digital wallet
- Business News
Government’s financial burden increases with digital wallet project
The government’s financial burden, expressed as the ratio of interest to estimated government revenue, is expected to rise from the current 8% to 11% in the coming year. This projected increase is due to the implementation of the government’s flagship digital wallet handout. An anonymous source from the Finance Ministry revealed that the present 8% ratio aligns with an A…
- Thailand News
Thai government’s digital wallet scheme under scrutiny
The Thai government’s digital wallet policy, specifically the planned usage of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to support the initiative, will continue to be scrutinised by the National Anti-Corruption Commission (NACC). The agency has previously raised concerns about potential corruption and legal risks linked to the 10,000 baht distribution scheme and will observe the government’s…
- 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
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
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
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 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…
- 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
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 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 News
Thai citizens set to receive government handout by year-end
To dispense a financial lifeline, Deputy Finance Minister Julapun Amornvivat unveiled plans to ensure that eligible Thais receive a 10,000 baht handout before the year’s end. The initiative, slated to be facilitated through digital wallets, hinges on a decisive timeframe to be determined by the digital wallet committee. Speaking confidently yesterday, March 25, the minister expressed optimism that the committee,…
- 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
Thailand’s State Audit Office to streamline large-scale govt projects
In a recent development, the State Audit Office (SAO) of Thailand announced the inauguration of a new section dedicated solely to auditing large-scale government projects. This new initiative will come into effect from April 1, as per the announcement made by the State Audit Commission in the Royal Gazette last month. The SAO Auditor-General, Prajuck Boonyoung, highlighted the necessity of…
- 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
Party chief Suwat celebrates 69th birthday with prime minister
Chart Pattana Kla Party chief Suwat Liptapanlop celebrated his 69th birthday by hosting the prime minister and lending his backing to the government’s highly debated digital wallet policy. Despite facing opposition from the central bank and various government agencies, Suwat firmly believes that the controversial plan to distribute 10,000 baht to nearly every Thai aged 16 and above is crucial…
- 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
Thailand’s 10,000-baht digital wallet scheme delayed due to legal complications
The anticipated 10,000-baht digital wallet scheme, initially scheduled for a May launch, has encountered delays due to a study by the National Anti-Corruption Commission (NACC) warning of potential legal complications. Prime Minister Srettha Thavisin, who is also the finance minister, emphasised on Saturday the need for expedited discussions with Deputy Finance Minister Julapun Amornvivat to determine the next steps for…
- 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
Delayed launch of Thailand’s 500 billion baht digital wallet rattles government
The much-anticipated 500-billion-baht (US$14.3-billion) digital wallet initiative, a flagship policy of the Pheu Thai-led government, has hit a snag. The planned rollout for May has been deferred, according to Deputy Finance Minister Julapun Amornvivat, delivering a blow to Prime Minister and Finance Minister Srettha Thavisin’s coalition government, which has been promoting the scheme as a lifeline for the faltering economy.…
- 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 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 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
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
Thailand’s digital wallet loan bill yet to reach Council of State
Deputy Prime Minister Phumtham Wechayachai announced yesterday that a proposed bill, which aims to secure a loan of 500 billion baht for the digital wallet scheme, has not been presented to the Council of State yet. The revelation came after the digital wallet policy committee meeting, where numerous issues were discussed. Despite the Council of State’s readiness to scrutinise the…
- 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…
