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).
