Search Results for: digital wallet scheme
- 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
Digital wallet scheme to include smartphones purchases
The Ministry of Finance confirmed that the distribution of a 10,000 baht digital wallet can be used to purchase smartphones, which are seen as essential livelihood tools by the minister. Deputy Minister of Finance Chulpan Amornwiwat provided an update on the progress of the 10,000 baht top-up project through digital wallets. He announced that an operational subcommittee meeting is scheduled…
- Business News
Startups urge inclusion in Thai digital wallet scheme
Startup communities are urging the Finance Ministry to include them in the government’s upcoming digital wallet scheme. They see this as a pivotal chance to promote the adoption of digital technologies among small and medium-sized enterprises (SMEs), fostering digital transformation. President of the Thai Startup Trade Association Yutthana Srisavat, alongside Pawoot Pongvitayapanu, a leading figure in the startup ecosystem has…
- Thailand News
Ombudsman: No jurisdiction over digital wallet scheme complaints
Keirov Kritteeranon, the secretary-general of the Office of the Ombudsman, revealed that they lack the power to escalate complaints about the contentious digital wallet scheme to the Constitutional Court or any other legal forum. At the heart of the furore are the government’s ambitious plans to distribute 10,000-baht payments to a staggering 50 million adult citizens through digital wallets, alongside…
- Business News
Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
- Thailand News
Thai government considers borrowing to fund digital wallet scheme
The Thai government will consult with the Council of State to clarify whether it can borrow 172.3 billion baht from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially fund its digital wallet scheme. This decision was made at a coalition party meeting held yesterday where the implementation of the Pheu Thai Party’s proposed 500-billion-baht (US$13.6 billion) scheme was…
- Thailand News
Upcoming super app to integrate with digital wallet scheme
The up-and-coming super app, designed for the 10,000-baht digital wallet scheme, is slated to seamlessly integrate with existing banking applications on users’ smartphones, as per Deputy Finance Minister Julapun Amornvivat’s statement. This application, which has been developed in partnership with the Ministry of Digital Economy and Society (DES) and the Digital Government Development Agency (DGA), is designed to optimise the…
- Thailand News
Thai government’s digital wallet scheme faces legality verification
The Government of Thailand‘s plan to partially finance its 500-billion-baht digital wallet handout scheme through a 172.3 billion baht loan from the Bank of Agriculture and Agricultural Cooperative is set to undergo legality verification by the Council of State. The announcement was made by Prime Minister Srettha Thavisin, who also stated that the government will seek advice from its legal…
- Thailand News
Funding source for digital wallet scheme left out in Cabinet meeting
The government’s weekly Cabinet meeting yesterday left out discussions on a fresh funding source to back the digital wallet scheme, a possibility which might include drawing funds from the budget of the next fiscal year. This disclosure was made by Prime Minister Srettha Thavisin. The Thai PM’s comments addressed rumours that a new financing option for the Pheu Thai Party’s…
- 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…
- Thailand News
Corruption potential in the 10,000-baht digital wallet scheme
Despite potential warnings from the National Anti-Corruption Commission (NACC), the government has confirmed plans to proceed with the 10,000-baht digital wallet scheme. Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat agreed to let the digital wallet policy committee begin work next week. The focus of the forthcoming meeting will be on the potential for corruption during the handout…
- 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 government’s 500 billion baht Digital Wallet Scheme hangs in the balance
The eagerly anticipated meeting of the Digital Wallet Committee has been abruptly postponed. Commerce Minister Phumtham Wechayachai revealed that the delay hinges on the National Anti-Corruption Commission’s (NACC) awaited verdict. Council of State’s Secretary General, Pakorn Nilprapunt advocated for the committee to seek input not just from the Council of State but also from the NACC. Last week, the Council of…
- Thailand News
Thai government to stimulate economy with digital wallet scheme
The Thai government reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party. The scheme, financed by a 500 billion baht (US$14,518,005,000) loan, aims to inject 10,000 baht (US$290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy. The government…
- 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…
- 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 reveal details of contested 10,000-baht digital wallet scheme
The Thai government is set to disclose the specifics of its contentious 10,000-baht digital wallet scheme distribution today. Prime Minister Srettha Thavisin, in response to critics who argue the initiative could inflict more economic damage than benefit, will conduct a news conference at 2pm today to elucidate all aspects of the policy. The 61 year old Thai prime minister has…
- Business News
Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
- Thailand News
PM Srettha forms team to clarify digital wallet scheme amidst confusion
Prime Minister Srettha Thavisin agreed to establish a dedicated team to effectively communicate details about the government’s flagship digital wallet scheme. This move yesterday, October 31, comes in response to a wave of suggestions from various sources, aiming to avoid any public confusion regarding the scheme. PM Srettha acknowledged the circulation of differing information about the wallet scheme. He urged…
- Thailand News
Government’s digital wallet scheme delayed amid sustainability concerns
A seven-month delay is set to affect the government’s digital wallet scheme, with the expected launch now projected around September of next year, according to an adviser to the prime minister. Pichai Chunhavajira, while addressing a Senate-organised forum on the scheme, voiced that the policy is a vital economic stimulant but doubted its implementation in February as initially planned. The…
- Business News
Thai government’s policy paradox: Digital wallet scheme and minimum wage hike under fire
The Thai government of Prime Minister Srettha Thavisin has faced significant challenges since coming to power seven weeks ago, with various commitments made during their campaign now under scrutiny. A crucial task includes the repatriation of Thai citizens affected by the Middle East conflict and the ongoing Israel-Hamas unrest. The Thai government’s promise to hike the daily minimum wage to…
- Economy News
Thai ‘super app’ set to launch with 10,000-baht digital wallet scheme
The completion of a multi-purpose mobile application, or super app, is on track for early next year, coinciding with the launch of the 10,000-baht digital wallet initiative, as announced by Deputy Finance Minister Julapun Amornvivat. The mobile app is designed as a comprehensive solution, with developers assuring its readiness for the digital wallet scheme’s rollout, expected between February and March…
- 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…
- 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
Thailand’s digital wallet disaster: MFP oppose budget
Opposition parties have taken a firm stand against the supplementary budget bill, targeting the controversial digital wallet scheme. Estimated at a staggering 450 billion baht, the scheme is criticised for its alleged inefficacy in boosting the GDP and potential legal issues, which could set a detrimental precedent for future national budgeting and fiscal policies. Sirikanya Tansakul, Deputy Leader of the…
- 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…
