Five business groups are competing for new virtual bank licences in Thailand. The Gulf consortium, consisting of Krungthai Bank, Gulf Energy Development, and PTT Group, has submitted its application, according to Krungthai Bank’s president. The consortium’s business plan is aligned with the central bank’s requirements, and it aims to serve unbanked and underbanked customers using innovative technology to manage credit risks. The Gulf consortium is optimistic about receiving a licence, citing its strong ecosystem and strategic approach. This comes amid growing competition as other business groups express interest in entering Thailand’s virtual banking sector. The central bank’s decision on granting licences is expected to shape the future of digital banking in the country, analysts said.