Thailand, September 19, 2024 - Sea has announced the formation of a strategic alliance with four leading Thai companies to apply for a Virtual Bank license in Thailand. This partnership includes Bangkok Bank, BTS Group (through VGI's subsidiary), Saha Group, and Thailand Post, and aims to leverage each company's unique strengths to deliver innovative digital financial services, with a particular focus on enhancing access for underserved segments of the population.
As the parent company of Shopee and SeaMoney, Sea brings a proven track record in building and scaling successful digital platforms across Southeast Asia. The alliance aims to contribute to the growth of Thailand’s digital economy by utilizing Sea's expertise in digital banking and financial services. The partner companies—Bangkok Bank, BTS Group, Saha Group, and Thailand Post—are respected leaders in their respective fields, known for their strong local presence and deep understanding of Thai consumers and businesses.
Together, the consortium aims to leverage technology and their collective expertise to realize a shared vision of improving access to financial services in Thailand. In doing so, the partnership hopes to better the lives of underserved individuals and small businesses, reduce the reliance on informal loans, foster healthy competition, pioneer the next wave of financial services innovation, and support the sustainable development of Thailand’s economy through greater digital and financial inclusion.
The collective expertise of the five partner companies provides a strong foundation for the Virtual Bank application. The consortium’s strengths include digital banking technology readiness, robust data management practices, track record in financial product innovation, strong corporate governance and risk management, extensive experience doing business in Thailand, and a profound understanding of the needs of Thai consumers and small businesses. This partnership's diverse and comprehensive capabilities will empower the group to deliver compelling virtual banking products and services that resonate with a broad spectrum of users, including individuals and small businesses in urban and rural communities, as well as those in underserved and unserved populations.
Alongside the goal of improving access to financial services through technology, the consortium also aims to promote good financial literacy and healthy financial habits amongst its users. If awarded, the Virtual Bank will be established under principles of good governance and transparency, with responsible lending practices that ensure the Virtual Bank can grow both sustainably and together with Thailand’s economy.
The consortium looks forward to the journey ahead and is committed to making a positive impact on the financial well-being of individuals and communities throughout Thailand.
