Thai Finance Ministry Drives Digital Transformation with Blockchain

Asia Blockchain Review
October 10, 2019

The Ministry of Finance in Thailand has announced that it is supporting the implementation of blockchain technology to drive the country’s digital transformation. The decentralized technology is expected to improve the efficiency of the administration process while also enhancing transparency and accuracy across various government programs.

Adopting Blockchain to Improve Infrastructure

On September 27, the Ministry of Finance and agencies under its administration together with Krung Thai Bank signed a memorandum of understanding (MoU) on adopting blockchain to improve system infrastructure in a signing ceremony held under the theme “MOF Digital Platform is Now”.

According to Finance Minister Uttama Savanayana, this collaboration will help the ministry carry out its missions with greater efficiency in the future in order to better serve its citizens.

Embracing Digital and Decentralized Technology

The minister revealed that the administration is determined to promote the use of digital platforms to strengthen local businesses, while also uplifting the quality of life for Thai citizens.

Uttama disclosed that the government’s initiatives to drive digital transformation, such as the National e-Payment system and welfare card schemes, have been highly successful in steering the country towards its Thailand 4.0 goals in accordance with government policies. The government is therefore reinforcing its position of introducing digital technology to local communities by embracing decentralized technology.

“The Ministry of Finance is implementing blockchain technology for government administrative processes and to enhance the efficiency of public agencies,” Uttama said. “Moreover, by offering better services to citizens, we will strengthen the local economy as well as uplift the quality of life for the general public.”


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