Tag: Advanced Info Service

  • Thai Virtual Bank Clicx Taps Thought Machine Ahead of up to 3 Licensees

    Thai Virtual Bank Clicx Taps Thought Machine Ahead of up to 3 Licensees

    Thai virtual bank Clicx chose London software vendor Thought Machine on November 3 to run its core banking engine, clearing its infrastructure setup ahead of rival licence holders.

    The consortium, owned by state-controlled lender Krungthai Bank, mobile carrier Advanced Info Service, and fuel and convenience retailer PTT Oil and Retail Business, is the first entrant to claim full operational readiness under the central bank schedule.

    Clicx runs on Vault Core, a cloud system that separates ledger code from product rules. Instead of waiting on an outside vendor to modify backend code when rolling out credit products, the bank can adjust interest rate schedules and repayment periods directly. The bank targets nano-loans and digital personal credit at freelancers, daily wage earners, and mom-and-pop vendors who lack standard salary slips. Risk assessment relies on customer-consented behavioural records pulled from AIS mobile accounts, OR petrol stations, retail cash registers, and Krungthai payment networks.

    How Real-Time Data Replaces Collateral

    Virtual banks routinely promise financial inclusion, but uncollateralised micro-lending often collapses under high non-performing loans when underwriting relies on static quarterly statements. By feeding real-time merchant settlement receipts and telco top-up histories into its ledger, Clicx tries to calculate cash flow before a borrower misses a payment. If a roadside stall owner buys fuel and stock each morning through OR channels and accepts digital payments via Krungthai, the transaction frequency acts as the credit score.

    That cross-ecosystem architecture brings operational friction. Merging customer profiles across three massive consumer databases requires strict compliance under Thailand’s Personal Data Protection Act, which governs explicit user consent, data correction, and deletion. Any technical glitch in how consent tags migrate across corporate systems can halt automated loan approvals at the point of sale.

    The Tech Stack Behind the Build

    Traditional lenders typically buy monolithic cores where a single product update takes months of regression testing. Vault Core operates differently by treating every account balance and transaction as an event-driven ledger entry, leaving the commercial logic in isolated microservices.

    Wannasit Chaiphinan, CTO of Clicx, said: “We selected Vault Core because we needed a core banking platform that gives our team the flexibility to develop products around our customers’ needs. Its cloud-native architecture separates product logic from the underlying core infrastructure, allowing us to configure, test and refine products in-house with less dependence on vendor-led changes.”

    For vendor Thought Machine, the contract adds Thailand to a regional footprint that includes client banks in Singapore, Malaysia, Vietnam, and the Philippines. The British tech firm recently crossed $100 million in annual recurring revenue with positive free cash flow, following a 57 per cent annual revenue gain.

    Pressure on Traditional Branch Networks

    The consortium model poses a clear threat to brick-and-mortar retail banking branches across suburban Thailand. While incumbent commercial banks pay commercial rents and staff teller counters to process small-business loans, Clicx uses the nationwide physical footprint of OR petrol stations and AIS customer service centres as passive marketing conduits.

    Retail merchants who already purchase stock inside the OR retail ecosystem gain an incentive to keep their working capital accounts within the same network. Traditional mid-tier lenders must either compress their loan origination margins or watch self-employed borrowers migrate to platform-native digital lines of credit.

    Consortium Timeline and Licensing Steps

    The Bank of Thailand published its roster of successful virtual bank applicants on June 19, 2025, capping the initial framework at up to three operating licences. Regulatory guidelines required winning consortia to establish secure IT systems, risk controls, and capital cushions before receiving final clearance to open customer accounts.

    The next concrete hurdle sits with the central bank inspectors, who must complete technical audits of the Vault Core integration and data privacy protocols before Clicx can formally accept public deposits and disburse its first commercial loans.

  • Thailand Unveils Three Winning Bids for Exciting New Virtual Banks!

    Thailand Unveils Three Winning Bids for Exciting New Virtual Banks!

    In a significant move for Thailand’s financial landscape, the Bank of Thailand (BOT) has approved three applicants to launch virtual banks. This recent development heralds a new era of banking innovation as the country shifts towards digitalization.

    Meet the New Players in Thailand’s Banking Scene

    The approved entities include AMC Holding Company Limited; a consortium made up of Krung Thai Bank, Advanced Info Service, and PTT Oil and Retail Business Public Company Limited; and another group featuring SCB X, WeTechnology Limited, and Kakaobank Corp.

    Leading the charge is SCB X, the parent company of Siam Commercial Bank (SCB), the oldest bank in Thailand. Alongside them, KakaoBank, a thriving digital bank from South Korea, and WeTechnology, the Hong Kong arm of WeBank—the first digital bank in China—are set to make waves.

    Partnerships That Spark Change

    The consortium formed by Krung Thai Bank—a state-owned institution—teams up with Advanced Info Service, Thailand’s largest mobile operator, and PTT Oil, a key state-owned oil and gas player. This diverse mix signals a push towards integrating financial services with existing consumer bases and technology.

    Countdown to Launch: June 2026

    The clock is ticking for these virtual banks, which must commence operations within one year following the Thai Finance Minister’s approval on June 19, 2025. The BOT emphasizes that these companies need to structure themselves as public limited entities and successfully undergo assessments to qualify for their banking licenses.

    Setting a New Standard in Banking

    As part of their qualification process, the BOT and the Ministry of Finance will evaluate each applicant’s business strategy and capacity to introduce “new value propositions” to financial services. The aim is clear: enhance existing processes and deliver improved service via digital channels—the bank of the future is just around the corner!

    So, who’s excited about virtual banks in Thailand? These innovative players are sure to shake up the status quo in banking. Who knows, maybe your next transaction will involve a banking chatbot powered by AI!

    Questions & Answers

    What is the deadline for the new virtual banks to begin operations? They are required to start business operations by June 2026.

    Who are the approved applicants for virtual banking in Thailand? The BOT has approved AMC Holding Company Limited, a consortium including Krung Thai Bank, Advanced Info Service, and PTT Oil, as well as a group consisting of SCB X, WeTechnology Limited, and Kakaobank Corp.

    What must applicants demonstrate to qualify for a virtual bank license? Applicants must showcase their business plans and ability to deliver innovative financial services that improve efficiency through digital channels.