to be a fully digital banking business, supported by our capabilities in technology, cybersecurity, service standards and a deep understanding of users’ financial behaviour,” said the company. “Clicx is designed to seamlessly integrate financial services into consumers’ everyday lives.” The platform will be developed across multiple dimensions, applying artificial intelligence to enhance the customer experience, while using behavioural analytics and alternative data to build a more comprehensive financial view and deeper understanding of users such as lifestyle patterns, communication, mobility and everyday services, said the company. Services include savings, money management and access to personalised credit solutions, while emphasising transparency, security and alignment with each customer’s repayment capability. The goal is to expand access to financial services for all groups of Thais, including daily wage workers, freelancers, taxi drivers, first-time workers, students, online merchants and small entrepreneurs, said Clicx. Many of these groups face limitations related to income documentation, financial history or income patterns. In June of last year, the central bank announced three successful applicants to establish virtual banks: the consortium of AIS-KTB-OR; ACM Holding Co, backed by the CP Group; and the SCB X consortium, which includes KakaoBank and WeBank of South Korea. ACM and SCB X have set up Ascend Bank and Bank X, respectively, to operate virtual banking businesses. The regulator initially required operations to begin in June 2026, but recently granted an extension of up to 12 months. Vitai Ratanakorn, the central bank governor, said recently that he expected at least two virtual banks to be operational by year-end. If applicants cannot meet the relevant requirements within one year, the central bank will consider whether, and for how long, an extension should be granted, he said. In a related matter, CP All, a subsidiary of CP Group, is scheduled to hold an extraordinary shareholders’ meeting on May 29 to decide whether to approve placing its three subsidiaries under the Ascend Bank structure. The operator of 7-Eleven and other retail businesses is facing heavy scrutiny over the proposal, with independent directors formally opposed to the move. If shareholders approve the restructuring, the subsidiaries could either be sold to the virtual bank for cash or swapped for equity in the new entity. Either choice would result in an immediate impact on the company’s financial performance, analysts have said.