Krungthai Bank Alliance to Launch Virtual Bank in 2026

Krungthai Bank, Advanced Info Service, and PTT Oil and Retail Business are planning to launch a virtual bank in Thailand by 2026. The three companies have formed Thailand Three Corporation Limited with KTB holding 41%, ADVANC holding 39%, and OR holding 20%. They have also registered Clicx Bank Public Company Limited with a 95% stake, which will increase to 99.99% in the future.

Krungthai Bank (KTB), Advanced Info Service (ADVANC), and PTT Oil and Retail Business (OR) have formed a joint venture, Thailand Three Corporation Limited, to establish Clicx Bank Public Company Limited (VBCo), aiming to launch a virtual bank in Thailand by 2026. The three companies have received approval from the Bank of Thailand (BOT) to set up virtual banks, joining other entities such as SCB X and KakaoBank Corp.

Thailand Three Corporation Limited, established on July 9, 2025, has a registered capital of 50 million baht, with KTB holding 40%, ADVANC holding 39%, and OR holding 20%. The consortium has set up Clicx Bank PCL (VBCo) with the same registered capital, fully paid-up and divided into five million ordinary shares. At incorporation, HoldCo, the parent company, held 95% of VBCo's capital, with 15 founding shareholders jointly holding the remaining 5%. HoldCo will later acquire the remaining shares to bring its stake to 99.99%.

KTB retains the right to nominate at least half of HoldCo’s board members, and both HoldCo and VBCo are considered companies under KTB’s control, in accordance with the Securities and Exchange Act 1992 (and its amendments) [1].

The consortium aims to launch the virtual bank service by 2026, following the approval from the Finance Minister on June 19, 2025. The virtual bank will leverage the strengths of KTB, ADVANC, and OR, with KTB's extensive banking experience, ADVANC's technological prowess, and OR's retail and business expertise.

References:
[1] https://www.nationthailand.com/business/banking-finance/40053849
[2] https://www.marketscreener.com/news/ptt-oil-and-retail-business-posts-qtrly-total-sales-and-services-167-166-million-baht-ce7c5edfde81f526
[3] https://asianbankingandfinance.net/retail-banking/news/krungthai-bank-and-partners-establish-virtual-lender-clicx-bank