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.
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 licenses 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.