Thailand’s first virtual bank Clicx has launched with a 4% savings promotion for customers opening accounts through its app.
According to the Bangkok Post, the rate is offered through the Clicx Save Max 4% pocket, which is available to Clicx Save account holders.
The promotion runs for three months from the bank’s 19 June launch. It covers deposits of up to 20,000 baht, while balances above that earn 0.5% per year.
Each customer may open one Clicx Save Max 4% pocket, in line with Bank of Thailand requirements.
Clicx was established by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business. It received its virtual bank licence in May.
Kanjana Chockpisansin, head of banking and finance research at Kasikorn Research Center, said virtual banks usually start with savings and investment products before expanding into other services.
She added that these products often use capped balances and limited promotional periods, while targeting underserved and unserved customers under the central bank’s framework.
Clicx uses digital identity checks and transaction monitoring to help protect customer accounts. It may investigate or suspend transactions if risks are detected.
The bank also noted that depositors receive protection under the same standards applied to commercial bank customers.
Clicx plans to add Clicx Ready Credit, a digital lending service.
Featured image: Edited by Fintech News Singapore, based on images by Rashed_stock via Magnific and Clicx