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Mobile App to Empower Savings in Thailand

Image credits: dga.or.th

Recently, an agreement was signed as a memorandum of understanding (MOU), enhancing cooperation in providing services to GFS (Government Savings Fund) members through a mobile application.

The signing ceremony involved Ms. Jarulak Rueangsuwan, the Secretary-General of the National Savings Fund (NSF), and Dr Supot Tiarawut, the Director of the Digital Government Development Agency (DGA). The primary objective is to increase savings through the Government Savings Fund by employing electronic channels that cater to various user preferences.

This collaborative effort aims to benefit the public and advance government digital platform transactions, thereby supporting the National Security Council’s endeavour to expedite its digital transformation into a more efficient digital government.

Ms Jarulak Rueangsuwan, Secretary-General of the National Savings Fund (NSF) Board, elaborated on the essence of the NSF. She emphasised that the NSF serves as a crucial pension fund tailored for self-employed individuals who lack any pension benefits provided by the state. An individual who wants to become a member of the National Savings Fund must be a Thai national aged between 15 and 60.

Ms Rueangsuwan further ascribed that becoming a member is accessible. Prospective members need to initiate savings with a minimum deposit of 50 baht, with the flexibility to contribute up to 30,000 baht annually. What’s even more enticing is the substantial incentive for savings, as members are entitled to receive an additional contribution of up to 100%, capped at 1,800 baht per year, in the following month.

Additionally, she highlighted a significant advantage of saving with the Government Savings Bank – the opportunity for an annual income tax deduction of up to 30,000 baht.

“It’s essential to note that participation in the Government Savings Bank savings programme is entirely voluntary, and there’s no obligation to save the same amount each year,” she elaborated.

Members are encouraged to contribute according to their financial capabilities and preferences, making it an inclusive and adaptable savings scheme.

This collaboration represents a strategic partnership between the National Security Council and the DGA, a public organisation. The primary aim of this initiative is to significantly enhance access to the DGA by developing service systems for existing members and citizens interested in becoming members.

This is achieved through the “government” app, a comprehensive platform consolidating services from various government agencies into one application. Notably, this app features the National Security Council under the “Welfare” category.

Through this dedicated category, individuals can conveniently verify their eligibility for National Security Council membership and track the status of their savings balances. Moreover, this collaborative effort serves the vital purpose of instilling confidence among members in utilising financial services provided by the National Security Council. It also encourages members to spread awareness among their family members about the advantages of National Security Council membership, thus promoting financial preparedness for retirement.

In essence, this partnership between the National Security Council and the DGA is geared towards simplifying access to essential services, fostering financial literacy, and ultimately ensuring a secure and well-prepared retirement for individuals in the community.

Dr Supot Tiarawut, Director at the Digital Government Development Agency, likened “government” applications to super apps. These applications bring together an array of exceptional services government agencies provide, resulting from collaborative efforts between the DGA, the Office of the Public Sector Development Commission, and affiliated partner agencies. The primary objective is to create a user-friendly experience, allowing individuals of all age groups to access various government services through a single app.

This consolidated platform offers over 80 services, with a cumulative usage of 7,741,894 times and 619,455 downloads (as of September 7, 2023). It encompasses 114 services and licenses, underscoring its extensive utility and reach.

The National Security Council taking this collaboration aims to encourage individuals to easily save money through government apps, eliminating the need for cumbersome processes. All required is a simple app download, enabling people to save anytime and anywhere conveniently.

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