During 2021’s Covid-19 pandemic, the ever-revolutionizing Pao Tang app of Krungthai Bank took center stage on the home screens of smartphone users. It was highlighted as an innovative tool in the government’s arsenal to stimulate the ailing economy throughout the country. The graced support came from none other than Prime Minister Srettha Thavisin himself. Following a comprehensive meeting with the execs of the Finance Ministry, it was confirmed that this app would become instrumental in executing the government’s digital wallet strategy.
There’s a twist to this hi-tech story, though. Merely facilitating transactions wasn’t enough. The highly secure and cutting-edge Blockchain technology would be knit together with the Pao Tang app, ensuring a seamless integration of technology with convenience, Mr. Srettha expressed after the briefing.
Now the next big challenge was on the horizon. The government had pledged a 10,000-baht digital currency handout. The target audience: every single Thai citizen, which totals up to a staggering 56 million people nationwide. So, was the government backing its bold promise with an equivalent budget? Mr. Srettha assured the masses – they had ample funds.
The Pheu Thai Party, with its upcoming election campaign, boldly emphasized the digital wallet’s crucial role in the socio-economic scene. As per their estimate, the project’s financial implication would come around 560 billion baht. Interestingly, the parliamentary debate brought forward some elusive answers about the government’s financial planning for the digital wallet, with the only clarity being that debt was not part of the equation.
However, the Finance Minister and Prime Minister himself, Mr. Srettha, assured the public that all hazy details would be cleared up in just under a month. He subtly hinted that the government’s choice of strategy would be dictated by the national economy’s ongoing status.
The Pao Tang app isn’t just another run-of-the-mill digital platform; it boasts an impressive 40 million subscribers and offers a versatile range of e-services. From an e-wallet to health-wallet, even extending to gold-wallet and bond-wallet, this app promises a solution for all.
With the economy going through a tough phase, the Finance Ministry affirmed its readiness to back the government’s policy and buffer against the budding cost of living issues at hand, according to Mr. Srettha. He was adamant, though, that the program’s implementation should be put under the lens of fiscal discipline and prudence, given that it required a substantial pool of government resources.
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