digital wallet
- 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…
- 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…
- 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 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
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,…
- 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…
- Business News
Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
- 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
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…
- Business News
Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
- 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
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…
- Business News
2C2P expands merchant partnerships under Alibaba’s Ant Group to boost SMEs
Aiming to enable offline small and medium-sized enterprises (SMEs) to accept e-wallet payments from Chinese visitors, 2C2P (Thailand) has been expanding its merchant partnerships under Alibaba’s Ant Group. The global payment platform predicts a substantial rise in revenue, from 3.2 billion baht last year to a projected 3.7-3.9 billion by 2024, representing a growth of 30% over 2022. Piyachart Ratanaprasartporn,…
- 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…
- 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
Thailand’s digital wallet initiative raises concerns among tourism sector
The forthcoming 10,000-baht digital wallet initiative has raised concerns among tourism operators in Thailand. The scheme is viewed as primarily beneficial to the retail sector, leaving the tourism sector behind, which could have potential economic repercussions leading to a potential decline in domestic travel. Sanga Ruangwattanakul, the head of the Khao San Road Business Association, suggests the scheme offers limited…
- Thailand News
Government counters MFP allegations over 10,000 baht digital handout scheme
A counter-strike against the Move Forward Party’s (MFP) allegations has been launched by the government, concerning the unlikely reception of its 10,000 baht digital money handout. The opposition party has claimed that the government, with the details of the scheme unveiled on Friday, is attempting to backpedal on its promise of financial assistance. Prime Minister Srettha Thavisin rebuked MFP Deputy…
- 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…
- 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…
- Economy News
NIDA poll unveils Thailand’s digital wallet desires
The National Institute of Development Administration (NIDA) conducted a poll regarding the upcoming digital wallet handout scheme, gauging the sentiment of 1,310 respondents aged 18 and older from a wide variety of social backgrounds between October 31 and November 2. The results revealed a widespread belief that the government’s 10,000-baht digital cash handout should be extended to all Thais, regardless…
