BANGKOK – Facing stiff global competition and an “old economy” image, regulators in Thailand are rolling out sweeping changes. From dual-class shares to a revolutionary savings scheme, here is how Thailand plans to win back investors.
Walk through the doors of the Stock Exchange of Thailand (SET) today, and you will sense a shift in the air. For years, the Thai stock market has been viewed by some foreign investors as a hub for the “old economy”—heavy on traditional banking, manufacturing, and energy, but light on modern technology. However, that narrative is rapidly changing. Facing intense competition from neighboring financial hubs, Thai regulators are pulling out all the stops to breathe new life into the nation’s capital markets.
In a rare and highly coordinated push, the SET, the Securities and Exchange Commission (SEC), and the government have launched a sweeping series of reforms. The goal is simple: make the market more attractive, bring in fresh, tech-driven companies, and get everyday citizens excited about investing for their future.
The Catalyst: Moving Past the ‘Old Industry’ Label
The motivation behind these rapid changes comes from a clear-eyed look at the market’s current structural challenges. Thailand has historically dealt with concentrated liquidity, where only a handful of massive, established stocks see high trading volumes. Meanwhile, newer, high-growth companies often look to list overseas to raise the money they need.
To fix this, regulators have adopted a “Quick Win” strategy, aiming to roll out major changes within a tight four-month window to signal immediate action to the global market. This sense of urgency aligns closely with recent international assessments. The focus is now firmly on building a supportive ecosystem for the “New Growth Economy,” sweeping away the red tape that has historically slowed down initial public offerings (IPOs) for fast-moving startups.
The Global Benchmark: Aligning with the OECD
A major driving force behind this urgency is the recent collaboration with international standard-setters. The launch of the OECD Capital Market Review of Thailand served as a crucial mirror for local regulators. The in-depth review did not just point out hurdles; it offered a clear, step-by-step roadmap for improvement that the SEC and SET are now actively following.
Among the critical recommendations adopted by Thai authorities is a renewed focus on independent oversight. The OECD highlighted that for investors to truly trust the market, company directors must be held highly accountable. Revisions to the national Corporate Governance Code are currently in motion to ensure strict transparency, especially concerning related-party transactions where conflicts of interest might arise.
Furthermore, the OECD review emphasized the need to deepen the pool of local investors. It recommended expanding pension coverage and improving basic financial literacy across the country. This international backing provides a strong stamp of approval for the SEC’s current direction, reassuring foreign investors that Thailand’s reforms are built on globally recognized best practices.
The Jump+ Initiative: Uncovering Hidden Gems
One of the most talked-about, immediate changes is a program called “Jump+”. Instead of relying purely on complex tax breaks to boost stock prices, the SET is trying something more foundational: demanding better corporate storytelling.
Many mid-sized and small companies in Thailand have strong fundamentals but fly under the radar of international investment funds. Jump+ forces these companies to step into the spotlight. To join the program, companies must clearly communicate a three-year business plan focused on long-term corporate value rather than just hitting next quarter’s profit targets.
Key features of the Jump+ program include:
- Clear Profit Goals: Companies must state target goals for metrics like profit growth and Return on Equity (a measure of how efficiently a company uses investor money to generate profit).
- Regular Check-ins: The SET requires a review of these business plans every six months to ensure companies are actually doing what they promised and managing execution risks.
- Overwhelming Popularity: The initiative initially hoped to attract 50 to 100 companies. By early 2026, 143 listed firms had signed up, ranging from major airlines to local financial groups.
By pushing companies to openly share how they plan to grow, the SET hopes to build long-term trust and show global investors that Thai equities are a transparent, reliable bet.
A Savings Revolution: The TISA Project
While Jump+ focuses on the companies selling shares, regulators are also fundamentally changing how everyday people buy them. Currently, retail investors face a confusing web of different savings schemes and tax-deductible funds that change every few years depending on government policy.
