Thailand announces plans to transform into global financial hub

July 23, 2024 | 09:20

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Thailand has announced a strategic plan to support its goal of becoming a global financial hub via regulatory reforms, innovative incentives and a conducive ecosystem.

Thailand announces plans to transform into global financial hub, Illustrative image (Source: thaipbsworld.com)

Bangkok - Thailand has announced a strategic plan to support its goal of becoming a global financial hub via regulatory reforms, innovative incentives and a conducive ecosystem.

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

The initiative seeks to propel the nation onto the global financial stage with a strategic focus on banking, securities, derivatives, digital assets and insurance. Aiming to broaden financial accessibility for underserved communities and small businesses, fostering inclusive economic growth, it is supported by the three main pillars of a future-ready regulation, next-generation incentives, and empowered ecosystem.

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, said the PM.

At the same event, Deputy Finance Minister Paopoom Rojanasakul said the country 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 licenses for key financial areas.

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