The Finance Ministry is forming a committee tasked with developing policies and drafting legislation to establish the country as a financial hub.
According to Deputy Finance Minister Paopoom Rojanasakul, Finance Minister Pichai Chunhavajira signed a ministry order to establish the committee, with Mr Paopoom as the chairman.
The committee's first meeting is scheduled for this week.
The new committee consists of 34 members, with Mr Paopoom the chairman and the permanent finance secretary vice-chairman.
The committee includes representatives from organisations such as the Bank of Thailand, the Office of the Insurance Commission, the Securities and Exchange Commission, the Anti-Money Laundering Office, the Department of Consular Affairs, the Revenue Department and the Fiscal Policy Office, among others.
According to Mr Paopoom, to promote Thailand as a financial hub, appropriate regulatory frameworks for businesses are needed, as well as benefits and facilitation, which may require amending several laws.
He said the committee will have the authority to study, recommend and formulate policies to promote Thailand as a financial centre, draft relevant laws and prepare plans for secondary legislation to present to the finance minister and cabinet.
The goal to develop a global financial hub involves commitments to reform financial business regulations and new forms of benefits, said Mr Paopoom.
He said the focus will be on five business sectors: banking, securities, derivatives, digital assets and insurance.
Mr Paopoom said the project aims to create an ecosystem where global operators, startups and innovative thinkers can come together to create financial innovations and technologies within a regulatory framework that supports change, while ensuring the stability of the country's financial system.