Enter the Thailand Individual Savings Account, or TISA. Designed as a permanent fixture, TISA does away with the “sunset clauses” that caused previous government savings programs to expire. It is built to be a lifelong vehicle for wealth building, uniting retirement, youth savings, and environmental investing under one roof.
What makes TISA a game-changer for the public?
- Total Flexibility: Investors can easily shift their money around based on their age and comfort with risk, moving from higher-risk stocks to safer bonds as they approach retirement age.
- Easy Access to Government Bonds: In a major upgrade, retail investors will soon be able to buy government savings bonds directly through their standard brokerage accounts. Previously, buying these bonds required jumping through separate, tedious administrative hoops.
- Better Use of Capital: Investors can use these newly accessible government bonds as collateral to secure margin loans for further investing. This gives regular people the kind of financial flexibility usually reserved for large institutions.
Breaking a 36-Year Tradition: Dual-Class Shares.
Perhaps the most dramatic legal shift on the table is the move to scrap a 36-year-old rule regarding voting rights. Under the Public Company Limited Act of 1992, Thailand has strictly enforced a “one share, one vote” rule. While highly democratic, this rigid rule has inadvertently pushed away the exact types of companies Thailand desperately wants to attract.
Founders of tech startups and owners of large, successful family businesses often need to raise money by selling shares to the public. However, they frequently avoid doing so because they fear losing control of the company’s strategic direction if they sell off too much voting power.
To solve this, the SET is proposing the introduction of a dual-class share structure. This is how it works:
- Different Classes of Stock: A company can issue two types of shares. One type, typically held by the founders, might carry 10 votes per share. The second type, sold to the general public, carries the standard one vote per share.
- Maintaining Control: Founders can raise the millions of dollars they need to expand regionally without giving up the steering wheel of the company they built.
- Staying Competitive: Major financial hubs like the United States, Hong Kong, and Singapore already use this structure to attract tech giants. By updating its laws, Thailand finally levels the playing field.
Going Green and Going Digital
The reforms are not just about catching up to the present; they are about preparing for the future. The SET and SEC are actively expanding the types of assets people can trade, acknowledging that modern portfolios look very different from those of a decade ago.
First, there is a major push into green finance. Later this year, Thailand is set to issue its first “Transition Bond.” These specific bonds raise money for companies in high-emissions industries—like heavy manufacturing—to actively fund their shift toward cleaner, greener operations. Thailand will be only the second country in the region, following Japan, to pioneer this type of climate-focused debt.
Second, the digital economy is getting a permanent seat at the table. Plans are currently underway to expand the underlying assets traded on the Thailand Futures Exchange (TFEX). Soon, investors will be able to trade contracts based on emerging asset classes like carbon credits and even cryptocurrencies, bridging the gap between traditional banking and the digital frontier.
A Balancing Act: Proportionate Regulation
With all these new products and relaxed rules, is the market becoming the wild west? Regulators insist the answer is no. The SEC has described its new approach as “proportionate regulation.”
The goal is not to remove the rules, but to make sure the rules fit the situation. The SEC has expressed a willingness to relax outdated, one-size-fits-all regulations for emerging sectors—like data centers and green tech—while strictly enforcing anti-fraud measures across the board.
In fact, over the past two years, the SEC actually intensified its screening process for new companies wanting to list on the exchange, suspending over 40 IPOs to protect investors from questionable business models.
Transforming a national capital market is not something that happens overnight. However, the sheer volume and speed of the reforms rolling out in Thailand signal a deep, permanent commitment to change.
By requiring companies to communicate better through Jump+, giving citizens a powerful new tool in TISA, modernizing corporate voting rights, and embracing green bonds, Thailand is rewriting its financial narrative. It is stepping away from the “old economy” stereotype and building an agile, modern ecosystem.
For global funds looking for a balanced mix of value and growth, and for local citizens looking to secure their financial futures, the message is clear: the Thai capital market is ready for a new era.
