News Forum - Thailand central bank anticipates lower rates due to virtual banking

[Thaiger]

The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the … …

The story Thailand central bank anticipates lower rates due to virtual banking as seen on Thaiger News.

Read the full story

[MrStretch]

So, BoT is happy to allow the set up of virtual banks, claiming they will help the underserved, without any supporting data or knowing if those (undereducated) underserved have the technological savvy to use a virtual bank, all the while undercutting the business operations of the current commercial banks with physical locations?

Who was the economic genius that came up with this idea?

[Guest1]

10 hours ago, MrStretch said:

claiming they will help the underserved, without any supporting data or knowing if those (undereducated) underserved have the technological savvy to use a virtual bank.

Since the "underserved" need just a mobil phone, any smartphone, even for 2 or 3000 baht will do, or an ATM:

They have supporting data, methinks.

I just dont believe, that the banking will get cheaper. Only the interest rate will go down