Thailand's ambitious plan to introduce virtual banking has ignited competition among the country's corporate behemoths.

According to a recent Bloomberg report, leading corporate entities in Thailand, including Charoen Pokphand Group and Gulf Energy Development Pcl, are eagerly pursuing virtual bank licenses following the Bank of Thailand's announcement.

These licenses are anticipated to offer opportunities for expansion and innovation in the digital banking sector, attracting attention from major players in Thailand's business landscape.

Notably, Gulf Energy intends to collaborate with Krung Thai Bank Pcl and Advanced Info Service Pcl, aiming to leverage the virtual bank license to broaden its horizons. "Gulf Energy CEO Sarath Ratanavadi, expressing optimism, expects to venture into online businesses such as cryptocurrency trading and digital lending with the new license."

Gulf Energy's Crypto Focus Amid Thailand's Financial Market Focus

Thailand is poised to boost competition in its banking sector by granting more than three virtual bank licenses, as confirmed by the central bank.

Successful applicants are slated to be revealed in 2025, with services expected to commence approximately a year earlier. Meanwhile, Gulf Energy's foray into the cryptocurrency realm has been gradually unfolding, with recent developments shedding light on its strategic endeavors.

For context, in mid-January, CoinGape Media reported the establishment of Binance TH, a crypto exchange initiated by Gulf Binance.

Functioning as both an exchange and brokerage platform, Binance TH aims to facilitate seamless digital asset transactions, boasting local currency pairings and regulatory compliance. With Gulf Innova, a subsidiary of Gulf Energy, spearheading this initiative, the energy giant is poised to make significant strides in the crypto space.

The initiative is part of Thailand's broader strategy to enhance financial inclusion, providing better access to loans for underserved consumers.

This move signals a significant shift in the energy giant's strategy, aligning with the evolving financial landscape in Southeast Asia.