Thai PM Launches Project to Transform Thailand into Financial Hub

[webfact]

 

 

Prime Minister Srettha Thavisin delivered a keynote address at the Finance Ministry's "Ignite Finance" Initiative on Friday, part of his "Ignite Thailand" vision to position the country as a global financial hub.

 

The "Ignite Finance" initiative seeks to propel Thailand onto the global financial stage with a strategic focus on banking, securities, derivatives, digital assets, and insurance. It aims to broaden financial accessibility for underserved communities and small businesses, fostering inclusive economic growth.

 

Supported by three main pillars:

 

**Future-Ready Regulation:** The Finance Ministry stresses the need for a flexible, transparent regulatory environment supporting investment. A proposed bill aims to streamline regulations into a unified system, offering streamlined processes for businesses within the financial sphere.

 

**Next-Generation Incentives:** "Ignite Finance" aims to position Thailand as an attractive destination for financial institutions, embracing policies to facilitate foreign companies, including work visas, competitive tax structures, and strategic incentive programs.

 

**Empowered Ecosystem:** The initiative will develop an advanced and transparent legal framework to support financial activities, building on Thailand’s pioneering digital asset laws. It also emphasises modern infrastructure to support businesses and enhance the quality of life for their employees, fostering continuous growth and innovation within the ecosystem, reported Bangkok Post.

 

"Becoming a financial centre would change the economic structure without having to use an investment budget, and it will give enormous returns by attracting funds, people and knowledge to the country," Mr Srettha told the business event.

 

At the event, Deputy Finance Minister Paopoom Rojanasakul said Thailand is planning to introduce a new financial business law to attract foreign funds and facilitate investment in the sector.

 

The law will create a 'one-stop authority' agency responsible for setting regulations and issuing licences for key financial areas to support Thailand's aim to become a global financial centre, he said.

 

The government would put legislation to parliament later this year, he added.

 

Picture courtesy: Daily News

 

-- 2024-07-20

 

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[lordgrinz]

Here I was thinking we might make it through a whole day without another hub, guess not 🫤

[stoner]

9 minutes ago, lordgrinz said:

Here I was thinking we might make it through a whole day without another hub, guess not 🫤

 

hub you mother hubber. 

[Emdog]

"Ignite finance".... maybe if you've got money to burn

[Misty]

1 hour ago, webfact said:

"Ignite Finance" aims to position Thailand as an attractive destination for financial institutions, embracing policies to facilitate foreign companies, including work visas, competitive tax structures, and strategic incentive programs.

 

There's a very long way to go to raise the bar from the current tangled, complicated, confused regulatory situation to make it just plain tolerable to foreign financial institutions. The so-called "regulatory guillotine" effort died ages ago.  Make it attractive? Dream on.

[ozz1]

Factories closing unemployment rising i think he's dreaming maybe he should work for tat

[redwood1]

Will I guess everyone will be closing their Swiss and Singaporean bank accounts and putting it all into K Bank that is if K Bank lets them open a bank account without a work permit or denies them for other silly reasons.. 

[Ben Zioner]

Hubs don't apply punitive taxes on foreigners. But did he go to school?

[Incorrigible1]

With this protection, better to leave your money in a box under the bed:

 

 The Thai Savings Guarantee protects up to a maximum of ฿1 million baht per person per bank. 

Edited July 20 by Incorrigible1

[retarius]

What has wiped the ever-present, fake, horse-smile off of Srettha's face? I thought Thailand was already hub of the world and so automatically the hub of finance as well. 

[retarius]

3 minutes ago, Incorrigible1 said:

With this protection, better to leave your money in a box under the bed:

 

 The Thai Savings Guarantee protects up to a maximum of ฿1 million baht per person per bank. 

Is this true....up to I billion. I had thought they introduced total insurance for all accounts after the 1997 crash....but had gradually cut that back to 1 million

 

[retarius]

Ahhh I see you have edited the figure down to one million now. Will this be made higher do you think? It might make investors feel a bit more safe. 

