Thailand’s Finance Ministry Initiates 8 Blockchain Projects

Asia Blockchain Review
October 7, 2019
Thailand’s Finance Ministry Initiates 8 Blockchain Projects

Thailand’s Ministry of Finance has announced that it is launching 8 blockchain projects that will better serve citizens in several areas, ranging from tax returns and government procurement to social welfare and scripless bonds.

Announcing Blockchain Project to Enhance Efficiency and Transparency

Finance Minister Uttama Savanayana stated that with the competitive pace of doing business around the world, many countries have set a goal to become a ‘Smart Country’, with Thailand also determined to embark on a digital transformation.

“The Ministry of Finance is driving several initiatives using innovation and new technology, such as the National e-Payment system that will develop the country towards its Thailand 4.0 goal, starting with the PromtPay and welfare card programs,” said Uttama, referring to the government’s development policy to advance the economy through the Fourth Industrial Revolution. 

Uttama 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.   

Signing a Memorandum to Adopt Blockchain Technology

Earlier on September 27th, the Ministry of Finance 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.


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