Thai Financial Holding SCBx Visits KakaoBank... "Strengthening Cooperation for Virtual Bank Licensing"

▲On the 1st, Thai financial holding company SCBx visited Kakao Bank's Pangyo office located in Seongnam, Gyeonggi Province, and held a meeting with Kakao Bank executives regarding the progress of the virtual bank joint license application. After the meeting, Yoon Ho-young, CEO of Kakao Bank (left), and Archid Nandavidaya, CEO of SCBx, posed for a commemorative photo.
[Photo by Kakao Bank]

Kakao Bank announced on the 3rd that Thailand's financial holding company SCBx visited Kakao Bank's Pangyo office.

The two companies, collaborating with the goal of obtaining a license for a Thai version of an internet-only bank called a "virtual bank," shared strategies and directions for the virtual bank and strengthened their relationship.

The virtual bank promoted by the Thai government provides all banking services using a digital platform without branches, similar to Korea's internet-only banks. The Bank of Thailand accepted virtual bank license applications until September, and virtual banks must begin operations within one year after obtaining the license. Currently, Kakao Bank, based on its cooperation with SBX, completed submitting the virtual bank license application to the Bank of Thailand last September.

SCBx, a major Thai financial holding company that visited Kakao Bank this time, has 11 subsidiaries in Thailand, including SCB (Siam Commercial Bank), one of the top three banks in Thailand, Card X, which operates credit card businesses, and Innovest X Securities, which provides financial investment services. SCBx is also actively investing in financial technology, establishing itself as a leading fintech technology group in Thailand.

On the 1st, SCBx executives, including CEO Archid Nandavidya, visited Kakao Bank's Pangyo office and held a meeting with Kakao Bank executives regarding the progress of the joint virtual bank license application. The meeting was attended by Kakao Bank CEO Yoon Ho-young, as well as executives and staff in charge of Kakao Bank's global business.

The two companies had in-depth discussions on ways to improve access to financial services in Thailand and develop the digital financial ecosystem. Above all, they agreed on the shared goal of strengthening Thailand's financial competitiveness and practicing inclusive finance for financially vulnerable groups by establishing an innovative virtual bank.

Archid Nandavidya, CEO of SCBx, said, "By collaborating with Kakao Bank, which is recognized as a successful case of digital banking in the global market, we will enhance the user experience of virtual bank services."

Kakao Bank CEO Yoon Ho-young said, "The establishment of Kakao Bank's digital banking in Thailand will not only serve as a stepping stone to pioneering a new market but is also expected to be an important opportunity to internationally showcase the excellence of South Korea's digital financial technology."