Thailand aims to make its mark as a global finance hub

[snoop1130]

 

Thailand is aiming to position itself as an international finance hub, with plans to enhance five key sectors: banking, insurance, securities, digital assets, and derivatives. This development comes more than two decades after the 1997 Asian financial crisis, with Thailand looking to strengthen its financial infrastructure and elevate its global standing.

 

Interim Finance Minister, Pichai Chunhavajira, stressed the importance of promoting Thailand as a finance hub, as the global financial scene continues to rapidly change. While traditional financial powerhouses like the US, UK, and Japan are continuously adapting, emerging finance centers like Singapore and the United Arab Emirates (UAE) are also stepping up their game.

 

Pichai explained that this is Thailand’s opportunity to use its progressing financial infrastructure and services to attract business and investments, encouraging financial transactions and sharing of knowledge.

 

The country’s transition aims to make its financial sector more nimble and innovative, aligning it with other international finance hubs. This is part of the government’s Ignite Thailand initiative, which emphasizes strategic investments and reforms in the bond market, aiming to position Thailand as the go-to place for future financial transactions.

 

Being a finance hub can boost economic and technological growth. More foreign investment could increase Thailand’s GDP and create jobs in finance and related sectors like technology, real estate, and services. This could stimulate economic growth and improve living conditions for the Thai people.

 

Other countries, such as Japan, Singapore, and the UAE, have taken different routes to become finance hubs. For example, in 2017, Japan launched its Global Financial City: Tokyo vision, which includes initiatives to support the establishment of finance and fintech businesses.

 

Meanwhile, Singapore's strategy includes regulatory reforms, tax benefits, and infrastructure improvement. On the other hand, the UAE established the Dubai International Financial Centre (DIFC) in 2004, which offers tax benefits and allows full foreign ownership.

 

As for Thailand, steps to facilitate business operations will include legislative changes and the creation of a One-Stop Authority (OSA) to increase efficiency and support technological advancement. The OSA’s role will essentially make the hub investor-friendly by assisting businesses obtain licenses in various financial sectors.

 

In its bid to become a global finance hub, Thailand's strengths are its comprehensive infrastructure development and regulatory framework. These factors, along with the country's hospitality services and various tourist attractions, could make it an attractive choice for investors.

 

The Chairperson of the International Chamber of Commerce, Montri Mahaplerkpong, voiced the need for the Ignite Thailand program to ease small and medium-sized businesses' access to financial sources. He suggested that increased capital inflows could prompt local commercial banks to reduce their net interest rate spread, alleviating the financial burden on these smaller companies.

 

File photo for reference only

 

-- 2024-08-16

 

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[Sigmund]

Global insurance hub ? The joke of the day. Just try as a foreigner to get a decent home insurance and you will see the absurd proposals. Only part of the value of the house is offered, they harass first to see photos of the personal goods to be insured that are not clearly included, the value of goods not adapted and after asking for the photos, they invent another excuse to see the invoices and make up all kinds of absurd requests not to conclude. Same issue when going through a broker, no home insurance contract gave full coverage. So there seems a really long way to go. But it sure is a hub to hassle and fuss.

[BangkokReady]

Maybe work on political and economic stability first.

[Pouatchee]

3 hours ago, Sigmund said:

Global insurance hub ? The joke of the day. Just try as a foreigner to get a decent home insurance and you will see the absurd proposals.

 

axa insurance and other so called international companies wont insure a home made of wood... funny innit... same international companies fully insure houses that have a wooden structure, wooden floors, plywood roofs... 

[ikke1959]

A financial disaster hub

[Deez]

Stop trying to be the "hub" of anything and work to improve the lives of Thais.

[Asquith Production]

Another hub, only the other day it was aiming to become a tech hub.  People  including investors need to see a stable government  first and since the last election that is certainly not the case

Edited August 16 by Asquith Production
Spelling

[hotchilli]

13 hours ago, snoop1130 said:

Thailand is aiming to position itself as an international finance hub, with plans to enhance five key sectors: banking, insurance, securities, digital assets, and derivatives. This development comes more than two decades after the 1997 Asian financial crisis, with Thailand looking to strengthen its financial infrastructure and elevate its global standing

Considering Thailands unstable political climate I can't think of anyone withe the motivation to do business with Thailand, except one country slightly north of here.

[HappyExpat57]

If I had 5 baht every time they announced "Thailand to become the hub of <blah blah blah>" I could afford to live in another country.

[Luuk Chaai]

do a look up in the search bar for "HUB"     10 pages worth of pipe dreams

here's a short list from page 1

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[mokwit]

Good luck with that with 4 work permits.

[watchcat]

12 hours ago, BangkokReady said:

Maybe work on political and economic stability first.

 

But they cant even do that.

[JimHuaHin]

Financial hub?  With a massive corruption pandemic across Thailand; a convicted international drug dealer in government; and more marfia groups and families than you can count on your fingers?

[BKKKevin]

My guess is the new Digital Wallet under the keen watch of the new Prime Minister and her party will be the linchpin of this new financial hub... 

[MikeandDow]

 I can not understand Thailand with all these Hub's surely they realize that they are only embarrassing themselves  on the world stage

[rudi49jr]

“Thailand aims to make its mark as a global finance hub”

 

I’m sure it already is, in certain circles. I would bet my last dollar that Thailand is a haven for criminals who want to launder their dirty money. And where does all the money go that is made through corruption in Thailand? We’re talking billions and billions here. Dollars, not baht.

[steven100]

oh goodie  !!     another hub ....    

[NorthernRyland]

More hubs than you can shake a spoke at.

[JimTripper]

4 hours ago, HappyExpat57 said:

If I had 5 baht every time they announced "Thailand to become the hub of <blah blah blah>" I could afford to live in another country.

I think a lot of it is announcing something to gain face. Afterwards, nobody cares about making it actually happen because face has already been gained.

[john donson]

looooooooooool... can they give 5% like in UK ? that would make me a very happy person instead of the 2% gross

[black tabby12345]

Want to be World's Financial Hub?

 

Better improve Own Transparency before the Impossible Dream.

[Tailwagsdog]

How can you be a HUB of Anything when the wheels have fallen off ...

[it is what it is]

 

all due respect, thailand is simply too politically unpredictable and unstable, what do financial markets hate? unpredictability and lack of political stability.

[nakhonandy]

If I could remember how many times I've heard this over the years.

Without stability, transparency and minimal corruption, financial institutions won't even consider it.