Objectives of the establishment of a virtual bank in the context of the financial system

The purpose of establishing a virtual bank in each country differs depending on the context of the financial system in that country. (Details are in the Appendix below).  However, when considering the context of the Thai financial system able to summarize the objectives of the establishment of cloud based corporate digital banking software as follows.

Increase household access to financial services and small and medium enterprises (SMEs), especially credit services

Overall, access to financial services among Thai households and SMEs have continued to improve. as a result of product development service channels And adding new providers; however, families choose not to use banking services. (Self-exclusion) has a relatively high proportion. While accessing the service, In terms of credit, there are still some limitations. However, the use of transfer and payment services via electronic channels has increased.

household sector

The overall access and use of financial services in Thai households increased to 89.8 percent in 2018 from 86.4% in 2016. (deposit service credit service money transfer service and payment services) as a service, found that.

  • Households opting out of deposit services accounted for 16.9 percent in 2018. However,deposit services began to offer a variety of products to meet the needs of each group of depositors, such as basic banking accounts. That allows low-income and older adults to access financial services at a lower cost. And electronic deposit accounts (e-Savings) that depositors receive higher interest rates than general deposit accounts. Customers can verify their identity through multiple channels, such as the bank’s service point or representative. Banking and financial services app development automation machine or through the National Digital ID (NDID) platform makes opening cross-bank accounts more convenient.
  • Access to credit services in the system is still relatively small. especially the group of users who do not have a fixed income or no proof of income because the business operator does not have sufficient information to assess the ability and willingness to repay the debt; and
  • money transfer and payment services have increased the use of services via electronic channels. This is a result of the development of PromptPay and QR code standards and the reduction of online banking transaction fees.


In 2020, Thai SMEs access to credit from commercial banks and specialized financial institutions increased to 1.23 million from 1.20 million in 2019. But considering the number of SMEs in the country with more than 3 million, there are about 2 million SMEs or about 2 million. Sixty percent have not used credit Low code ISV Banking and financial services in the financial institution’s system. SMEs are unable to borrow money from financial institutions in the system because there is no payment history or account history, No collateral, and no clear business plan. At the same time, SMEs who have already received loans face problems due to receiving a lower limit than required. and have to pay high interest and fees.

The creation of digital footprint data for households and businesses via transfer or payment through a financial institution account or electronic money (e-Money) to repay loans Or pay for goods and services through stores, including online stores and various platforms. It will be an alternative data that allows financial service providers, including Virtual banks, to use such data to develop financial services to meet users’ needs. Future services, such as credit to people and small enterprises (MSMEs), are based on their ability to pay off debt from goods and services payment behavior. At the same time, users tend to receive financial assistance at better prices as virtual banks have lower operating costs than traditional commercial banks.

Develop financial innovations and promoting innovative products and services that meet the needs of consumers

In the past, Thai Commercial Banks have developed financial products and services that provide convenience for customers, such as withdrawing money at ATMs without a card. Opening a deposit account online, However, Virtual Bank can offer innovative and different financial products and services with the availability of technology and a wide range of financial data and alternative data. Different from the existing, It may be a service that caters to specific needs. or create a good user experience for consumers Examples of interesting products of Virtual banks abroad.

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