The Battle Strategy 2026: Winning the New World Order economic seminar, co-hosted by Kaohoon Turakij and SCB X, brought together leaders from Thailand’s financial sector to discuss strategies for navigating an increasingly turbulent global landscape. Against the backdrop of ongoing trade wars, geopolitical conflicts, and economic volatility, the event focused on establishing a new national strategy to push Thailand’s GDP growth sustainably toward a 3% target.
Session 5, titled “The Fifth Engine: Activating Capital Markets to Outpace Domestic and International Messiness,” convened experienced industry leaders including Ms. Ornkanya Pibuldham (Managing Director, Bank of America Thailand), Dr. Sutee Mokkhavesa (Managing Director, Muang Thai Life Assurance PCL), Mr. Pichet Sithi-Amnuai (President, Association of Thai Securities Companies), and Mr. Win Phromphaet (Executive Chairman, Kasikorn Asset Management Co., Ltd.)
Ms. Ornkanya Pibuldham characterized the landscape in 2025 as challenging, marked by notable foreign fund outflows driven by political uncertainties, heightened global risk aversion, and geopolitical tensions such as the Middle East conflict. She observed that Thailand experienced substantial capital inflows—over 60 billion baht—early in 2026, before the Middle East crisis reversed trends. Today, the country maintains a net inflow of about 15 billion baht.
Ms. Ornkanya stressed that to regain and sustain international investor interest, Thailand must focus on boosting confidence in its capital markets. Critical actions include strong regulatory enforcement, safeguarding political stability, and implementing market-boosting measures. She emphasized the urgency of launching the Thailand Individual Saving Account (TISA) scheme, noting that all preparatory criteria have been met. In her view, high-profile IPOs can provide a catalyst, similar to the potential impact a SpaceX listing could have on the US market.
She outlined three top priorities to strengthen the Thai capital market as the “fifth engine” for economic growth:
- Increasing liquidity through programs such as TISA and Vayupak Funds
- Enhancing regulatory enforcement
- Attracting impactful IPOs to build and sustain investor confidence
For the medium term, she recommended introducing incentives for listed firms, with a focus on small-cap stocks.
Commenting on the evolution of foreign investor confidence, Mr. Pichet Sithi-Amnuai stated that capital inflows began about two weeks before Thailand’s recent election, fueled by attractive market valuations. Thailand retained its appeal throughout the election period, but the escalation of war in late February stalled foreign inflows due to heightened geopolitical uncertainty. Investors, according to Mr. Pichet, are waiting for the right moment to return.
Addressing infrastructure funds, Mr. Pichet advocated for building upon established assets with visible, recurring income streams, reinforcing the story of market resilience. He expressed optimism that Thailand’s capital markets would steadily reclaim their previous prominence.
Speaking from the insurance industry’s viewpoint, Dr. Sutee Mokkhavesa affirmed the attractiveness of dividend stocks, regarding them as strategic assets. He highlighted recent policy changes by the Office of Insurance Commission (OIC), notably the reduction in risk charges for equity investment from 25% to 18%. This move, he noted, has significantly enabled insurance companies to expand their equity investments.
To empower the capital market, Dr. Sutee called for:
- Stricter corporate governance
- Improved Return on Equity (ROE)
- Accelerating the shift from the old economy to new economic sectors
Mr. Win Phromphaet voiced a cautiously optimistic outlook, holding off on increasing his market weighting until the Middle East conflict subsided. He pointed out that the SETHD index, representing high-dividend stocks, has delivered returns close to 7%, outperforming the broader SET Index even amidst market uncertainty. Real Estate Investment Trusts (REITs) and Infrastructure Funds further enhance the market’s appeal with dividend yields between 8-9%.
In response to substantial fund and bond redemptions witnessed in 2025, Mr. Win highlighted TISA as a promising long-term savings vehicle, recommending that systematic investment plans like dollar-cost averaging (DCA) be included due to their higher statistical returns.
Mr. Win concurred with Ms. Ornkanya on the pivotal role TISA can play in invigorating market liquidity. Additionally, he noted the potential for increased participation from expatriates and foreign investors, positioning Thailand as a safe and attractive destination for global capital.
