Thailand announces plans to transform into global financial hub

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.

Prime Minister Pham Minh Chinh on July 17 asked the Ministry of Foreign Affairs (MoFA) to closely coordinate with the Thai side in investigation and citizen protection after the deaths of four Vietnamese nationals in a hotel in Bangkok.

Thai authorities have found cyanide not only in tea, but also in food in a hotel room in Bangkok, where six people, four Vietnamese and two Americans of Vietnamese, were found dead, reported local media.

First Bangkok-Vientiane passenger train departing from Bangkok’s Thep Aphiwat station arrived in Vientiane’s Khamsavath station on July 20 morning.