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Thailand has seen tremendous growth and many exciting developments within the wealth management sector in the past decade. With local and international players upgrading and enhancing their platforms and propositions as they compete for market share, these moves have largely been supported by a robust and consistent effort from the regulators and from the government itself. The pandemic has somewhat hindered the progress, of course, but experts believe it has also offered a moment to incumbents and to newer competitors to hone their business plans, their models and their digital strategies to help them compete more effectively in the future.

Although large swathes of Thailand’s economy have been shut down by the government due to the pandemic – the worst hit being the vital travel, tourism and hospitality sector – Thailand’s currency has remained relatively robust, and the government seemingly on top of the national finances, at least for now. There is accordingly considerable optimism that the private sector, the regulators and the government will pull together to help the country’s economy burst back into life once the worst effects of the pandemic have been brought under control, either by nature or by the global vaccination rollout.

When this takes place, the private wealth creation phenomenon that Thailand has been enjoying for multiple decades should resume robustly. The Thai private wealth management industry will be more ready than perhaps ever before to help spread products and services across the nation and across all segments of wealth, offering a more dynamic and diverse proposition to either draw money home from offshore amongst the nation’s UHNW and HNW clients or to keep it in Thailand. And the rapid expansion of digitisation is increasingly placing the WM industry in a good position to offer a far more exciting proposition to the country’s mass affluent investors.

The 2020 and thus far 2021 hiatus will also have allowed some of the partnerships between international and domestic private banks and financial groups to have settled in, and there are already positive signs they will be increasingly competitive in the future. And Thailand’s entrepreneurial dynamism has also seen the arrival on the scene of new entrants, generally powered by the latest digital solutions and targeting the mass affluent and, to some extent, the lower HNW segments.

The Hubbis Digital Dialogue of 18 May looked in-depth at the range of products and advice available across the different segments of wealth in Thailand, as the regulators gradually liberalise and help the diversification of products and the development of talent in the local market. The discussion will analyse the evolution of the onshore WM offering compared with the offshore proposition, it will mine down into the regulatory environment and anticipate future developments there, and the experts will review the evolution of the customer base and their expectations amidst the new world of ultra-low rates and continuing economic uncertainties, as well as review in some considerable detail the competitive environment as major financial institutions and other players jostle for position for the years and even decades ahead.

The one-hour discussion focused on the big picture, analysing how the wealth industry has been evolving and why, the mission being to accurately, succinctly, and imaginatively address the key issues for the WM industry in the years ahead.

May 18

Thailand – Wealth Management Update 2021

3.00pm - 4.00pm HKT/SGT

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Senior figures in Asian Wealth Management are speaking at this event

Dr. Win Udomrachtavanich

KTBST Securities

Vincent Magnenat

Lombard Odier

Pote Harinasuta

One Asset Management

Chonladet Khemarattana

Robowealth

Kitti Sutthiatthasil

SET

Robert Penaloza

abrdn

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