Vision for Thailand as a Regional Financial Hub
Former Prime Minister Thaksin Shinawatra has unveiled a comprehensive seven-point plan to rejuvenate Thailand’s stock market and position the country as a key player in global finance. Speaking during the event “Chat with Tony: Bull Rally of Thai Capital Market” on Monday evening, Thaksin outlined strategies to restore investor confidence and address market inefficiencies.
Key Proposals for Market Revitalization
- Stronger Corporate Governance and Oversight:
Thaksin emphasized the need for the Securities and Exchange Commission (SEC) to have greater authority to enforce regulations efficiently, aligning with international standards. He highlighted the importance of swift action against market violations without delays caused by legal bottlenecks. - Addressing High-Frequency Trading:
The plan calls for stricter oversight of high-frequency trading practices to ensure a fair and transparent market. - Attracting Foreign Investments:
Thaksin proposed diversifying the Stock Exchange of Thailand (SET) by encouraging listings from foreign companies investing in Thailand. He pointed to the recent legalization of gambling and casinos, which could attract up to 500 billion baht in foreign investments. - Boosting Undervalued Stocks:
To address undervalued stocks, Thaksin recommended increased use of treasury stock programs and the adoption of Japanese-style systems to align share prices with book values. - Digital Asset Integration:
- Establishing an agency under the SEC to regulate cryptocurrency and digital asset trading.
- Introducing innovative solutions like Real World Asset (RWA) tokenization for trading blockchain-based tokens representing physical assets.
- Launching a cryptocurrency sandbox project in Phuket, where Bitcoin transactions would be state-managed to minimize risks.
- Developing the Carbon Credit Market:
Highlighting the potential of carbon credit trading, Thaksin noted that Thailand’s current rate of $7 per tonne is significantly lower than in Singapore ($14) and Europe ($35). Expanding this market could boost Thailand’s environmental and economic standing. - Transforming Thailand into a Financial Hub:
Drawing inspiration from Dubai and Singapore, Thaksin revealed plans to make Thailand a regional financial center. He emphasized infrastructure upgrades, such as reducing electricity costs to 3.70 baht per unit, to attract investments in data centers and AI hubs.
A Collaborative Effort for Economic Growth
Thaksin shared that these initiatives align with broader economic strategies under the leadership of his daughter, Prime Minister Paetongtarn Shinawatra, and the ruling Pheu Thai Party. The proposals aim to complement existing policies designed to foster sustainable growth and technological innovation.
With a focus on market stability, technological advancement, and global competitiveness, Thaksin’s vision sets a bold course for Thailand’s financial future. The proposed reforms, if implemented effectively, could elevate the country’s status as a leading economic and financial hub in the region.
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