Bangkok: The Council of State has finished reviewing the draft of the Financial Central Act, with plans to push it into the House of Representatives for its first reading at the beginning of July. This legislative move aims to position Thailand as a central financial hub.

According to Thai News Agency, Dr. Paopum Rojanasakul, Deputy Minister of Finance, announced the government’s intention to transform Thailand into a financial hub. This initiative is expected to attract foreign financial business operators, enhance Thailand’s global economic role, and boost the country’s future competitiveness. The Ministry of Finance has crafted the Financial Business Hub Act B.E. ., which has already received the Cabinet’s approval and was subsequently reviewed by the Office of the Council of State.

The draft, now ready for the parliamentary agenda, is structured into nine sections. These sections cover a range of topics, including general provisions, the establishment of a supervisory committee, and the creation of a Financial Business Commission office to provide one-stop services to business operators. It also outlines the appointment criteria for office managers, permissions for target business operations, benefits for business operators, and guidelines for business supervision under the Financial Hub. Additionally, the draft specifies provisions for official staff inspections and details fines and criminal penalties for non-compliance.

This legislative effort reflects a strategic push by Thailand to solidify its status as a financial center, providing a structured framework for overseeing and promoting financial business operations within the country.