Asadej Kongsiri, President of the Stock Exchange of Thailand (SET), revealed that SET has announced its three-year strategic plan (2026-2028) under the concept “The Trusted Gateway to Inclusive Opportunities,” aiming to proactively drive the Thai capital market in all dimensions, including increasing market attractiveness, liquidity, market capitalization, and restoring confidence, while creating investment opportunities that cover all sectors.
The three-year plan will be driven by three main strategies:
1) Creating an attractive market, boosting liquidity, and restoring confidence. SET aims to draw investment flows back to the market through collaborations with both domestic and international partners, along with expanding new investment products and tools such as the Bond Connect platform, Crypto ETF, as well as expanding DR and L&I ETF to cater to diverse investors.
In parallel, a new application will be developed as an integrated investment portfolio center for all asset classes, enhancing investor convenience, organizing roadshows both domestically and internationally, and revising regulations to facilitate foreign investors.
For listed companies, SET, together with regulatory agencies, will streamline the IPO process for more speed and quality, attracting high-potential businesses to the Thai market. In cooperation with BOI and EEC, SET aims to draw in New Economy companies, foreign businesses, as well as SMEs and Startups, to raise funds on the exchange. At the same time, the value of existing listed companies will be increased through the JUMP+ program and enhanced corporate governance.
In the derivatives market, SET will strengthen TFEX’s role as a portfolio management tool, add new derivatives products such as short-term futures and products referenced to digital assets, and boost liquidity via Market Maker and Professional Trader.
2) Forming alliances to expand business growth. SET is preparing to develop the SET Climate Ecosystem and expand usage of the SETCarbon platform among listed companies, supply chains, and the financial sector, targeting at least 100 additional users. It will also become a national carbon database and support climate change legislation. Other initiatives include upgrading Market Data & Access business by integrating AI to develop data and commercial services to global standards.
3) SET plans to upgrade infrastructure systems by developing a new clearing system, expected to roll out in 2027, and expanding TSD e-Services such as e-Proxy, e-Document, and Investor Portal. At the same time, the organization will focus on human resource development in alignment with corporate directions, creating a work culture that embraces technology, innovation, and sustainability to cope with changes in the capital market industry.
Asadej stated that from now on, SET will take on a more aggressive approach. For example, the Jump+ program will extend registration for listed companies to participate from the end of 2025 to the end of March 2026.
A study of Japan’s Value Up project found that Japanese market managers communicated clearly with investors worldwide during roadshows regarding which companies participated. For Thailand, SET is ready to support and applaud the 110 listed companies engaged in the Jump+ project, as participating means stepping out of the comfort zone to develop operational plans and communicate with investors, despite external risks. This kind of adaptive courage is what the Thai capital market needs and all sectors should support.
On the matter of corporate governance of listed companies in the Thai capital market, past statistics showed only a few problematic companies tarnished the SET’s image. Although regulation has been strict, next steps involve a more proactive approach, with SET planning in-depth communication with company boards.
As for targets concerning new IPO numbers and trading volume, the SET board does not want fixed figures, seeking balance between quality and quantity. However, the bourse seeks to maximize market liquidity and emphasize IPO quality, covering both the companies themselves and the regulatory criteria to ensure quality share distribution, as this is most important.
Asadej commented on allowing alcoholic beverage businesses to list, stating that fundamentally there is no rule forbidding such businesses if their operations are legal and meet all listing criteria. SET cannot deny such companies’ applications, but due to past incidents, no such company has yet applied for listing.
Soravis Krairiksh, Senior Executive Vice President and Chief Markets Officer of SET, said that this year the exchange plans roadshows both in Thailand and abroad to attract foreign investment, encouraging listed firms to engage more directly with investors, particularly foreign ones. The SET app, which will consolidate all investment types into one platform for more diversified opportunities and easier access to information, is expected to launch later this year.
SET roadshows will focus on Hong Kong and Singapore, major financial centers, and will proceed after the new government is clearly established and policy directions are known. This will enable the Thai bourse to share the new government’s vision with investors and its impact on the Thai capital market—likely in late Q1 or early Q2 of this year, Soravis said.
He added that the Exchange is in talks with the Securities and Exchange Commission (SEC) to introduce Crypto ETF and Crypto Futures, aiming to expand investor bases among younger generations, with clarity expected within this year.
