KTB and TTB Emerge as Top Picks in Banks amid Economic Uncertainties and Long Virtual Bank Process

Virtual banking, also known as online banking or digital banking, refers to the provision of banking services and financial transactions conducted over the internet. Unlike traditional banking, which involves physical branches and face-to-face interactions, virtual banking allows customers to access and manage their accounts, conduct transactions, and utilize various financial services entirely online or through mobile applications.

Virtual banking offers numerous advantages for banks themselves, in addition to the benefits it provides to customers. The beneficiaries for banks include cost reduction, increasing reach and accessibility, improved efficiency, 24/7 availability and data collection and analysis.


Bualuang Securities wrote in an analysis paper, expecting the market value for virtual banks above three trillion baht as of March 2024.

Thailand’s first virtual bank is expected to launch in 2026 with business tycoons and big corporates are now racing to process the application for the licenses of Thailand’s first virtual banks.


True Corporation Public Company Limited (SET: TRUE), a telecommunication arm of CP Group, and its partners, including Ant Group, were preparing for a bid to acquire the license of virtual bank.

Meanwhile, Gulf Energy Development Public Company Limited (SETL GULF) said that it would apply for a bid in partnership with Krung Thai Bank Public Company Limited (SET: KTB), Advanced Info Service Public Company Limited (SET: ADVANC) and PTT Oil and Retail Business Public Company Limited (SET: OR).

Another conglomerate is SCB X Public Company Limited (SET: SCB), which last year announced its partnership with South Korea’s KakaoBank and China’s WeBank.


As the process in applying for application continues, Bualuang Securities recommended investors to look for banks with solid earnings, high dividend yield, but cheap, amid economic uncertainties. The brokerage firm picked KTB and TTB as its top stocks in the banking sector.