Thailand’s competition for virtual banking licences is intensifying as applications have exceeded the number of licences the central bank plans to grant. The Bank of Thailand (BOT) received five applications ahead of the September 19 deadline, it said in a statement on Monday. The BOT intends to issue no more than three virtual banking licences and expects to announce the winners by mid-2025. While the applicants were not named, groups led by SCB X Pcl, Gulf Energy Development Pcl, and Charoen Pokphand Group have expressed interest. Hong Kong-based WeLab Ltd and Lighthub submitted a joint application, while Singapore-based Sea Ltd partnered with Bangkok Bank Pcl for a bid. The BOT will assess the qualifications of the applicants before proposing them to the finance minister for final approval.