SCB WEALTH Navigates the "Storm Shift" at Year-End Forum Uniting Leading Thai and Global Experts to Chart a Path Toward Sustainable Wealth Amid Economic Turbulence

Mr. Kris Chantanotoke, SCB Chief Executive Officer, opened the SCB WEALTH Holistic Wealth Forum 2025 by addressing the profound global shifts currently reshaping the financial landscape. He emphasized that the world is facing a storm of transformation—from macroeconomic volatility and geopolitical tensions to the rise of AI technology, demographic shifts, and environmental challenges. All of these significantly impact how investors manage wealth.

In this era of uncertainty," Mr.Chantanotoke stated, wealth is no longer defined solely by asset value. It is the ability to preserve, grow, and pass on wealth sustainably from generation to generation.
Against this backdrop, SCB WEALTH reaffirms its leadership in Thailand's wealth management landscape through three core strategic pillars : 1) Customer Centricity - placing clients at the center, with a deep understanding of their needs and an unwavering focus on acting in their best interests 2) Hyper-Personalization - combining the strengths of SCB WEALTH 's investment advisory teams with digital and AI technologies to design bespoke investment solutions tailored to each individual client's objectives 3)Go Global - opening up access for clients to a wide spectrum of international investment opportunities via the bank's network of leading global partners.

These strategies form an important part of SCB WEALTH's overall direction and are closely aligned with the theme, "The Storm Shift," The theme reflects the reality that we can no longer stand still and wait for the storm to subside . Everyone must shift, changing mindset and strategies toward more holistic and resilient wealth management," Mr. Chantanotoke said.

In this context, SCB WEALTH positions itself as a 'guiding lighthouse,' a beacon to help clients navigate turbulent times and achieve long-term success. Mr.Chantanotoke expressed confidence that the strategic insights and knowledge shared at the forum will empower investors to prepare for the challenges of 2026.

He reaffirmed SCB WEALTH's guiding philosophy: "The stronger the storm, the brighter the lighthouse must shine." SCB WEALTH remains committed to standing by its clients through all market conditions, ensuring their journey is secure, stable, and sustainable anchored in the "Your Success. Our Success." concept.

The opening session of the SCB WEALTH Holistic Wealth Forum 2025, titled ILLUMINATE, served as a guiding light, like a lighthouse helping investors identify both opportunities and risks ahead. Under the theme "The Future of Thai Wealth: Navigating the Macro Storm," the session decoded key factors shaping Thailand's wealth trajectory in the coming year.

Mr.Narit Therdsteerasukdi, Secretary General Board of Investment (BOI) , emphasized that the world is currently facing a major storm of disruption—from geopolitical tensions and rapid technological change to new global environmental regulations and minimum tax frameworks. Yet, this storm also presents a "golden opportunity" for Thailand, provided the country can prepare and seize investment momentum in time.

Global foreign direct investment (FDI) has contracted for two consecutive years, with a decline of 11% last year. In contrast, ASEAN defied the trend with 8% growth, and Thailand emerged as a standout destination. The country's strengths include robust infrastructure, green energy potential, integrated supply chains, consistent investment promotion policies, and strong appeal for foreign executives and skilled professionals seeking to live and work in Thailand.

In the first nine months of 2025, Thailand's investment landscape saw a dramatic surge. Total investment value rose by 94%, from THB 709.9 billion to THB 1.37 trillion, with the number of projects increasing by 23%, from 2,137 to 2,622. FDI alone accounted for approximately THB 985.3 billion, up 82%, led by investors from Singapore, Hong Kong, China, the UK, Japan, the US, Taiwan, the Netherlands, Ireland, and Malaysia.

Several high-tech projects have already begun investing in Thailand, including Infineon, Analog Devices, Microchip, Lumentum, Foxsemicon, Garmin, Haier, Sunwoda, Zhen Ding Tech Group, and Harman.

This moment marks a critical turning point. To build a new industrial foundation—whether in semiconductors, advanced electronics, electric vehicles, batteries, data centers, or AI technologies—Thailand must accelerate the development of key enablers: high-skilled talents, next-generation supply chains, and green energy. These will be essential pillars for Thailand's economic growth over the coming decades.

"This storm brings not only challenges, but also a golden opportunity for Thailand to rise once again. Our duty is to ensure the country is fully prepared to attract the investments of the future," said Mr. Therdsteerasukdi.

