Financial Crime World

Digital Identity Verification Now Open on State-Run Tang Rat App

Thai Government’s Digital Wallet Project Takes a Significant Step Forward

BANGKOK - The Thai government’s digital wallet project has reached a major milestone with the launch of advanced registration on its state-developed Tang Rat super app. Deputy Finance Minister Julapun Amornvivat announced that Thais can now register their identities in advance to avoid a massive influx of users when the system goes live.

What is Tang Rat App?

The Tang Rat app combines services from all state agencies and will play a crucial role in verifying and authenticating Thai citizens’ identities, known as know-your-customer (KYC) procedures. The app aims to provide a secure and convenient way for individuals to register their identities online.

Benefits of Advanced Registration

  • Around 15 million people can be registered in advance through the app, which will help stagger the registration process and prevent system overload.
  • By registering in advance, individuals can avoid long queues and ensure that they are ready to receive the digital wallet funds when the system goes live.
  • The advanced registration process will also help the government to identify any issues with the system before it is launched.

Digital Wallet Project Details

  • The budget for the project is set at 500 billion baht, with around 50 million people expected to be eligible.
  • Individuals must be Thai citizens aged 16 and above with an income not exceeding 70,000 baht per month or 840,000 baht per year to be eligible for the handout.
  • The digital wallet funds can be spent within one’s district according to their ID card.

Key Features of the Digital Wallet

  • Eligible individuals will receive a digital wallet with a balance of 10,000 baht.
  • The digital wallet funds can be spent at small businesses, including convenience stores and smaller ones.
  • Shops receiving digital money can spend it outside their districts or anywhere else. Products that cannot be purchased with digital funds include services and imported goods such as mobile phones.

Next Steps

The official registration date for the digital wallet project has not been announced yet, but Mr Julapun said it will be announced later at Government House. The Digital Government Development Agency is still developing the settlement system for the programme, but Mr Julapun expressed confidence that it would be completed on schedule.