Thai PM dismisses rumours of expensive Super App for digital currency scheme

Photo courtesy of Bangkok Post.

Thailand Prime Minister Srettha Thavisin quashed rumours yesterday regarding the development of a new application for the country’s forthcoming 10,000-baht digital currency handout scheme.

Speculation had been rife that an affiliate of property behemoth Sansiri Plc was to develop the new digital wallet application, named Super App, at a whopping cost of 12 billion baht. However, the 61 year old prime minister, a former CEO of Sansiri, refuted these allegations.

“Our affiliates, Sansiri and XSpring Capital Plc will not be responsible for the development of the app.

“The cost of its development will not reach the rumoured 12 billion baht figure that has been circulating in the media.”

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The Bangkok-born PM also pledged transparency, promising that the committee overseeing the project will soon explain to dispel any doubts raised by the process.

Julapun Amornvivat, the Deputy Finance Minister, echoed the Thai PM’s statements, dismissing the 12 billion baht figure. While he declined to provide his estimate, he clarified that the new app would not be developed by a privately-hired company, but by a government-controlled commercial bank.

Julapun did not specify which state-run bank would undertake the task, noting that a decision would be reached tomorrow following discussions among all state-controlled banks.

The deputy finance minister also responded favourably to a proposal to petition the National Anti-Corruption Commission (NACC) to scrutinize the government’s planned implementation of the scheme.

“It is their right to seek an investigation into the scheme, and any scrutiny can only help ensure transparency.”

Julapun even offered to personally explain the project to the NACC, reported Bangkok Post.

When questioned about the government’s decision not to use the existing Paotang app for its digital money project, Julapun revealed that a new app was necessary to enhance data security and ensure compatibility with the blockchain technology used in the project.

He also dismissed rumours that shops participating in the scheme would be charged a 3% fee to convert the digital currency they receive into cash.

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Mitch Connor

Mitch is a Bangkok resident, having relocated from Southern California, via Florida in 2022. He studied journalism before dropping out of college to teach English in South America. After returning to the US, he spent 4 years working for various online publishers before moving to Thailand.

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