Mr. Asadej Kongsiri, President the Stock Exchange of Thailand (SET), stated that despite global uncertainty, the steady inflow of foreign investment into Thailand reflects strong confidence in the country's economic structure and the tangible emergence of the New Economy, particularly in the technology and AI sectors.

He emphasized that both the SET and the Board of Investment (BOI) share a unified vision to propel Thailand into the third wave of economic transformation, anchored by four key pillars: technology, innovation, and the modern economy. Mr. Kongsiri acknowledged that Thailand's capital market has remained largely unchanged over the past 30 years, still dominated by the old economy. However, the rise of new industries through BOI's investment promotion initiatives signals the beginning of a second wave of growth.

The SET is committed to developing financial products and market structures that enable emerging businesses to raise capital more easily, thereby creating a new S-Curve for Thailand's future competitiveness. In close collaboration with the BOI, the SET is working to encourage foreign companies investing in Thailand to also consider raising funds through the Thai capital market.

Currently, the market cap criteria—which allow new businesses to raise capital even without profitability—have not been utilized in the past three years due to complexity and lack of incentives. To address this, the SET is partnering with the BOI and the Securities and Exchange Commission (SEC) to revise the framework, making it more suitable for technology-driven and future-focused industries.

Meanwhile, the BOI has begun arranging meetings between major foreign investors and the SET to present capital-raising options in Thailand. This initiative is expected to significantly boost investor confidence and attract substantial new investment.

Mr.Kongsiri noted that while Thailand's economic growth rate may lag behind other economies, its fundamentals remain strong. With stock prices now attractively low and dividend yields appealing, the Thai stock market has strong recovery potential especially if economic growth can be made clearer and more sustainable. He emphasized that attracting foreign investment to raise funds through Thailand's capital market will be a key catalyst in restoring confidence more quickly.

"The Thai capital market is transitioning from the old economy to a new S-Curve. Bringing in foreign investment to raise funds in Thailand is the crucial key to reviving confidence," said Mr. Kongsiri.

Session 2, titled "Navigate," focuses on exploring new investment opportunities under the theme "The Global AI Race: Riding the Tsunami of Tomorrow's Infrastructure"—a wave of massive opportunities in future AI infrastructure.

Mr. Sornchai Suneta, CFA, Executive Vice President and Head of Wealth & Investment Product at SCB, stated that investors believe capturing global megatrends often leads to strong long-term returns. Historical data shows that during major economic shifts—such as the Internet era—the Nasdaq index surged fourfold, or during the data platform era driven by digital consumption and e-commerce, FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks rose 10-20 times.

Currently, we are transitioning into an AI-driven economy. Over the past 2-3 years, the "Magnificent 7" stocks linked to AI—Apple, Microsoft, Amazon, Alphabet (Google's parent), Meta (formerly Facebook), Nvidia, and Tesla—have seen significant gains.

Analysts expect that in the next five years, AI will add over $15.7 trillion to the global economy. AI is growing exponentially, evolving from generative AI to agentic AI capable of performing multiple tasks simultaneously, which requires massive computing power and infrastructure. This creates a strong need for large-scale investment in AI infrastructure at city and national levels over the next 5-10 years.

Therefore, for investors seeking opportunities in the AI megatrend beyond direct AI stocks, there are numerous related industries to consider—such as AI infrastructure, including data infrastructure, cloud computing, and expanded power grids to meet the electricity demands of data centers.

Mr. George Maltezos, Head of BlackRock Capital Formation Team (CFT) in Asia Pacific and Head of Southeast Asia Institutional Client Business, noted that although global capital markets are currently volatile due to economic slowdown, U.S. government shutdowns, and layoff issues, what is reflected in the market is quite the opposite—because AI is driving a major structural transformation. This means investors should look beyond short-term factors and focus on long-term megatrends instead.

He highlighted four Mega Forces shaping the world: 1) Digital & AI, 2) Future of Finance, 3) Energy Transition, and 4) Demographic Divergence.

Mr. Maltezos emphasized that investing in AI infrastructure should be part of a long-term portfolio, as infrastructure—such as ports, roads, and data centers—is the backbone of economic growth. These assets typically provide stable income, low volatility, and grow alongside the country's economy.

"AI cannot thrive without strong supporting infrastructure. Today is the opportunity for investors to invest from the ground up before the big wave fully takes shape," said Mr. Maltezos.

