KakaoBank wins virtual banking license in Thailand

(KakaoBank)

Kakao Group’s online bank arm KakaoBank Corp. was granted a virtual banking license by Thailand’s financial regulators to re-enter the market for the first time in around 25 years, the company said.

Thailand’s Ministry of Finance selected a consortium formed by KakaoBank and Thailand’s SCBx, a major financial holding group, as a “virtual bank” operator on June 19th, 2025. The new digital lender, modeled on South Korea’s internet-only bank system, is expected to launch operations in the second half of 2026, following the establishment of a preparatory entity by the third quarter of 2025.

KakaoBank will be the second-largest shareholder in the consortium.