Mitihoon – The Fiscal Policy Office (FPO), the Securities and Exchange Commission (SEC), the Stock Exchange of Thailand (SET), and the Federation of Thai Capital Market Organizations (FETCO) have jointly announced the launch of the “Thai Capital Market Attractiveness Initiative,” featuring four key measures: Quality Demand, Attractive Supply, Trusted Market and Supportive Ecosystem, to strengthen investor confidence, enhance competitiveness, and increase the attractiveness of the Thai capital market on the global stage.
The Taskforce for a Competitive and Attractive Market (Taskforce), which consists of representatives from the FPO, the SEC, the SET, and the FETCO, has recently convened a joint meeting to gather opinions, analyze issues, and seek approaches to enhance the capabilities of the Thai capital market so that it remains competitive and resilient in the face of challenges, while continuing to play an important role in supporting the Thai economy. The Taskforce reached a consensus and proposed the “Thai Capital Market Attractiveness Initiatives,” highlighting four main measures along with key urgent action plans for each measure, as follows:
Quality Demand: (1) Cultivate long-term investment culture through individual investment accounts to enable investors to convert their savings into long-term investments and diversify their portfolios across various assets, and expand new investor base, enhance investment services in the stock market and securities company products, as well as create a wealth aggregator for investors’ portfolios, and (2) Enhance domestic institutional investors’ role to increase Thai equity allocation;
Attractive Supply (1) Attract quality listing to drive new growth into the Thai capital market, (2) Scale up listed firms’ quality to enhance value through the Jump+ and Value Up Program, (3) Streamline IPO and foreign listing process to boost fundraising and competitiveness in the regional markets, (4) Facilitate funding and strengthen the potential of SMEs and the new economy, and (5) Drive ESG performance disclosure in accordance with ISSB standard, focusing on actual implementation to attract investors who prioritize ESG responsibility at the international level;
Trusted Market: (1) Strengthen corporate governance of listed firms and law enforcement, (2) Elevate standards for the supervision of gatekeepers to prevent inappropriate conduct, and (3) Leverage technology to broaden access to financial information of small-and medium-sized listed firms;
Supportive Ecosystem: (1) Enhance capacities of domestic capital market participants in creating diverse investment products, (2) Utilize technology to increase retail investors’ access to investment and a transition of a digital capital market, (3) Review market microstructure to align with trading behaviors and ensure fairness across investor types, and (4) Facilitate foreign investors’ more convenient use of e-proxy voting rights.
Warothai Kosolpisitkul, Ph.D. International Economic Advisor, FPO, said: “This set of measures to enhance the attractiveness of Thailand’s capital market not only aims at strengthening the market’s capabilities, but also at laying a solid foundation for the country’s long-term economic growth. By attracting high-potential businesses to raise funds, the market creates greater opportunities to drive growth across various sectors and broaden the investor base. This will make the Thai capital market a more efficient fundraising platform for national development. These measures are also in line with the 4th Capital Market Development Plan (2022–2027), which capital market agencies have been consistently implementing. At the same time, the measures serve as ‘Quick Win’ initiatives that will generate tangible short-term results while catalyzing long-term economic restructuring. As the agency responsible for national economic policy and overall capital market development, the FPO stands ready to cooperate with and support all sectors in advancing and sustaining these measures to deliver concrete benefits for the country.”
Pornanong Budsaratragoon, Ph.D., SEC Secretary-General, said: “The SEC has initiated the establishment of the Taskforce, which is a collaboration between government agencies and private sector organizations, to jointly drive concrete measures for developing the Thai capital market, promote sustainable long-term competitiveness aligned with the changing economic conditions and global context, and enhance confidence in the Thai capital market. We believe that driving systematic change requires collaborative efforts from all sectors in the capital market. The Thai Capital Market Attractiveness Initiative proposed by the Taskforce covers both the demand and supply sides, and working groups will be established to monitor and continuously advance the measures to accelerate tangible short-term results. Concurrently, in the next phase, the SEC will proceed with developing other areas of the capital market, including the bond market, investment units, as well as the transition toward a digital capital market, with additional taskforces to be established. The SEC stands ready to serve as a key mechanism in creating concrete cooperation among various agencies.”
Mr. Asadej Kongsiri, SET President, said: “This Taskforce collaboration marks a significant turning point in elevating the potential, competitiveness, and attractiveness of Thailand’s capital market. The SET is fully committed to driving forward the Capital Market Attractiveness Initiative to enhance market appeal —from attracting high-potential New Economy businesses to list on the exchange, and upgrading the quality of listed companies through the Jump+ program, to leveraging technology to improve investor access to information, diversifying investment products to serve all investor segments, and developing essential infrastructure. SET is determined to position Thailand’s capital market as a vital engine for robust economic growth, equipped to weather global economic volatility and regional competition. We will focus on enhancing market quality, building credibility, and elevating governance standards to ensure that Thailand’s capital market serves as an efficient fundraising platform.”
Dr. Kobsak Pootrakool, FETCO Chairman, said: “Driving the Thai Capital Market Attractiveness Initiative is an important collaboration among all sectors within the capital market. This collective effort will strengthen Thailand’s stock market competitiveness, enabling it to address emerging challenges while maintaining its pivotal role in supporting the Thai economy. In particular, the strategic focus on establishing tangible Quality Demand will serve as a key foundation for cultivating a long-term investment culture. This includes the development of individual investment accounts which will empower investors to transform their savings into sustainable long-term investments, preparing for the country’s transition toward an aging society. Additionally, an investor data hub will provide comprehensive wealth management tools, functioning as a wealth aggregator for investors. Moreover, strengthening the role of domestic institutional investors will help drive stable and sustainable investments in the Thai capital market. These measures will ensure Thailand’s stock market remains fundamental to the nation’s sustainable economic growth.”
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