Sea forms strategic alliance to apply for virtual banking license in Thailand

Sea has announced the formation of a strategic alliance with four major Thai companies to apply for a virtual bank license in Thailand. This alliance includes Bangkok Bank, BTS Group (through VGI subsidiary), Saha Group and Thailand Post, and aims to leverage the unique strengths of each company to offer innovative digital financial services, with a particular focus on improving the access for underserved segments of the population.

As the parent company of Shopee and SeaMoney, Sea brings a proven track record of building and scaling successful digital platforms across Southeast Asia. The alliance aims to contribute to the growth of the Thai digital economy using Sea’s expertise in digital banking and financial services. The partner companies – Bangkok Bank, BTS Group, Saha Group and Thailand Post – are respected leaders in their respective fields, known for their strong local presence and deep understanding of Thai consumers and businesses.

Together, the consortium aims to leverage technology and their collective expertise to realize the shared vision of improving access to financial services in Thailand. With this, the association hopes to improve the lives of underserved people and small businesses, reduce dependence on informal loans, encourage healthy competition, pioneer the next wave of financial services innovation and support the sustainable development of the Thai economy through greater digital and financial inclusion.

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The collective experience of the five partner companies provides a solid foundation for the implementation of the Virtual Bank.

The consortium’s strengths include its readiness for digital banking technology, its strong data management practices, its track record in financial product innovation, its strong corporate governance and risk management, its extensive business experience in Thailand and its deep knowledge of the needs of Thai consumers and small businesses. The diverse and broad capabilities of this partnership will enable the group to offer attractive virtual banking products and services to a broad spectrum of users, including individuals and small businesses in urban and rural communities, as well as underserved and underserved populations.

The consortium aims to leverage technology and its collective expertise to realize the shared vision of improving access to financial services in Thailand

Along with the objective of improving access to financial services through technology, the consortium also aims to promote good financial education and healthy financial habits among its users. If granted, the Virtual Bank will be established under the principles of good governance and transparency, with responsible lending practices that ensure the Virtual Bank can grow sustainably and alongside Thailand’s economy.

The consortium looks forward to the journey ahead and is committed to positively impacting the financial well-being of people and communities across Thailand.