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Gulf Energy To Offer Crypto Trading Services Amid Thailand’s Virtual Bank Push – Crypto News

Published

2 years ago

March 20, 2024

Dripp

Thailand’s push towards virtual banking has opened doors for major players like Gulf Energy to explore new avenues. As the country begins accepting applications for virtual bank licenses, Gulf Energy eyes an expansion into crypto trading and digital lending.

Notably, this move signals a significant shift in the energy giant’s strategy, aligning with the evolving financial landscape in Southeast Asia.

Thailand’s Virtual Bank Application Sparks Interest

Thailand’s ambitious plan to introduce virtual banking has ignited competition among the country’s corporate behemoths. According to a recent Bloomberg report, leading corporate entities in Thailand, including Charoen Pokphand Group and Gulf Energy Development Pcl, are eagerly pursuing virtual bank licenses following the Bank of Thailand’s announcement.

Meanwhile, these licenses are anticipated to offer opportunities for expansion and innovation in the digital banking sector, attracting attention from major players in Thailand’s business landscape. With the application process now open, competition is expected to intensify among the country’s largest business groups seeking to capitalize on the evolving financial landscape.

Notably, Gulf Energy intends to collaborate with Krung Thai Bank Pcl and Advanced Info Service Pcl, aiming to leverage the virtual bank license to broaden its horizons. Gulf Energy CEO Sarath Ratanavadi, expressing optimism, expects to venture into online businesses such as cryptocurrency trading and digital lending with the new license.

Besides, the initiative is part of Thailand’s broader strategy to enhance financial inclusion, providing better access to loans for underserved consumers. Notably, Suphachai Chearavanont, CEO of CP Group, emphasized the significance of advanced technology in the financial realm, highlighting the potential of virtual bank licenses to reach a broader consumer base.

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Gulf Energy’s Crypto Focus Amid Thailand’s Financial Market Focus

Thailand is poised to boost competition in its banking sector by granting more than three virtual bank licenses, as confirmed by the central bank. Successful applicants are slated to be revealed in 2025, with services expected to commence approximately a year earlier.

Notably, the influential Chearavanont family, boasting a staggering net worth of $31 billion, is actively involved in the bidding process. In addition, Gulf Energy’s Sarath Ratanavadi’s ranking as Thailand’s second-richest individual, valued at around $10 billion, also reflects the tycoons’ interest in the financial landscape.

Meanwhile, Gulf Energy’s foray into the cryptocurrency realm has been gradually unfolding, with recent developments shedding light on its strategic endeavors. For context, in mid-January, CoinGape Media reported the establishment of Binance TH, a crypto exchange initiated by Gulf Binance. Notably, Gulf Binance was formed as a collaboration between Binance and Gulf Innova.

Functioning as both an exchange and brokerage platform, Binance TH aims to facilitate seamless digital asset transactions, boasting local currency pairings and regulatory compliance. With Gulf Innova, a subsidiary of Gulf Energy, spearheading this initiative, the energy giant is poised to make significant strides in the crypto space, aligning with the evolving financial landscape in Thailand.

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