South Korea interested in establishing virtual bank in Thailand

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The Deputy Minister of Finance, Mr. Krisada Chinavicharana participated in the unofficial meeting of the APEC Finance Ministers’ Meeting (APEC FMM).

South Korea is interested in applying for a license to establish a virtual bank in Thailand.

The Deputy Minister of Finance, Mr. Krisada Chinavicharana​​ participated in the unofficial meeting of the APEC Finance Ministers’ Meeting (APEC FMM).

During the meeting, discussions included the current financial and fiscal policy experiences, such as the increasing financial costs and their impact on public debt for economic development, changing demographics affecting production capacity in the economy, and the rising budget burden for increased welfare support.



In addition to the discussions, there were talks with the Republic of Korea, represented by H.E. Ji-young Choi, the Deputy Minister of Economy and Finance. Choi expressed the interest of Korean financial institutions in obtaining a license to establish virtual banking in Thailand. Currently, Thailand is in the process of formulating regulations related to the issuance of such licenses, with an expectation that an announcement will be made soon.



Furthermore, the Republic of Korea sought Thailand’s support as a co-chair within the ASEAN+3 framework for the coming year. Additionally, they requested Thailand’s backing for their bid to host World Expo 2030. The Deputy Minister of Finance assured that Thailand is ready to support and coordinate with relevant agencies to consider providing the requested support. (TNA)