Thailand's wealth market is estimated to reach $400bn this year and with a rising HNW population in excess of 30,000 rich Thai clients have become the target of a new digital push.
SCB Julius Baer predicts that Thai high-net-worth individual wealth will grow at a five-year CAGR of 9.9% to to $401.2bn by 2020.
"We see vast potential for the market as compared to more mature markets in the region, as Thai HNWIs grow more sophisticated and regulations and policies are liberalised," said Jiralawan Tangitvet, chief executive officer at SCB Julius Baer.
We see vast potential for the market as compared to more mature markets in the region"
After the first wave of international private banks having established a presente in the country, wealthy Thai clients are now demanding a more sophisticated approach in terms of structured asset allocation and access to global platforms with a full range of financial and investment solutions across asset classes.
Another phase of wealth management namely robo and digital wealth managers for the mass affluent is now gathering pace.The Thai government, central bank and its financial regulator have welcomed the adoption of financial technology solutions. The trio have been working to accommodate blockchain solutions and a structure to regulate cryptocurrency/digital tokens, The Asset reports.
Because of this a robust fintech ecosystem has emerged. While some fintechs are Thai versions of overseas digital solutions, local innovation is also making its mark in the banking and overall financial services industry.