将泰国转变为国际金融中心

CONTENTS Executive summary 3 1. What does it mean to be a global financial hub?7 2. Where does Thailand stand today?14 Area 1: Global branding and visibility18Area 2: Supportive policy environment for international investors20Area 3: Infrastructure and connectivity of Thai capital markets22Area 4: Attractiveness of capital market assets and products23Area 5: Domestic institutional base33 3. How do we get there 36 Cornerstone 1: Rebuild confidence and visibility39Cornerstone 2: Remove frictions to capital flow and enhance market participation45Cornerstone 3: Offer attractive investment opportunities64Considerations for roadmap prioritisation81Risks84 Conclusion 85 Appendix87 Appendix A: Legal and regulatory set-up of peer special zones87Appendix B: Special zone case studies92Appendix C: Fact based benchmarking100Appendix D: Global macroeconomic trends109Appendix E: Key performance indicators and milestones126Appendix F: List of acronyms and abbreviations129 Legal disclaimers133 Thailand is entering a new chapter in its economic development journey, one markedbybold ambition and a renewed drive for regional leadership. The government has set out aclear aspiration: to position Thailand as a prominent financial centre on the global stage andelevate its status as a leading global financial hub. This reflects a strong national commitmentto strengthen Thailand’s role in the global financial system, attract top-tier institutions, andbecome a critical bridge for international capital and innovation. It signals a forward-lookingvision of Thailand as an open, modern, and globally connected market — a dynamic, trusted,and competitive hub for the region andbeyond. Capital markets lie at the heart of this vision; they connect investors with opportunity,support innovation and entrepreneurship, and channel capital into the sectors that willshape Thailand’s futureeconomy. The recent approval of the Financial Hub Act by the Cabinet represents a meaningful firststep — establishing the legal foundation for a special financial zone with targeted incentivesaimed at attracting international financial institutions. To meet the global financial hubambition set out, the Thai capital markets need to evolve and play a greater role in the globalstage. It could play a leading role in Southeast Asia in scale, depth and liquidity; a marketthat is highly international and globally integrated (hosting top-tier financial institutions andlong-term investors); and a “full-service” marketplace offeringa diverse range of productsand globally distinctive thematic strengths. This target state vision defines success underthe global financial hub ambition, providing a benchmark for assessing the current landscapeand a strategic anchor for designing the roadmap towards meaningful, long-term capitalmarkettransformation. As of today, the Thai capital markets rest on a solid foundation. The Stock Exchangeof Thailand (SET) is one of the region’s largest by equity-market capitalisation and hasrecently overtaken Singapore in initial public offering (IPO) volume, signalling growingissuer momentum. On the fixed-income side, Thailand has a sizable bond marketcomparable in scale to Hong Kong’s. In contrast, the derivatives and private marketsare still nascent. While the market remains relatively domestically focused, ongoingregulatory efforts to improve governance, infrastructure and transparency are layingthe groundwork for broader internationalisation and futuregrowth. To support the ambition of becoming a global financial hub, it is essential to begin witha clear-eyed understanding of the capital market as it stands today. This whitepaperpresents a holistic view of the Thai capital markets, covering five core market components:investors, issuers, financial products, infrastructure and intermediaries, and enablers suchas regulatory frameworks and human capital. The analysis also extends to the broaderecosystem — including banking, asset management, insurance and reinsurance, andemerging sectors such as digital assets — to understand how they influence and supportmarketdevelopment. Across all components, the needs of international investors provide the critical lens forassessing Thailand’s readiness to become a global financial hub. A thriving investor baserequires credible issuers, a wide array of attractive investable products, robust marketinfrastructure and mature intermediaries, and solid enabling foundations. Many coreecosystem participants are institutional investors themselves. Through the investor lens,this whitepaper identifies cross-cutting challenges andopportunities. From this analysis, five priority areas emerge where Thailand could consider to strengthenits proposition for global investorexpectations: 1.Global branding andvisibility2.Supportive policyenvironment3.Infrastructure andconnectivity4.Attractiveness of capital market assets (equities, bonds, derivatives, private marketsand emergingassets)5.Domestic institutional i