The Finance Ministry said it planned to create an institution for financial innovation and technology to provide financial support to fintech startups, along with other privileges. Speaking at a fintech forum hosted by the Thai Fintech Association yesterday, Somchai Sujjapongse, permanent secretary for finance, said the ministry would this year propose to the Cabinet that the new institution to foster growth of fintech startups be set up, backed by investment of Bt500 million. The proposed institution would select startups that have good ideas to develop new financial services. As fundraisings via ICO involve cryptocurrencies, he said regulators need to introduce regulations that governed the use of these digital currencies. The central bank is worried about the prospect of financial fraud arising from an absence of regulations governing the digital currencies.

Source: The Nation Bangkok February 14, 2018 13:30 UTC