Clicx Bank has tightened its loan approval process following a surge in applications from high-risk borrowers.
Clicx is Thailand's first virtual bank, and it extended its loan approval period to at least 13 days from as little as five minutes initially, according to information on its platform.
Under the revisions, applicants must provide additional information by consenting to share their data with the bank's three partners: Krungthai Bank (KTB), Advanced Info Service Plc (AIS) and PTT Oil and Retail Business Plc (OR).
The bank also changed the wording in its application process from "applying for a loan" to "checking eligible credit limits".
Clicx Bank began accepting loan applications on July 26 and launched its lending service on Aug 1.
The bank has completed its registration as a member of the National Credit Bureau (NCB).
Clicx launched its pilot lending programme on Aug 1, then temporarily suspended the service the next night.
The bank reported many loan applicants were high-risk borrowers with weak repayment capacity and little willingness to repay, according to a banking executive who requested anonymity.
During the first two days of the pilot, loan applications were projected at tens of thousands per day, with some already approved.
Loan approvals were based on the bank's proprietary credit assessment system and AIS Score.
Several approved borrowers posted on social media that they had obtained loans relatively easily, with credit lines ranging from 2,000 baht to 20,000 baht.
Some claimed the bank did not conduct NCB checks, while others openly stated they had no intention of repaying their loans.
The posts were shared in closed social media groups for people seeking loans.
Many members of these groups are considered high-risk borrowers with weak repayment capacity, while some openly admit they have no intention of repaying their debts.
"Such borrowers are generally not targets for banks, non-bank lenders and digital lending platforms," the source said.
The platform advertised a digital lending product called Clicx Ready Credit, which previously touted loan approval in as little as five minutes without the submission of traditional financial documents.
The bank said it is retaining its existing lending criteria, with the maximum loan amount capped at five times the borrower's monthly income.
The maximum credit line is 1 million baht, with interest rates ranging from 13% to 25% per year. The bank also offers flexible repayment options, allowing customers to make weekly or monthly instalments.
The source said Clicx Bank is preparing to roll out instalment loans for mobile phone purchases.
The product is expected to be structured as a traditional instalment loan rather than a buy now, pay later (BNPL) offering, as the Bank of Thailand is tightening regulations governing BNPL products despite their similarities.
In June 2025, the central bank announced three winning applicants to establish the country's first batch of virtual banks: ACM Holding Co (TrueMoney), backed by the Charoen Pokphand Group; KTB, in collaboration with AIS and OR; and the SCB X consortium, which includes South Korea's KakaoBank and WeBank.
The regulator originally required operations to commence in June this year, but later agreed to extend the deadline until June 2027.
Clicx Bank Plc launched service on June 19 this year.
Kiatnakin Phatra Securities (KKPS) projected the combined loan portfolio of the three virtual banks at 200 billion baht within 5-6 years.
Given the central bank's requirement that each virtual bank increase its registered capital to 10 billion baht during the second phase of operations, from at least 5 billion when commencing operations, bringing the combined registered capital to 30 billion baht, KKPS expects the three lenders to expand their total loan portfolio to around 200 billion baht within 5-6 years.
