Cabinet agrees to develop FinTech, set up InFinIT

BANGKOK, April 18 (TNA) -- The cabinet on Tuesday resolved to develop financial technology and establish the Institute for Financial Innovation and Technology (InFinIT). Nataporn Jatusripitak, advisor to the Prime Minister’s Office Minister, said the resolution responded to a proposal from the Finance Ministry. The development of financial technology (FinTech) will be done in three main areas. One area is the development of electronic infrastructures to ensure safe and convenient activities of service providers and users. The development will be in accordance with the national e-payment plan which includes the PromptPay service. The second area concerns campaigns for governmental organisations to provide and use FinTech services. The third area is for the establishment of the Institute for Financial Innovation and Technology (InFinIT) that will support the development of FinTech and FinTech startups. The institute will help FinTech startups develop and test financial products and services and give advice on finance and commercial development. The establishment of InFinIT set for 2018-2019 will consume a 650-million-baht budget from the Specialized Financial Institutions Fund. The institute will need another 513 million baht for its operations in the three following years. Then it will generate enough income for future operations. (TNA)