The Thai government has launched an initiative to develop Thailand into a global financial hub, with Prime Minister Srettha Thavisin officiating at the launch ceremony on 19 July 2024.
Emphasis will also be placed on five types of businesses, namely, insurance, banking, securities, derivatives and digital assets.
Mr Srettha, speaking at the event, stressed the need for Thailand to accommodate new industries that lead to a knowledge economy. One of these industries is the financial, investment and banking industry, according to a statement released by the government.
Deputy Minister of Finance Paopoom Rojanasakul said that the strategies to be adopted seek to reform the regulatory system for financial businesses, introduce new forms of incentives, and empower the financial ecosystem favourable to business operations.
This initiative will be supported by the following three key elements:
1) Future-Ready Regulation: The Finance Ministry stresses the need to introduce laws that are flexible, transparent, and favourable to business operations;
2) Next-Generation Incentives: The objectives are to develop Thailand as an attractive destination for financial institutions and facilitate business operations by foreign companies, with work visas, tax incentives, and other incentive programmes, such as grants;
3) Future Ecosystem: An advanced and transparent legal framework will be developed to facilitate financial businesses, while emphasis will also be placed on modern infrastructure to support business growth and a better quality of life.