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Thursday, May 13, 2021

Thailand on its way to a cashless future


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Thailand on its way to a cashless future

The Securities and Exchange Commission (SEC) has implemented a digital “sandbox” infrastructure to promote the digitization of the Thai economy, one of the government’s fundamental policy goals.

It primarily serves the capital markets, for example in the issuance of digital assets by investment firms, which are central to a well-functioning capital market.

In addition, it aims to make it easier for the population to access the financial markets. In the IT industry, the term “sandbox” is an area in which software can run in a protected manner, isolated from the system environment.

According to Finance Minister Khun Arkhom Termpittayapaisith, the coronavirus pandemic has greatly accelerated the introduction of digitized technologies into everyday life and pushed the reorientation of the economy towards digital markets.

Arkhom emphasized that Thailand’s competitiveness depends on close government-corporate cooperation and stricter laws on cryptocurrency transactions. He appealed to the economy to invest not only in the development of digital infrastructure but also in the technological skills of Thai workers.

According to the Minister of Finance, the digital sandbox infrastructure is a prerequisite for Thai financial markets to realize their full potential.

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