The three consortiums awarded virtual bank licenses in Thailand are expected to invest between BHT3bn and BHT5.7bn from mid-2025 to develop digital platforms and offer competitive products, according to Maybank Securities (Thailand). The Bank of Thailand plans to issue these licenses by mid-2025, with operations set to begin by mid-2026. Each consortium is forecast to spend THB1-1.9bn on IT systems and assets in the first year. Applicants for the licenses include Krungthai Bank, SCB X, Bangkok Bank, Ascend Money, and Lighthub Asset. Maybank anticipates Bluebik Group and Beryl 8 Plus to benefit from the upcoming investments, offering tech services in areas like app development and cybersecurity as virtual banks prepare to compete with traditional mobile banking platforms.