With sustainable development in mind, the Deputy Finance Minister of Thailand, Paopoom Rojanasakul, recently shared his intention to link the financial epicenters of Thailand and Luxembourg, after finishing a discussion with Luxembourg’s Finance Minister, Gilles Roth against the backdrop of the 2025 World Bank and IMF Spring Meetings in Washington, D.C.
The leaders of both countries have decided that the best way to foster innovation, investment, and sustainable development is to connect the two financial hubs.
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To that end, the countries will use procedures and tools such as memorandums of understanding, exchanges of policies and legal guidelines, and technical support aiming to help Thailand improve the performance of its financial sector. Paopoom also stressed on his country’s dream of becoming ASEAN’s financial nexus, with its core focus on wealth management, international markets, and innovation.
On its part, Thailand has promised to keep its financial sectors open for foreign operators while improving its standards of supervision to global levels, and retaining flexibility in terms of legal adherence. Paopoom also shared the Cabinet’s approval of the idea of a Financial Hub Bill, which if passed, would permit overseas firms to specialize in fields such as commercial banking, payment services, securities, forward exchange contracts, digital assets, insurance, and insurance brokerage.
Among other elements, the bill would enable the setting up of an office known as the Office of Supervisory and Promotion of Financial Hub Business with the aim of offering a plethora of services at one place for the benefit of financial firms.
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While the bill is currently going through a detailed examination initiated by the Office of the Council of State, it will be presented for discussion before the House of Representatives.
Last but not least, to further consolidate the relationship between the two countries, Thailand intends to list its sustainability-linked bonds on the Luxembourg Stock Exchange shortly.
Source: The Nation