[BE88]

25 minutes ago, Ben Zioner said:

Hubs don't apply punitive taxes on foreigners. But did he go to school?

 

Yes, but like many, they don't understand anything.

 

But now all capital transfers will be tax free, maybe not .......😇

 

[CallumWK]

10 minutes ago, Incorrigible1 said:

The Thai Savings Guarantee protects up to a maximum of ฿1 million baht per person per bank. 

 

Which is significantly higher than most countries in the west.

 

In Belgium your savings guarantee is 100.000 Euro (~4 million baht) per individual, so that is all banks combined.

[MarkT63]

One look at the stupid facial recognition farce at Krungsri bank will tell you everything you need to know about the state of financial management in Thailand 

[proton]

Hub of bribing voters, where is that 10k for all over 16? financial irresponsibility.  

[proton]

Just now, MarkT63 said:

One look at the stupid facial recognition farce at Krungsri bank will tell you everything you need to know about the state of financial management in Thailand 

 

 

Whats all that about? keep getting asked to go in for a photo but never have

[Ben Zioner]

1 hour ago, Misty said:

 

There's a very long way to go to raise the bar from the current tangled, complicated, confused regulatory situation to make it just plain tolerable to foreign financial institutions. The so-called "regulatory guillotine" effort died ages ago.  Make it attractive? Dream on.

Misty you trigger my curiosity there. From you posts on other threads you seem to be a foreign investor in Thailand, whether it is your money or yourself yo invest doesn't matter. And yet you are painfully aware of the absurdity, possibly hostility, of the environment you have chose to operate in?

 

To rephrase the question less personally: why would one work and invest in Thailand, in it's current state?

[Pouatchee]

anyway i can get a better interest rate on my 800k for retirement/marriage?

[LennyW]

The Thai SET is at it's lowest in 3 years, not very attractive to potential investors!

[Incorrigible1]

43 minutes ago, CallumWK said:

Which is significantly higher than most countries in the west.

 

Canada $100,000 per account, US $250,000, UK £85,000, 

[Mr Meeseeks]

6 minutes ago, Incorrigible1 said:

Canada $100,000 per account, US $250,000, UK £85,000, 

 

Not to mention trying to get Thais to honour their agreements. 

 

Good luck with that. 

[brianthainess]

1 hour ago, retarius said:

Is this true....up to I billion. I had thought they introduced total insurance for all accounts after the 1997 crash....but had gradually cut that back to 1 million

 

It's not even for all accounts, it's per bank no matter how many accounts you have with them. Yes I million. 

[brianthainess]

3 hours ago, webfact said:

Prime Minister Srettha Thavisin delivered a keynote address at the Finance Ministry's "Ignite Finance" Initiative on Friday, part of his "Ignite Thailand" vision to position the country as a global financial hub.

You can bet your bottom dollar the PM does not keep all his money in Thailand. 

[ChrisY1]

Ahhh...so Singapore will fade into the nether then!

[Foxx]

1 hour ago, CallumWK said:

In Belgium your savings guarantee is 100.000 Euro (~4 million baht) per individual, so that is all banks combined.

 

Not quite:

Belgium's deposit guarantee scheme (SGD) protects deposits in Belgian banks up to €100,000 per person and per bank. The scheme is called the "Guarantee Fund for deposits and financial instruments" and is activated when a bank can't meet its obligations, such as in the event of bankruptcy or fraud.

[RandolphGB]

Could they spread their legs any wider?

[cnx101]

Great I think I’ll move all my money from the Bahamas and Swiss banks to Bangkok bank.

[Nickcage49]

Oh yeah, that will do it. Just because he says so, lol

[spidermike007]

It feels like instead of actually thinking through policy, and coming up with ways to improve Thailand and move Thailand forward, they always seem to revert to this ridiculously silly hub concept that accomplishes absolutely nothing, because it never has any policy to back it up. It's just a juvenile thought, it's just an idea, it's just something to throw against the wall and see if it's sticks. Very very typical of Srettha, the do nothing PM.