Search Results for: digital wallet handout scheme
- Thailand News
Thai govt’s digital wallet handout scheme faces legal queries
The Thai government plans to launch its main digital wallet handout scheme in the year’s final quarter. This plan’s timeline will be more concrete post-April 10 when the digital wallet policy committee convenes, says Deputy Finance Minister Julapun Amornvivat. A sum of 500 billion baht has been set aside for the scheme, tentatively slated for a May launch. However, expectations…
- Thailand News
Over 1 million vendors join Thailand’s digital wallet scheme
Prime Minister Srettha Thavisin will provide further details on the government’s flagship digital wallet scheme today, with over 1 million shops and vendors registering to participate, according to a government statement issued yesterday. Deputy Prime Minister Phumtham Wechayachai revealed that the announcement will primarily cover the requirements for eligible recipients to obtain and use the digital money. Additional details will…
- Thailand News
House approves 122 billion baht digital wallet scheme budget
The House of Representatives approved a supplementary bill to increase the budget for the current fiscal year by 122 billion baht, in a vote held late yesterday. This additional funding aims to partially finance the government’s digital wallet handout scheme. A total of 297 MPs voted in favour of the bill, while 164 opposed it, with no abstentions recorded. Among…
- Thailand News
Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
- Thailand News
Thailand slashes digital wallet budget amid corruption fears
The Thai government has decided to slash the budget for its digital wallet scheme from 500 billion baht to 450 billion, scrapping plans to borrow 170 billion baht from the Bank for Agriculture and Agricultural Cooperatives (BAAC). Deputy Finance Minister Julapun Amornvivat announced the decision yesterday, July 10, citing corruption concerns raised by the National Anti-Corruption Commission (NACC). Julapun revealed…
- Thailand News
Thailand delays legal advice on digital wallet funding
The Thailand government has not yet sought legal advice from the Council of State regarding the use of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially finance the digital wallet scheme, confirmed Pakorn Nilprapunt, Secretary-General of the Council. Pakorn clarified that the government does not need to consult the council if it plans to use money…
- Thailand News
Scam SMS targets digital wallet users with PM Srettha’s photo
Scam gangs are exploiting interest in the government’s digital wallet programme by sending fraudulent SMS links featuring a photo of Prime Minister Srettha Thavisin. Numerous residents in Roi Et province have already fallen victim to this scam, according to government spokesperson Chai Watcharonke. He explained that the deceptive messages contain a link claiming to direct recipients to a site where…
- Thailand News
Thailand’s digital wallet budget faces review
A portion of Thailand’s 2025 national budget designated for the government’s digital wallet scheme is likely to be reconsidered by the special House Committee vetting the budget bill within the next couple of weeks, according to Deputy Finance Minister Julapun Amornvivat. Julapun, who serves as vice chairman of the 72-member committee, commented on the panel’s decision to suspend scrutiny over…
- Business News
BoT opposes cash handout scheme, urges help for those in need
The Bank of Thailand (BoT) firmly opposes the digital wallet cash handout initiative proposing a 500 billion baht cash distribution to nearly all adult citizens to boost consumption, emphasising that it would be more beneficial to directly assist those in need. Private consumption is expected to grow by about 4% this year following a record 7% increase last year. However,…
- Business News
Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
- Thailand News
Bank of Thailand warns government against digital wallet plan
Phumtham Wechayachai, Deputy Prime Minister and Commerce Minister, dismissed concerns about a confidential Bank of Thailand (BoT) document warning the government against the proposed digital wallet handout initiative. Phumtham, a prominent figure in the Cabinet, stated he was unaware of the document’s contents and questioned its credibility, insisting that if it were a real warning, it would have been officially…
- Thailand News
Concerns raised over legality of govt’s digital wallet borrowing plan
The Bank for Agriculture and Agricultural Cooperatives’ (BAAC) labour union raised concerns about the government’s plans to borrow 172.3 billion baht (US$4.7 billion) from the bank to fund a digital wallet handout scheme. The union is questioning the legality of this plan and has sought guidance from the State Enterprise Policy Office, the Bank of Thailand, and the Council of…
- Thailand News
Thai government’s 500-billion-baht digital wallet scheme launches this quarter
Prime Minister Srettha Thavisin announced yesterday that the government’s 500-billion-baht digital wallet initiative will be launched in full swing in the fourth quarter to stimulate economic growth. This flagship policy of the ruling Pheu Thai Party plans to distribute 10,000 baht to 50 million Thai citizens for spending within their local communities over six months. PM Srettha, who also serves…
- Business News
Thai govt plans huge digital wallet handout to boost economy
The Pheu Thai Party government, led by Prime Minister Srettha Thavisin, is set to roll out a massive digital wallet handout scheme worth 500 billion baht (US$13.75 billion) in the fourth quarter of this year. The scheme, which is designed to stimulate economic activity, involves transferring a sum of 10,000 baht (US$275) to 50 million Thai citizens, intended to be…
- Business News
Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
- Thailand News
Thai government explores funding for digital wallet giveaway
The Thai government is currently exploring funding avenues for its digital wallet giveaway initiative, with final decisions on the funding source set to be determined next month. Lawaron Saengsanit, the permanent secretary for the Finance Ministry, revealed that the ministry and the Budget Bureau have been assigned by the digital wallet policy committee to assess possible funding sources for the…
- Thailand video news
Thailand Video News | Hundreds arrested in Thailand’s largest casino raid in history, 10,000 THB for every Thai citizen in digital wallet plan
In this video, Alex and Jay cover a series of recent developments, the government has given the green light to a contentious digital wallet initiative. Meanwhile, Thai authorities conducted one of the largest illegal casino busts in the nation’s history earlier this week, marking a significant crackdown on illicit gambling activities. Additionally, Thai officials successfully dismantled an illicit oil smuggling…
- Business News
Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
- Thailand News
Thai PM defends 10,000-baht digital wallet scheme amid criticism
The implementation of the controversial 10,000-baht digital wallet scheme was defended yesterday by Prime Minister Srettha Thavisin. This came following a statement by Move Forward Party Deputy Leader Sirikanya Tansakul, suggesting the government develop a backup plan due to the scheme’s uncertain future. Tansakul pointed out that the scheme’s success hinges on the decision of the government’s digital wallet policy…
- Thailand News
Pheu Thai Party dismisses corruption concerns on 10,000-baht digital wallet scheme
The Pheu Thai Party dismissed a warning by the National Anti-Corruption Commission (NACC) concerning the government’s proposed 10,000-baht digital wallet scheme. Anusorn Iamsa-ard, a Pheu Thai list-MP, maintained that the government is open to feedback from all quarters and that the NACC’s concerns are premature as the scheme has not been implemented yet. “If the digital wallet scheme is delayed…
- Business News
SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
- Thailand News
Thai economy experts predict 3% growth despite digital wallet scheme delay
Leading economist Somchai Phakapaswiwat foresees a 3% economic growth despite the government’s 500-billion baht handout scheme‘s potential delay. Renowned economist Somchai Phakapaswiwat set tongues wagging yesterday, January 22, when he confidently declared that Thailand’s economic trajectory remains unscathed, poised for an impressive 3% growth, despite uncertainties surrounding the government’s 500-billion baht handout scheme. According to Somchai, the delay in the…
- Thailand News
PM Srettha: Digital wallet scheme will go ahead despite postponement
The eagerly anticipated 500 billion baht digital wallet handout scheme, publicised as the government’s economic lifeline, faces an unexpected delay. Prime Minister Srettha Thavisin announced yesterday, January 19, that the launch of the 500-billion-baht initiative will be postponed pending an inquiry by the National Anti-Corruption Commission (NACC). Brushing off rumours of incorporating the scheme into the 2025 budget, PM Srettha…
- Thailand News
Thai PM denies hold up with digital wallet plan
The government remains undeterred as it stands firm on its 10,000-baht digital wallet scheme, scheduled for a May launch, despite legal challenges. Prime Minister Srettha Thavisin promised a consensus after seeking opinions from key players. “We stand by the original timeframe.” The Council of State recently weighed in on the legality of the government’s plan to borrow a hefty 500…
- Thailand News
Thai govt’s 500 billion baht digital wallet scheme awaits legal review
The Thai government’s bill proposing a loan of 500 billion baht to fund the 10,000-baht digital wallet scheme is yet to be reviewed by the Council of State for its legality, according to the council’s secretary-general, Pakorn Nilprapunt. This came as a rebuttal to Deputy Prime Minister Phumtham Wechayachai’s previous statement that the loan bill was under the council’s vetting…
- Business News
Debate over Thai government’s digital wallet handout impact on public debt
The Thai government’s proposed 10,000-baht digital wallet handout has sparked debate, with concerns regarding its potential impact on public debt. Deputy Finance Minister Julapun Amornvivat stated that this economic stimulus is necessary as economic growth has averaged only 2% annually over the past decade, insufficient to support the country’s ageing population in the future. With low GDP growth, the government’s…
- Thailand News
Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
- Business News
Digital wallet and e-refund schemes in Thailand face legal and funding challenges
The proposed digital wallet and e-refund schemes considered significant growth drivers for Thailand’s GDP next year, are potentially at risk due to legal and funding obstacles. Analysts have indicated that these challenges could lead to a substantial reduction in the implementation of these costly digital schemes in Thailand, which are scheduled for rollout next year. Maybank Securities notes that legal…
- Thailand News
Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
- Thailand News
Thai government to distribute 10,000 baht through Pao Tang digital wallet from May next year
Prime Minister Srettha Thavisin confirmed the distribution of 10,000 baht through the Pao Tang digital wallet, indicating readiness with over 1.8 million familiar shops. The public can start using it from May next year. At 2pm this afternoon, at the Government House, the 61 year old prime minister and Finance Minister, announced the policy of the 10,000 baht top-up program…
