Mr Brekke said the bank's commercial service will be rolled out soon, with the launch expected within this year.

Ascend Bank, the virtual bank backed by Charoen Pokphand (CP) Group, has delayed its commercial service launch due to complex regulatory mandates and technological integration issues.

The bank's commercial service will be rolled out soon or within this year, said Sigve Brekke, group chief executive of True Corporation.

"Regarding the virtual bank, it will not be launched this month, but it will come soon -- definitely this year," Mr Brekke added.

Earlier Suphachai Chearavanont, senior vice-chairman of CP Group and True board chairman, said Ascend Bank is expected to make a debut in July.

Mr Brekke told the Bangkok Post that the Bank of Thailand has a strict regulatory requirements, and the group wants to ensure having a competitive concept and the right experience before rushing to the launch.

Rival Clicx Bank rolled out its mobile application to the public on June 19, aiming to tap underserved customers.

Clicx Bank, jointly established by Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business, received its licence on May 14, the first of three successful applicants to obtain approval from the Bank of Thailand.

Mr Suphachai earlier dismissed concerns that the group might be falling behind its rivals.

He said earlier that retail giant CP All does not plan to consolidate Counter Service Co, Thai Smart Card Co and SET-listed CP Axtra (CPAXT) under ACM Holding, which is one of the three successful virtual bank licence applicants.

However, under the central bank's regulatory framework, virtual bank licence applicants are required to consolidate financial businesses under their control into a single business group, separated from non-financial (real sector) operations.

He said CP All must follow the relevant requirements, including asking for the opinions of CP All shareholders on the matter.

Mr Suphachai said the launch of Ascend Bank is subject to the central bank's discretion, particularly concerning CP Group's organisational framework.

CP All's extraordinary general meeting of shareholders on May 29 resolved not to approve in principle the entry of Counter Service Company, Thai Smart Card Co and CP Axtra into the financial business group of ACM Holding Company.

According to CP All's filing to the Stock Exchange of Thailand, those who voted to not approve the move represented 96.4% of all those entitled to vote.

Earlier Arak Sutivong, deputy chief executive of SCB X, said its virtual bank Bank X is processing compliance procedures and expects to start operations later this year.

NEW CONVERGENCE

Mr Brekke said convergence today is much different from the vision of 10 years ago. In the past, True was selling SIM cards in 7-Elevens or knocking on the doors of homes that had a True product.

Convergence now is about utilising data centres, building AI applications, using customer data and digital money.

The True group owns a large language model service built on top of open models.

A company in the group of Arise Ventures, which is True's new major shareholder, plans to position AI as the new infrastructure.

"Sooner or later, the Thai population and government will ask for data sovereignty, meaning data stored in Thailand and applications based on Thai culture rather than foreign ones," said Mr Brekke.

True sees a growth opportunity in selling AI tokens. These would be cheaper than premium global versions, stored locally, and fine-tuned for Thai language and culture.

To do this, it is necessary to own all three layers, including data centres, where True Group is the leader in Thailand.

Mr Brekke said the group is using AI to understand individual customers, simulate their personalities and offer them the most suitable products.

True's AI strategies include AI for All, under which all 10,000 employees undergo training, while the company is working with the Ministry of Higher Education, Science, Research and Innovation, and Google to upskill 12 million students in Thailand.

"We have moved from measuring subscriber growth to measuring net profit. By using AI to generate revenue and reduce operating costs every year, profitability should be strong," Mr Brekke said.