Latest news with #FinancialHubBill
Bangkok Post
15-07-2025
- Business
- Bangkok Post
Cabinet preps Financial Hub Bill draft
The cabinet is preparing to propose the draft Financial Hub Bill for parliamentary deliberation in the near future. According to Deputy Finance Minister Paopoom Rojanasakul, the Council of State has already completed its review of the draft law. The next step will be to present it to parliament for consideration in its first reading. "This draft law will establish an ecosystem that aligns with the needs of global financial companies," said Mr Paopoom. The proposed Financial Hub Act aims to elevate Thailand into a regional financial centre by overhauling the licensing and regulatory framework under the Financial Hub initiative, making it comprehensive and business-friendly. The draft law is designed to attract investment by streamlining operations and establishing a central agency to set policies that promote Thailand as a financial hub. It also lays out strategies to develop the financial industry ecosystem, including workforce development and infrastructure improvements to meet the demands of leading global financial firms. The draft law will define target businesses within the Financial Hub and establish the Office of the Regulatory and Promotion Committee for the Financial Business Hub as a One-Stop Authority (OSA). It will define qualifications for business operators, licensing procedures, investor incentives and regulatory frameworks that are efficient and aligned with international standards. The draft law approved by the cabinet contains nine chapters and 94 sections, including General Provisions, which specifies the effective date of the Financial Hub Act and relevant definitions. Chapter 1 – Regulatory and Promotion Committee for the Financial Business Hub, which outlines the structure and authority of the committee responsible for comprehensive oversight of the Financial Hub, including setting business guidelines, issuing licences, inspecting operations and revoking licences. Chapter 2 – Office of the Committee, which establishes the OSA to provide one-stop services and facilitate businesses in licensing and receiving incentives. Chapter 3 – The director, who specifies qualifications and the appointment process for the executive managing the Office. Chapter 4 – Licensing of Target Businesses, defining types and scopes of businesses eligible for licences, and the characteristics of legal entities seeking to operate within the Financial Hub. Chapter 5 – Promotion of Incentives, outlining the benefits and incentives available to businesses established under the Financial Hub framework. Chapter 6 – Supervision of Businesses under Promotion, establishing regulatory standards for businesses within the Financial Hub, covering financial institutions, securities firms and insurance businesses, aligned with current regulatory practices. Chapter 7 – Officials, granting officials the authority to inspect the operations of businesses within the hub. Chapters 8 and 9 – Administrative Sanctions and Criminal Penalties, setting forth penalties for non-compliance with the Act's rules and conditions.
Bangkok Post
06-07-2025
- Business
- Bangkok Post
Ministry keen to press financial bills
Despite ongoing political uncertainty, the Finance Ministry appears poised to push forward three key financial bills. According to Deputy Finance Minister Paopoom Rojanasakul, the three drafts are an amendment to the National Savings Fund Act, the Financial Hub Bill and the National Credit Guarantee Agency (NaCGA) Bill. The draft amendment to the National Savings Fund Act allows the National Savings Fund to issue a "retirement lottery", aimed at attracting more people to save. This bill is expected to be presented for its first reading in parliament on July 16. The Financial Hub Bill is designed to attract foreign investors and financial businesses, stimulate domestic economic activity and enhance financial skills among the local workforce. This bill was already reviewed and finalised by the Council of State and is expected to be submitted to the cabinet for approval on Tuesday. Once approved by the cabinet, it will be forwarded to parliament for deliberation. According to Mr Paopoom, the draft NaCGA Bill is expected to be submitted to the cabinet on July 8 or July 15. This legislation is meant to improve access to formal credit for small and medium-sized enterprises by allowing NaCGA to assess lending risks and provide credit guarantees to financial institutions. He said everyone involved in the process must continue to perform their duties because the country faces many obstacles that need to be resolved, including economic problems and border-related challenges. All ministries must continue to progress with their work. Regarding the Entertainment Complex Bill, which was already approved by the cabinet, the government aims to submit it to parliament during the upcoming legislative session this month. However, Mr Paopoom said the draft still requires a detailed review before it can move forward. "We can't afford to stop. Everyone must cooperate to ensure Thailand continues to move forward, both economically and in resolving border issues," he said. "We are trying to push through as many items in the pipeline as we can. There are no delays, with 2-3 draft laws heading to parliament." Last week, three major private sector groups expressed growing concern over political instability, urging the government to ramp up efforts to rebuild trust and confidence among the public and businesses. The Joint Standing Committee on Commerce, Industry and Banking is preparing to hold discussions with the Bank of Thailand, the National Economic and Social Development Council, the Finance Ministry and the Commerce Ministry to re-prioritise economic strategies, given limited resources. The focus is on stimulating the economy over the next 6-12 months.
