Govt brushes off central bank’s call for review of digital wallet scheme

14 Sept 03:27 Key points summarised by AI

The Bank of Thailand (BoT) urgently advised the government to downsize its 10,000 baht digital wallet scheme, proposing it target only 15 million "financially fragile" people for a cost of 150 billion baht, instead of the planned 50 million people requiring 500 billion baht.
The government promptly rejected BoT's recommendations, stating the advice contained no new information and confirming the scheme will proceed as approved, distributing benefits to 50 million Thais in the fourth quarter.
BoT warned the full-scale scheme risks a long-term fiscal burden, a potential credit rating downgrade, depletion of emergency funds, and liquidity problems for the Bank of Agriculture and Agricultural Cooperatives (BAAC) due to its designated role despite outstanding government debt.
The central bank also raised concerns about the scheme's system vulnerability to cyber attacks and data leaks, urging immediate implementation of security measures.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.