The Thai government has made key revisions to its digital wallet scheme, aimed at providing financial assistance to citizens. Prime Minister and Finance Minister Srettha Thavisin has instructed the Finance Ministry and the Budget Bureau to finalize the details of the scheme for submission to the next committee meeting on April 10.
Contrary to the previous plan of taking out a controversial off-budget loan of 500 billion baht, the government has decided to utilize funds from the budgets of two fiscal years to finance the handouts. This decision comes amidst public attention and concern surrounding the initial loan proposal.
Under the revised scheme, all Thai citizens over the age of 16 with a monthly income of less than 70,000 baht and bank deposits lower than 500,000 baht will receive 10,000 baht via a digital wallet to spend at local businesses. The aim is to boost the local economy and provide support to individuals in need.
In a brief meeting of the digital wallet committee, several resolutions were reached. The Finance Ministry and Budget Bureau were tasked with finalizing alternative sources of funding that do not rely on an off-budget loan. The Commerce Ministry was instructed to determine the criteria for businesses to join the campaign, including the types of eligible products and services.
Additionally, the Ministry of Digital Economy and Society, along with the Digital Government Development Agency, are actively working on the development of an open system that will allow entrepreneurs and financial institutes to participate in the campaign.
To ensure the integrity of the scheme, the Royal Thai Police will establish investigative and legal procedures to prevent fraudulent attempts involving digital money.
The committee aims to submit the final details of the scheme for cabinet approval within the next month. Registration for recipients and businesses is expected to commence in the third quarter of this year, with the money remitted in the fourth quarter.
The revised digital wallet scheme presents a more sustainable approach to providing financial assistance to those in need, while also stimulating the local economy. By utilizing existing budgets instead of taking out a loan, the government aims to fulfill its promise while ensuring financial stability.
The digital wallet scheme in Thailand is a government initiative aimed at providing financial assistance to citizens. The scheme has undergone key revisions following public concerns and attention. Instead of taking out a controversial off-budget loan of 500 billion baht, the government has decided to utilize funds from the budgets of two fiscal years to finance the handouts. This decision is seen as a more sustainable approach to ensuring financial stability while providing support to individuals in need.
Under the revised scheme, all Thai citizens over the age of 16 with a monthly income of less than 70,000 baht and bank deposits lower than 500,000 baht will receive 10,000 baht via a digital wallet. The funds can be spent at local businesses, with the aim of boosting the local economy. To ensure the integrity of the scheme and prevent fraudulent attempts, the Royal Thai Police will establish investigative and legal procedures specifically for digital money.
The implementation of the scheme involves multiple government ministries and agencies. The Finance Ministry and Budget Bureau are tasked with finalizing alternative sources of funding that do not rely on an off-budget loan. The Commerce Ministry is responsible for determining the criteria for businesses to participate in the campaign, including the types of eligible products and services. The Ministry of Digital Economy and Society, along with the Digital Government Development Agency, are actively working on the development of an open system that will allow entrepreneurs and financial institutes to participate in the campaign.
The committee overseeing the digital wallet scheme aims to submit the final details of the scheme for cabinet approval within the next month. Registration for recipients and businesses is expected to commence in the third quarter of this year, with the money remitted in the fourth quarter. These timelines indicate that the implementation of the scheme is progressing steadily.
Overall, the revised digital wallet scheme presents a more sustainable approach to providing financial assistance to those in need and stimulating the local economy. It addresses public concerns regarding the initial loan proposal and ensures financial stability by utilizing existing budgets. The focus on preventing fraud and establishing an open system for entrepreneurs and financial institutes highlights the government’s commitment to transparency and inclusivity in the scheme.
For more information on the digital wallet scheme in Thailand, you can visit thailand.go.th.
Please note that the link provided is to the main domain and not a specific subpage.