Prime Minister Srettha Thavisin highlighted Thailand’s ambition to establish itself as a leading financial hub during his address at the Finance Ministry’s “Ignite Finance” Initiative, aligned with his broader vision of “Ignite Thailand.”
The “Ignite Finance” program is designed to elevate Thailand’s presence on the global financial stage by focusing on banking, securities, derivatives, digital assets, and insurance. Its primary goal is to enhance financial inclusivity for marginalized communities and small enterprises to drive comprehensive economic advancement.
This vision is supported by three key pillars:
- Forward-Looking Regulation: The Finance Ministry advocates for a flexible and transparent regulatory framework that facilitates investment. Proposed legislation aims to consolidate regulations into a cohesive system, streamlining processes for financial entities.
- Next-Generation Incentives: “Ignite Finance” strives to position Thailand as an appealing destination for financial institutions by implementing policies that ease the entry of foreign firms through initiatives like work visas, competitive tax regimes, and strategic incentive schemes.
- Empowered Ecosystem: The initiative plans to establish a robust legal structure to support financial operations, building on Thailand’s pioneering digital asset laws. It also emphasizes modern infrastructure to bolster businesses and enhance employees’ quality of life, fostering sustained growth and innovation within the ecosystem.
Prime Minister Srettha conveyed that transforming into a financial hub can reshape the economic landscape without significant investment, attracting substantial capital, talent, and expertise to Thailand.
Deputy Finance Minister Paopoom Rojanasakul disclosed plans for a new financial business law to attract foreign investments and facilitate sectoral growth, with a proposed ‘one-stop authority’ agency for regulatory oversight and licensing. The government intends to present this legislation to parliament later this year.
