Krungthai Bank Public Company Limited (SET: KTB) told “Kaohoon” that, since Krungthai Bank began developing Depositary Receipt (DR) products under the DR80 brand, the bank has played a key role as a pioneer and market leader for DRs in Thailand. The bank aims to grant Thai investors convenient, transparent, and efficient access to offshore assets.
From 2021 to 2025, the DR80 market has grown prominently and consistently. The cumulative value of DR80 trading surged from THB 17.75 billion in 2021 to THB 184.91 billion in 2025, representing a compound annual growth rate (CAGR) of approximately 160%. This reflects the significant expansion of the market and growing investor confidence.
In 2025, Krungthai Bank maintained its strong leadership in the DR market in all aspects, including market size and liquidity. DR80 accounts for roughly 55% of the total DR market capitalization, valued at over THB 28.8 billion.
Regarding DR80 liquidity, the year-to-date trading value has reached about 66%, or approximately THB 114.6 billion (as of November 28, 2025). The market contains over 220 DR securities, with Krungthai Bank as the largest issuer, covering more than 50 securities from various global markets and industries.
Krungthai Bank cited the reason for pioneering the DR market as a clear shift in Thai investor behavior. Investors are looking to diversify outside the domestic market while seeking access to global stocks and investment themes, along with an instrument that is easy to trade, liquid, and under Thai capital market regulations.
Thus, DR80 was developed to meet these demands, allowing Thai investors to invest in foreign assets via the Thai stock exchange without opening overseas accounts, thereby simplifying the process and increasing long-term investment opportunities.
The bank carefully selects target assets, focusing on shares and ETFs with global growth themes that interest Thai investors, emphasizing: 1) foreign stocks and ETFs with solid fundamentals, 2) alignment with global megatrends such as technology, healthcare, consumer, and new economy, and 3) highly liquid and internationally recognized securities. This approach allows Thai investors to diversify and access global opportunities aligned with their behavior.
Currently, DR80 by Krungthai Bank enables Thai investors to access 5 major global stock markets: Japan, Hong Kong, Singapore, the United States, and Europe (France, Italy, Denmark)—all of them major international markets.
Regarding the 2026 DR market outlook, Krungthai Bank stated that, despite more players entering the market, this is a positive signal reflecting greater market acceptance among Thai investors. In this context, differentiation lies not just in the number of DRs but also in the choice of underlying assets and understanding investor behavior, which the bank continually prioritizes.
Therefore, the bank’s main strategies include: 1) selection of DRs referencing foreign assets with strong fundamentals and investor appeal, 2) expansion of DR variety in terms of investment themes and industries, and 3) a focus on communication and education to enhance investor understanding in using DRs as foreign investment tools.
Krungthai Bank expects that, in 2026, the Thai DR market will see a significantly higher number of new DRs, issued both by existing and new players. This aligns with growing investor demand for offshore assets and a market atmosphere conducive to new product development, reflecting investors’ desire for access to diverse and timely investment opportunities. As a result, the Thai DR market is likely to expand in both quantity and trading activity.
Currently, the bank continues to focus on DRs referencing key markets familiar and popular among Thai investors, such as the U.S. and Hong Kong. In the future, the bank aims to deepen existing markets and explore opportunities in new potential markets consistent with global economic megatrends, thereby offering Thai investors ongoing and suitable access to international investments.
