Thailand's Minister of Finance, on the advice of the Bank of Thailand, has approved a virtual bank application from ACM Holding, the vehicle of Ascend Money, the parent company of digital payments platform TrueMoney and a subsidiary of CP Group. The Minister of Finance, on the Bank of Thailand's advice, approved three successful applicants from a field of five, with Ascend Money — which counts Ant International among its strategic backers — securing one of the awards.
Ascend Money achieved unicorn status in 2021 with a valuation of $1.5 billion.
OTHER SUCCESSFUL APPLICANTS
Five consortiums participated in the application process administered by the Bank of Thailand. The other two successful applicants were a consortium of Krung Thai Bank, Advanced Info Service and PTT Oil and Retail Business, and a consortium of SCB X, WeTechnology and KakaoBank.
ANT INTERNATIONAL AND LICENCE CONDITIONS
Ant International has been a strategic investor in TrueMoney and the broader Ascend platform for several years.
A virtual banking licence would allow Ascend Money and TrueMoney to offer a wider range of regulated financial products — including retail deposits, savings accounts, and consumer and small-business loans — that are currently the exclusive province of licensed banks. The Bank of Thailand said the successful applicants must pass its readiness assessment and commence operations within one year, by 19 June 2026.