“Choose your own bank account number!”
This represents a new phenomenon brought about by Virtual Banks. The first to launch was CLICX Bank, and by 2026, two additional banks must commence services. Many are eagerly anticipating what new offerings will be available to Thai users.
“Banks” are a long-established business in Thailand. Although nowadays people can open deposit accounts or apply for loans online more easily, not everyone can easily access bank financial services. This led the Bank of Thailand (BOT) to issue new licenses for Virtual Banks, or branchless banks, believing that “new” services will reach “new customer segments.”
Saratchada Sornsong, a banking sector equity analyst at Kiatnakin Phatra Securities Public Company Limited (KKPS), explained that Thailand has three Virtual Banks licensed so far:
1. CLICX, launched on 19 Jun 2026, is a collaboration between Krungthai Bank (KTB), Advanced Info Service Public Company Limited (ADVANC) or AIS, and PTT Oil and Retail Business Public Company Limited (OR).
Its strength lies in a combined customer base in Thailand exceeding 99.3 million accounts. It is expected to develop appealing services for SME and Mass market customers, as it combines expertise from banking, telecommunications, and retail sectors.
2. BankX, a partnership between SCB X Public Company Limited (SCB), WeTechnology Limited from China, and KakaoBank Corp. from South Korea. These two partners have virtual banking experience abroad, likely bringing interesting use cases adaptable to Thailand.
Its highlights include focusing on unsecured loans evaluated effectively using AI, as well as more accessible wealth management products. It has a domestic customer base of 15.5 million accounts and, combining foreign operations, over 450 million accounts (KakaoBank with 26.24 million, WeBank with 430 million).
3. ACM Holding Company Limited, under Ascend Money within the CP Group, reflecting extensive experience in retail financial services from TrueMoney Wallet and other affiliated services.
Its strength is a domestic customer base of approximately 32 million accounts, with a Wallet linked to Buy Now Pay Later services and Merchant Finance (loans for merchants).
Saratchada expects the remaining two Virtual Banks to launch services within 2026, as required by the BOT. She believes that within 5 to 6 years, the combined loan portfolio of all three Virtual Banks will reach approximately 200 billion baht, still accounting for less than 1% of Thailand’s bank loans.
She also believes the key customer segment served by these three Virtual Banks will be those earning below 15,000 baht per month, individuals without salary slips, or those currently underserved by existing loan products.
As branchless banks, many expect transaction costs to decrease. Saratchada notes that initially Virtual Banks must invest heavily in systems and infrastructure, so upfront costs remain high. The key challenge is managing to keep costs low. Therefore, the three banks will likely start with deposit services to attract low-cost funding, then expand into loans, fees, and insurance revenue.
Recently, CLICX launched a deposit campaign offering up to 4% annual interest but limits it to the first 20,000 baht and 100,000 customers. This is a good initial market test, with customer acquisition cost around 150 baht per person, representing a low-cost base to attract clients.
The main challenge for Virtual Banks is long-term cost control through risk management. After acquiring deposits, they must select appropriate customer segments. Even though the BOT wants to promote financial access to unbanked and underserved groups, the lack of physical branches complicates debt collection, so Virtual Banks may need to focus on loan types suitable for their model, such as unsecured loans.
Note: The total loans in the Thai banking system including SFIs stand at 22.5 trillion baht, with deposits at 25 trillion baht (as of Feb 2026).
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