Thailand expects digital finance to boost economic growth in 2022

Thailand expects digital finance to be a major boost to economic growth next year, supporting smaller businesses gain more access to credit, said the country’s finance minister. 

The digital finance service is part of a smart financial and payment infrastructure for business project, connecting government agencies, lenders and businesses with digital technology, reports Reuters.

“This will be a key driver of the economy in 2022,” said Finance Minister Arkhom Termpittayapaisith, as it is fast and highly efficient, adding further that he predicts an economic growth of up to 4.5% in 2022. 

Thailand’s central bank governor Sethaput Suthiwartnarueput has also described the project as a “game changer” that will support businesses in digital transformation. 

READ: Thailand allocates 2.4 billion baht for digital initiatives

Currently, cash-strapped SMEs make up about 40% of Thailand’s GDP, and contribute to some 15 million jobs. So far, only about 3 million smaller firms have received financial support measures, the finance minister said.