Finance Thailand 2025 opened with a sober yet forward-looking call for leadership as the country navigates growing economic headwinds, geopolitical tensions at its border and technological disruption. With the theme, “AI unfolds a new era in banking,” the event brought together stakeholders from banking, policy and technology to assess how Thailand’s financial industry can thrive in an age of artificial intelligence (AI), open finance and systemic transformation. A pivotal moment for finance in Thailand In his opening remarks, Foo Boon Ping, president and managing editor of TAB Global, outlined the stakes: “The future will not be defined by circumstance alone,” he said. “It will be shaped by the choices we make, the partnerships we form and the leadership we show.” He pointed to new initiatives from the Bank of Thailand, including virtual bank licences, digital fraud frameworks and cross-border trade and payment platforms, as well as the broader Ignite Thailand ambition to position the country as a regional economic and digital hub. However, he warned that successful transformation demands more than regulatory momentum. “It is shaped — and ultimately realised — by leadership, execution and strategic foresight.” Banks embrace digital integration, AI and regional connectivity In his welcome address, Kobsak Duangdee (Kobsak), secretary general of the Thai Bankers’ Association (TBA), reinforced the message that AI is already a transformative force in Thai banking. “AI is no longer a foreign concept,” he said. “It is a tangible force that is revolutionising how we operate, serve customers and manage risk.” He described how the banking industry, through TBA, is embedding AI across customer service, fraud detection, back-office efficiency and data-driven insights. But he cautioned that responsible adoption requires more than technical implementation. “The success of AI requires not just technological investment, but also robust governance and a workforce equipped with the necessary skills.” TBA’s strategic plan, he said, spans key initiatives including cross-border digital payments, green finance, digital literacy and digital innovation. Under regional collaboration platforms such as the ASEAN Business Advisory Council, Thai banks are helping build trade and payment connectivity corridors — including live pilots under the digital trade facilitation group and the NDTP (National Digital Trade Platform). Kobsak also highlighted Thailand’s leading position in retail digital payments, with PromptPay achieving one of the highest per capita transaction rates globally. Thailand has also launched 16 cross-border payment corridors, including with India. Still, he cautioned that success in scaling innovation must not come at the expense of trust. “We are working closely with regulators and law enforcement on cyber fraud prevention, including an industry-wide registry system that is already showing impact.” Thailand’s real economy stuck in Industry 2.0 — bridging the digital divide Preesan Rakwatin (Preesan), executive vice president of the Digital Economy Promotion Agency (DEPA), offered a wider lens beyond banking, focusing on Thailand’s real economy. He shared findings from DEPA’s 2023 national digital readiness survey: while there has been a shift from manual labour-intensive practices (Industry 1.0) to basic digitalisation (Industry 2.0), the majority of Thai enterprises — especially small and medium sized enterprises (SMEs) — still fall short of advanced digital adoption. “Only a few sectors, such as electronics and export manufacturing, have reached Industry 3.0 or 4.0. Most SMEs remain under-digitised and underbanked,” he said. DEPA’s mission is to democratise digital access. “We are not just focused on economic metrics — our transformation mandate spans the whole of Thai society,” he explained. He highlighted systemic barriers including lack of awareness, skills shortages, limited investment appetite and the absence of trust between SMEs and tech providers. In response, DEPA has launched over 100 digital transformation programmes, though only 20 were taken up, mostly in Bangkok and nearby regions. “This regional imbalance must be addressed,” he said. He explained DEPA’s multi-pronged strategy: certification of digital providers under the “Digital Assurance” initiative (Bucha), public-private co-investment schemes for SMEs, partnerships with banks like UOB Thai and Siam Commercial Bank, and tax incentives for digital skill development. “We are even negotiating for individual tax deductions on certified digital courses,” he said, to support lifelong learning. Sustainability is also a priority. DEPA is encouraging use of internet of things and AI to help firms monitor energy consumption and meet environmental, social and governance (ESG) criteria. “For example, hospitality businesses are using AI-powered energy management tools to achieve green certifications and boost competitiveness in global supply chains.” AI must be embedded, explainable and accountable Craig Turrell, head of AI and Design for Group CFO Data and Analytics at Standard Chartered, brought a global and deeply operational perspective to the dialogue. He distinguished between past waves of automation and the current shift toward intelligence. “We’ve moved beyond platforms and automation — this is Industry 5.0, where decisions, not processes, are central,” he said. “If you can’t decide what’s important from a sea of data, it doesn’t matter how automated you are.” He explained that AI has the power to make technology “invisible,” allowing users to engage with natural language interfaces and intuitive outputs. “Generative AI is exciting because it speaks our language — it democratises access,” he said. But Turrell was quick to note the challenges: “Only 4% of global enterprises have adopted machine learning. It’s too complex. Generative tech may be easier to use, but governance is still immature.” He described Standard Chartered’s approach to AI governance: “In our first use cases, 80% of the screen is devoted to how the answer was derived — the data, the logic, the context. Only 20% is the answer.” He warned that without transparency and safeguards, trust cannot scale, and innovation will stall. “It took us 20 days to build an AI solution, and eight months to approve it,” he said. “That ratio must change.” Structuring innovation for scale and safety To address this, Turrell said Standard Chartered has created a dedicated research and development (R&D) function focused on breakthrough innovation in AI, blockchain, quantum computing and data governance. “For the first time, we’ve established R&D as a standalone capability — not under tehnology, but business-led,” he said. He explained that the bank’s AI structure separates research, delivery and oversight, allowing innovation to move fast while governance keeps pace. “Education is also key — I am running training for 2,000 APAC staff this month alone,” he added. He called for smarter governance: “Safeguards should not be relics from the machine learning era. Generative models behave differently — you can’t test them the same way.” Collaboration, openness and adaptability: A shared vision for leadership At the conclusion of the session, all three panellists shared their perspectives on the most important leadership imperative in this era of transformation. Preesan underscored the need for “collaboration and openness,” calling for public-private alignment and multi-stakeholder partnerships that bridge gaps across sectors and geographies. Turrell pointed to scalability and adaptability: “Technology is moving in step-changes, not steady curves. If we don’t scale fast enough, or adapt to volatility, we’ll be left behind.” Kobsak reiterated the need for an open mindset and strategic prioritisation. “We must act fast, adopt wisely, and balance competition with systemic trust.” Defining the next chapter for finance in Thailand The opening session of Finance Thailand 2025 made clear that while Thailand faces real economic and political uncertainty, its financial leaders are not passive observers. They are actively shaping the trajectory of AI, digital trade and systemic resilience. As Foo Boon Ping concluded: “The future of finance in Thailand will not be determined by political cycles or external shocks. It will be determined by the vision, execution and leadership of those in this room.” Transformation may be uncertain, but the imperative is clear: lead with trust, innovate with purpose and collaborate across boundaries.
