Thailand’s Ministry of Finance has revealed it is launching projects that will utilize blockchain technology to enhance government administrative efficiency and assist in revenue collection, asset management and procurement. 

The use of blockchain technology is expected to eliminate complicated procedures and enhance transparency for government agencies. 

Memorandum to Implement Blockchain Technology

The Ministry of Finance disclosed that on September 27, it had gathered agencies under its administration together with Krung Thai Bank to sign a memorandum of understanding (MoU) on adopting blockchain to improve system infrastructure. 

The signing ceremony was held under the theme “MOF Digital Platform is Now” and was aimed at promoting digital technologies to drive the grassroots economy.

Initiating Blockchain Projects in Thailand

Finance Minister Uttama Savanayana said the ministry is driving several initiatives using innovation and new technology, such as the National e-Payment system which will develop the country towards its Thailand 4.0 goal, starting with the PromptPay and welfare card programs.

He also disclosed that some of the government’s 8 initiatives to drive digital transformation include the Government Procurement program or e-GP; the VAT Refunds for Tourists program that will use blockchain and mobile apps to verify tourist identities for international payment and settlement systems; the Electronic Scripless Bond program that will allow the general public greater access to bonds; the Land Assessment program; the Government Healthcare program; and social welfare programs that will implement blockchain to unify data from different agencies to be available from a single platform.   

Source: https://www.moneyandbanking.co.th

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