Three groups backed by energy-to-telecommunications tycoon Sarath Ratanavadi, billionaire Dhanin Chearavanont’s Charoen Pokphand Group and an international consortium led by SCB X won permits to establish virtual banks in Thailand, the central bank announced on Thursday.

The Bank of Thailand hopes the entry of new players would boost innovation in the banking industry and stimulate competition, while maintaining the country’s financial stability. The virtual banks are expected to start their commercial operations within one year from the issuance of the licences.

Establishing a virtual bank is a major diversification move for Charoen Pokphand, Thailand’s largest conglomerate with interests in agribusiness, food, retail, e-commerce, fintech, media, real estate and telecommunications. CP Group is the main source of wealth for Dhanin Chearavanont and his family, whose net worth of $29 billion makes them the country’s second wealthiest.

For Sarath, a virtual bank is a natural extension of his Gulf Development’s ventures in digital infrastructure such as data centers and crypto currency exchange. The project will be implemented by his Advanced Info Service, the nation’s second biggest mobile carrier. Sarath has a real-time net worth of $11.1 billion.

SCB X, meanwhile, has roped in digital banks such as China’s WeBank and South Korea’s Kakao Bank, a unit of billionaire Kim Beom-su’s Kakao messaging app, to help it build a digital bank in Thailand.

Although virtual bank operations can provide long-term opportunities for those getting the licenses, any immediate impact will likely be limited since they will need to book substantial investment and operating losses in the initial stage.

“We are of neutral view with this development because any material benefit will not be seen within the next five years,” Piriyapon Kongvanich, investment strategist at Bangkok-based Bualuang Securities, said. “As earnings bases of those involved are massive, it will be difficult for future profits from the virtual bank businesses to push an uptick in their bottom lines.”