Ascend Money unveils a strategy to compete in the Virtual Bank arena, highlighting AI innovation and alternative data to unlock access for the underserved. The company aims to leverage its large digital customer base and SaaS-based infrastructure to support scalable, low-cost operations.
Mr. Tanyapong Thamavaranukupt, Co-President of Ascend Money Co., Ltd., spoke about the direction and readiness for Virtual Bank, marking a major step in the development of financial innovation to support Thailand’s digital economy, and creating an end-to-end digital banking experience. The infrastructure differs from traditional commercial banks, which typically rely on legacy systems.
Ascend Money’s Virtual Bank will be powered by modern technology in the form of Software as a Service (SaaS) and fully cloud-based processing. This allows the company to manage operating costs efficiently and deliver more accessible, lower-cost financial services to consumers at scale.
According to Mr. Tanyapong, a primary objective of establishing a Virtual Bank, in line with the Bank of Thailand’s guidelines, is to reach customers who are underserved. He highlights that many Thais have bank accounts but cannot access other services such as loans. Internal lending customers surveys indicate that over 50% of Ascend Money’s current customers have been previously denied loans from other financial institutions or feel unqualified to apply.
To address this, Ascend Money has introduced alternative data technology in credit evaluations instead of relying only on income documentation or credit records. Such alternative data includes payment behaviours, mobile service payment history, and account inflows and outflows. Advanced AI and machine learning models enable more granular risk assessment, helping expand access to credit for underserved groups that are often overlooked by traditional banking systems.
“Our competitive edge lies in Ascend Money’s decade-long experience building the TrueMoney platform, which provides a strong foundation in understanding users’ behaviours and spending through digital wallet. This also reflects Ascend Money’s digital-native foundation, which has been built for scalability from the outset,” said Mr. Tanyapong.
Currently, the company has over 3 million digital loan customers and stands out for its automated approval process, with AI-driven systems processing 99.5% of applications and delivering near real-time results. Only 0.5% of applications require human review.
Beyond financial performance, the Virtual Bank also aims to promote healthier financial habits and encourage more sustainable long-term financial planning, including shifting consumer behaviour from discretionary spending toward more needs-driven financial planning. The initiative also seeks to support consumers in preparing for Thailand’s aging society, where many may face less stable income in the future.
