Thai PM Launches Project to Transform Thailand into Financial Hub

[Hakuna Matata]

4 hours ago, webfact said:

to position the country as a global financial hub

 

The casino and gambling hub in addition to the prostitution hub? The second Cambodia?

[wensiensheng]

Well, a couple of points:

 

1. at a high level, if you want people to bring money in, you’d better make sure that it is easy for them to get it out! Otherwise they won’t bring it in.

 

2. at a lower level, how about stopping the mis selling practiced by more than one major bank, where when applying for an atm card, a customer is forced to buy accident insurance, even if they can prove they already have adequate accident insurance.

 

Without free movement of capital and adequate consumer protection regulations that are enforceable, Thailand isn’t going to be the hub of anything in the financial world.

[Patong2021]

Do boiler rooms pushing bogus investments and sketchy time share promotions qualify?

[chilli42]

There are things that serious countries can do that unserious countries can’t. Being a financial center is not for unserious countries like Thailand.  The effort would be better put into education/language skills, streamlining banking regulations, etc. This would at least make things tolerable for the existing users. 

[CallumWK]

44 minutes ago, Foxx said:

 

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.

 

Thanks for the correction, I was misinformed

[hotchilli]

3 hours ago, ozz1 said:

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

That's all he's done since he started.

[chiman]

crickets 

[Paiman]

I don,t think this Flip Flop government is attracting Investment..

Tomorrow it might be illegal, what was promoted yesterday as an genius idea.

[Snackbar]

Taksinenomics 

[rocksniffer]

A check first. How many members have USD or other foreign currency accounts in Thailand ? And how easy is it to get one ? It used to be a difficult thing. Is that still the case ? You cannot be a financial hub if you cannot easily transfer foreign currency. These days I live in Indonesia. My bog standard bank account has 10 different currencies available. 

[Srikcir]

2 hours ago, brianthainess said:

You can bet your bottom dollar

PM has actually bet against the dollar, preferring BRIC currencies. What could go wrong? Well aside from the collapsing Russian and Chinese economies. But at least Thailand will become part of the Hub of Losers.

[mokwit]

9 minutes ago, rocksniffer said:

A check first. How many members have USD or other foreign currency accounts in Thailand ? And how easy is it to get one ? It used to be a difficult thing. Is that still the case ? You cannot be a financial hub if you cannot easily transfer foreign currency. These days I live in Indonesia. My bog standard bank account has 10 different currencies available. 

It still requires the same authorisation criteria as a regular bank acaccount. You could transfer USD in and without converting it to baht try and send it out, but you would still have to meet the criteria for foreign transfer.

[Photoguy21]

It is a very bold issue to want to get involved with. Before Thailand can be considered as a banking hub a few issues would need to be addressed. For example the attitude towards scams needs a serious looking into. Right now if you give information to a bank regarding scams they do nothing. This is not a good approach if the country wants to be a banking hub.

A bank I used to have in the Netherlands, now long closed, advised against having any bank in Thailand as the way the security was at the time meant anyone could pretty much take anything and would be almost certain to get away with it. Thankfully, since that time things have improved a lot. However, sending money out of country or bringing it in, is still not very easy I would doubt if anyone would commit their life savings to putting it all in a Thai bank.

Could be good if the many issues surrounding the Thai banking industry can be resolved and tightened up.

[renaissanc]

4 hours 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. 

This is a major, major reason for not putting one's money in a bank. You're much better off buying gold and keeping it in a container underground. Gold's value increases far more than what you get in the form of bank interest  and a bank can't confiscate it if you have over 1 million Baht in gold.

[jaywalker2]

I'm starting to think he has ADHD. If he could just settle on one policy and actually make it happen, he'd be far better off. But, as the saying goes, this guy is "All hat and no cattle."

[phetphet]

Thailand needs a Hub Cap.

[drgoon]

The hub of Hubs

[sanabavy IV]

amazing!

[trainman34014]

5 hours ago, Ben Zioner said:

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

Sure; he went to an 'All Pass' school like all the other Dimwits running the Country !

[Ben Zioner]

 

Happy together ! 

 

Especially Goofy.

Edited July 20 by Ben Zioner

[Mark17AA]

Hub effing Hub... Hub of everything.

[off road pat]

6 hours ago, lordgrinz said:

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

Sooo good , you made my day !! thx

[Reddavy]

And so the hubs grow day by day 🙈

[Purdey]

The Government Savings Bank guarantees 100% of your savings. No limit. 

However who knows a few years from now?

[Sighto]

Just copy-paste the Hong Kong or Singapore playbook for businesses, taxes and banking.

[CallumWK]

Just now, Purdey said:

The Government Savings Bank guarantees 100% of your savings. No limit. 

However who knows a few years from now?

 

I have GSB accounts, and yes they are 100% guaranteed, and some of them are also free of withholding tax.

My biggest concern is, when the need for the deposit guarantee ever occurs, if I ever gonna see a dime as a foreigner. We all know where the money has to come from, and how we are regarded in this country.

I'm sure there must be members on this forum who lost deposits during the 1997 crash when many banks went t*ts up. Maybe one of them can comment if they recovered any losses.

 

 

[ikke1959]

with the burden of the 10k handout, industries leaving, long term stayers being taxed and leaving, I suppose Thailand is going to a wonderful financial disaster hub

[Ben Zioner]

6 hours ago, 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 

Bangkok Bank isn't any better... Got so frustrated I walked out of the agency before I finished the procedure.

[kingstonkid]

JUST IN HOLD THE PRESSES 

 

THE THAI PREMIER HAS JUST ANNOUNCED THAT THAILAND IS GOING TO BECOME

^{_{THE HUB OF HUBS}}

[geisha]

To attract investment a country has to have a very stable government, rules and regulations and a solid reputation. Does that sound like Thailand ?  
13 successful coups d’état and 9 unsuccessful over a century.