Thailand unveils plan to become key financial hub

Bangkok: Thailand unveiled a strategic plan on Friday to support its goal of becoming a global financial hub through regulatory reforms, innovative incentives and a conducive ecosystem.

With a proposed new financial business law, a one-stop regulatory mechanism will provide businesses with streamlined licensing processes and efficient coordination with relevant agencies, empowering the Southeast Asian country to compete on the global financial stage, Deputy Finance Minister Paopoom Rojanasakul said in a keynote speech.

By implementing progressive immigration policies and competitive tax regimes, the next-generation incentives will transform the kingdom into a destination for financial institutions, with a key focus on the banking sector, securities, derivatives, digital assets and insurance, Paopoom said, Xinhua news agency reported.

He noted that through a new ecosystem, the strategy will develop a cutting-edge and transparent legal framework that serves as the bedrock for financial activities, building upon the nation's success in pioneering laws for digital assets.

In his remarks, Prime Minister Srettha Thavisin said transforming Thailand into a global financial hub will leverage its infrastructure and new regulatory environment, aiming to attract foreign capital and highly skilled talents.