Mr.Thanapol Itthinitipak, Head of Thailand Business BlackRock, stated that the AI wave is rapidly expanding across all dimensions—investment capital, technology, and user adoption. This year, global investment in AI is expected to reach $1.5 trillion, and could grow to $3-4 trillion within the next 5-10 years. As a result, countries are racing to build large-scale data centers, making energy and data infrastructure the core of the new global economy.

"AI is accelerating data center demand to the gigawatt level. Countries that build infrastructure first will be the winners in the new economy," said Mr. Itthinitipak.

Next session, under the topic "Golden Portfolio Defense in a Volatile Era"—Gold as the Anchor of Investment Portfolios in Times of Turbulence—Mr. Thanarat Pasawongse, Chief Executive Officer Hua Seng Heng Group, stated that gold prices in 2026 are expected to continue rising, although perhaps not as strongly as this year. The upward trend will still be supported by several key factors, including geopolitical volatility, concerns over U.S. public debt burdens, and the ongoing de-dollarization trend that drives central banks worldwide to keep adding gold to their reserves. It is projected that gold prices in 2026 could reach $4,700 per troy ounce.

However, he advised investors to gradually accumulate gold during price corrections, such as around $3,875-$3,900 per troy ounce and avoid chasing prices during sharp rallies to manage risk appropriately.

"Gold remains the most stable anchor amid economic storms, and prices still have the potential to reach $4,700 in 2026," said Mr. Pasawongse.

Mr. Patrick Poulier, Executive Vice President and Head of Financial Markets at SCB, stated that trading gold in Thai baht versus U.S. dollars yields different returns due to currency volatility. For 2026, the baht is expected to remain volatile, possibly moving within the range of 31-33 baht per U.S. dollar.

For investors seeking to diversify currency risk, options include opening a foreign currency deposit (FCD) account to gain access to U.S. dollar-denominated assets or investing through alternative products designed to manage currency risk.

In Session 3, titled "ANCHOR," the focus is on building stability and planning for systematic wealth transfer under the topic "Reframing Business Succession: Protecting Family Wealth from Internal Storms"—a shield for wealth through creating family value.

This final session delves into the challenge of intergenerational business and wealth transfer, which is a critical issue for Thai family businesses aiming to protect family wealth from internal conflicts.

Ms. Sutida Mongkolsuthree, Chief Executive Officer Synnex (Thailand) PCL, stated that the most important factor for successful business succession is having shared goals within the family and granting clear decision-making authority to successors who have proven their capabilities. She also emphasized that a family office is a key tool that helps families communicate better, serving as a central hub for managing both relationships and long-term wealth transfer.

Mr.Nitikan Ramanat, Partner Baker & McKenzie Limited , explained that a family office is not just an asset manager—it also helps manage complex investments across countries and fills gaps in expertise that the family may lack. One of the key tools is the "family constitution," which is formed through mutual agreement among family members.

Although not all provisions in a family constitution are legally binding, some—such as non-compete agreements—are enforceable under law. Other provisions, like restrictions on transferring shares in a family business, can be incorporated into the company's bylaws to make them binding on third parties.
Additionally, structuring the business under a holding company can help govern share transfers and guide the long-term direction of family business management.

Mr. Niti Nerngchamnong, First Senior Vice President of Wealth Planning and Family Office at SCB, stated that family conflicts often stem from "lack of shared goals" and "misunderstandings among members," which can intensify when the founder steps away from the family business. Courtesy among family members may worsen the issue, as no one dares to communicate openly.

A family office therefore plays a crucial role by providing advice and acting as a neutral mediator, helping manage expectations, strengthen relationships, and prevent problems before they escalate into major conflicts. Additionally, arbitration is another option that offers "legally binding resolutions" and can be applied to families with assets abroad. This system is private, ensuring family matters remain confidential.

Ultimately, successful business succession requires shared family goals, a clear governance structure, and appropriate tools such as a family office and a family constitution to prevent future conflicts. Engaging experts or arbitrators is essential to manage disputes and maintain strong relationships across generations for long-term sustainability.

Therefore, SCB WEALTH stands ready to serve as a guiding lighthouse of wealth, standing alongside clients through every investment storm to ensure their wealth is preserved, grown, and passed on sustainably, under the concept "Your success. Our Success."

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