SCBX, KakaoBank and WeBank partner on Thailand virtual bank

By Vriti Gothi

SCBX has formalised a tri-party collaboration with South Korea’s KakaoBank and WeBank Technology Services to advance plans for a virtual bank in Thailand, as competition intensifies in Southeast Asia’s digital banking market.

The partners said the agreement marks the next phase of development for the proposed fully digital bank, which is intended to expand access to financial services for individuals and small businesses in Thailand. The initiative comes as Thai regulators move forward with frameworks to license virtual banks, aimed at increasing financial inclusion and fostering innovation in the domestic banking sector.

Under the arrangement, SCBX will contribute local market expertise and experience in large-scale financial operations. KakaoBank is expected to bring its operational track record in running a mobile-first digital bank, including product development and customer experience design. WeBank Technology Services, the technology arm of China’s WeBank, will provide digital banking infrastructure and related technology capabilities.

The consortium said artificial intelligence will be embedded into the bank’s core systems from an early stage. The technology is intended to support personalised financial services, improve operational efficiency and enable data-driven decision-making across lending, risk management and customer engagement functions.

Arthid Nanthawithaya, Chief Executive Officer of SCBX, said, “This collaboration reflects our belief that the future of banking must be more inclusive, more accessible, and driven by technology with purpose,” he said. “By working closely with KakaoBank and WeBank Technology Services, we are advancing the development of a virtual bank designed to close longstanding gaps in financial access, elevate customer experience through simpler digital services, and bring meaningful innovation to Thailand’s financial ecosystem in support of sustainable growth.”

Digital banks have gained traction across Asia in recent years, with regulators in markets including Singapore, Malaysia and Hong Kong issuing virtual banking licences to promote competition and serve underserved segments. Thailand’s move to introduce virtual banks is widely viewed as part of this regional trend.

The three companies said they will continue joint work on technology development, service design and operational readiness as the project progresses toward implementation.