Roadmap required for digital banks
Work needs to be done on Thailand's nascent landscape for digital banks, as the country's central bank, Bank of Thailand (BOT), has yet to outline a concrete digital banking roadmap and a proposed licensing regimen. In early 2020, Ronadol Numnonda, BOT deputy governor said that "digital banks are an option," and promised "a comprehensive study" of the way forward for licensing2.
At the moment, no neobanks have announced an intention to launch in Thailand. Incumbent banks, on the other hand, have proceeded with launching their own digital banking services.
UOB launched its TMRW digital bank in Thailand in 2019, tripling its customer base in just six months. TMRW considers customer engagement as its key measure of success. Customer engagement quadrupled in TMRW's first year of operations, with more than two-thirds of new users referred by satisfied customers.

UOB launched its digital bank, TMRW, in Thailand in 2019. Image: TMRW
Meanwhile, Kasikornbank and messaging platform LINE have collaborated to form LINE BK, a "social banking service" that accumulated over two million users within four months of its Thailand debut in October 2020. The service is also pioneering 'nano loans' that provides credit access for borrowers with a minimum income of 5,000 baht per month, addressing concerns about financial inclusion.