Bangkok: CMDF and Oliver Wyman have unveiled a report titled 'Developing the Thai Capital Market Towards An International Financial Center', outlining three pivotal strategies designed to elevate the Thai capital market to global prominence.
According to Thai News Agency, the Capital Market Development Fund (CMDF) and Oliver Wyman, a premier management consulting firm under Marsh McLennan, hosted a seminar named 'IGNITE CAPITAL MARKET: Thailand's Journey to a Global Financial Hub'. The event marked the launch of their report, which was attended by leading figures from the Thai capital market, including regulators, academics, investors, and financial experts.
The study conducted by Oliver Wyman, with the backing of CMDF, highlights the Thai capital market's potential as a leading ASEAN stock exchange in terms of market capitalization, IPO volume, and bond market strength. However, it also identifies five critical challenges that must be addressed to enhance its global competitiveness: increasing international awareness, improving investment policies, developing infrastructure, enhancing asset attractiveness, and expanding the domestic institutional investor base.
Mr. Jakchai Boonyawat, Managing Director of CMDF, emphasized the report's role in highlighting both the potential and challenges facing the Thai capital market. He reiterated CMDF's commitment to working with regulators and stakeholders to transform Thailand into a credible and globally competitive financial hub, thereby promoting long-term economic stability.
The report outlines three strategic areas for reform:
1. Enhancing Confidence and Awareness: This involves improving Thailand's international image, boosting its credit rating, and strengthening anti-money laundering measures.
2. Reducing Barriers and Expanding Access: Strategies include developing a more efficient capital flow ecosystem, fostering a future-ready workforce, creating a favorable regulatory environment, increasing product diversity, and strengthening connections with global markets.
3. Creating Attractive Investment Opportunities: The focus is on offering exceptional opportunities in offshore wealth management, digital assets, and sustainable finance to draw new capital.
Mr. Hyunseung (Henry) Cho, Partner and Country Head of Oliver Wyman Thailand, stated that the report provides a comprehensive roadmap for development, including governance and regulatory enhancements. This initiative underscores Thailand's ambition to emerge as a key economic player in the region.
Achieving the status of a global financial hub necessitates collaboration among capital market operators, intermediaries, issuers, and investors within a framework that aligns with international standards. This requires modern infrastructure and a well-defined, adaptable global strategy.