SCB X, an affiliate of Siam Commercial Bank, is set to apply for a virtual banking licence from the Bank of Thailand in September, leveraging its collaboration with KakaoBank and WeBank. The firm plans to use the database from its soon-to-close Robinhood app, initially launched to aid businesses during the pandemic, for the new virtual bank. Despite discontinuing Robinhood’s food delivery due to regulatory challenges on fee charges, SCB X intends to redeploy its assets to support its virtual banking venture. Concurrently, other consortia, including Charoen Pokphand Group with TrueMoney and Ant Group, and Krungthai Bank with Advanced Info Service and Gulf Energy, are also vying for virtual banking licences.