Thailand: Development of a Strategic Framework for Financial Inclusion

Sovereign Project | 45128-001 Status: Closed

Project Details

Project Officer
Hattel, Kelly L. Southeast Asia Department Request for information
Country
  • Thailand
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Development of a Strategic Framework for Financial Inclusion
Project Number 45128-001
Country Thailand
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7998-THA: Development of a Strategic Framework for Financial Inclusion
Japan Fund for Poverty Reduction US$ 1.50 million
Strategic Agendas Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Finance - Finance sector development - Inclusive finance - Insurance and contractual savings

Gender Equity and Mainstreaming Gender equity
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact

Project Outcome

Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues) Microfinance Services PTY LTD., AUS consulting firm was engaged and commenced its services on March 2012. The consultants have completed the supply side assessment for financial inclusion and the demand side assessment as of August 2013. Based on the comprehensive assessment conducted under the Making Access to Finance Possible (MAP) inititiave, in cooperation with UNCDF, Government is finalizing its Masterplan for Financial Inclusion. Workshops to assist Government in developing an Implementation Plan and to begin implementation will focus on key topics including microinsurance and financial literacy/capability.
Geographical Location

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Consultations with a range of key stakeholders in the sector were held, including with relevant government agencies, (Bank of Thailand, Ministry of Finance/Fiscal Policy Office, Office of the Insurance Commission, Bank for Agriculture and Agricultural Cooperatives, Government Savings Bank), commerical financial service providers and support organizations (Kasikorn Bank, Thai Credit, National Credit Bureau), a geographic sample of community-level savings and credit groups, international organizations (World Bank, Agence Francaise de Developpement, Alliance for Financial Inclusion, the United Nations Capital Development Fund), and a wide range of NGOs and individuals working in microfinance. Stakeholders welcomed the development of a National Strategy for Financial Inclusion and a stronger, more cohesive regulatory framework for inclusive financial services for low-income people.
During Project Implementation An initial stakeholder meeting was held 22 March 2012 to provide important input to the diagnostic study undertaken to understand the supply and demand for financial services for low-income and excluded populations in Thailand. Representing a broad range of stakeholders, 57 participants from 41 stakeholder organizations attended, with high-level representatives from government, non-profit, and private sectors, including the Bank of Thailand (BOT), the Office of Insurance Commission (OIC), the Japanese Embassy, the banking sector, the insurance sector and other relevant stakeholders. A second stakeholder meeting was held 17 September 2012 Stakeholder Meeting to present key preliminary findings from the supply side research conducted by the consultants (in close collaboration with the EA) and to present the methodology, content and timing of the demand side assessment, which will utilize the FinScope survey for the quantitative analysis and focus group discussions for the qualitative analysis. Seventy-two workshop participants included representatives from a range of 44 of government, non-profit, private sector, banking sector, the insurance sector, and other relevant stakeholders. A third Stakeholder Meeting to present full findings from supply and demand side assessments was held on August 6, 2013 with 112 participants from 34 different government ministries, private sector entities, academe, non-profits, and other development partners. The meeting presented the findings and recommendations from a comprehensive diagnostic study looking at the status of financial inclusion in Thailand. Focus was placed on overall findings and recommendations of the research covering the regulatory framework, microinsurance, supply of financial services, payments channels, financial literacy and consumer protection as well as detailed findings from the quantitative (6,000 household survey conducted by FinScope) and qualitative (240 households) demand side study.

Responsible Staff

Responsible ADB Officer Hattel, Kelly L.
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Fiscal Policy Office
Thailand

Timetable

Concept Clearance -
Fact Finding -
MRM -
Approval -
Last Review Mission -
Last PDS Update 31 Mar 2014

TA 7998-THA

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
15 Dec 2011 30 Jan 2012 30 Jan 2012 28 Feb 2015 31 May 2015 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,500,000.00 800,000.00 0.00 0.00 0.00 2,300,000.00 15 Dec 2011 1,320,413.97

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Related Publications

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Procurement Plan

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