SCBX, the Thai financial group partnered with Korea's Kakao Bank in a virtual banking venture, has set up a new subsidiary that will later serve as the corporate entity for the digital lender.
Thai media outlet The Nation reported Monday that SCBX had filed with the Stock Exchange of Thailand to establish Bank X Public Company Limited as a new subsidiary under the group.
SCBX, the holding company of Siam Commercial Bank, is working with Kakao Bank and China's WeBank Technology Services to launch what is set to become Thailand's first virtual bank.
The move follows approval from Thailand's central bank in July 2025, which cleared the consortium to begin operating a digital-only bank as early as the second half of this year. The central bank had said the approved group must first establish a corporate entity before starting operations about a year later.
According to the report, the filing showed the new company was registered with initial capital of 10,000 baht ($304) with plans to raise that to 5 billion baht later this year, or when it files for a banking license with Thailand's Finance Ministry, in line with the criteria and timeline set by the central bank.
Under the deal, SCBX will hold 90 percent of the initial shares in Bank X, while Kakao Bank will own 10 percent. Kakao Bank plans to gradually raise its stake to 24.5 percent, making it the second-largest shareholder.
jwc@heraldcorp.com
