Savings scheme awaits nod
The TISA proposal, modelled on Japan's Nippon Individual Savings Account (NISA) scheme, is seen as a crucial complement to the Jump+ initiative, which targets retail investor participation by offering tax exemptions.
However, the Finance Ministry has yet to confirm its support for the scheme, said SET president Asadej Kongsiri.
The Jump+ initiative is a three-year development programme to support listed companies in the areas of sustainability and growth from 2026-2028. With a 550-million-baht grant from the Capital Market Development Fund (CMDF), each participant is expected to receive up to 5 million baht in support to hire advisors and experts, as well as initial seed capital of 3 million baht per project.
The Securities and Exchange Commission (SEC) launched its Corporate Value Up programme to complement Jump+, aiming to bolster listed companies' long-term value and investor confidence as well as increase trading liquidity.
The SEC's programme seeks to enhance long-term corporate value through outstanding governance, tied directly to incentives provided through the Thai ESG and Thai ESG Extra funds.
"We believe Jump+ will enhance the appeal of Thailand's capital market. We expect around 100 listed companies to join in the first year of implementation, and qualifying firms may later enter the Corporate Value Up programme if they meet the SEC's criteria," said Mr Asadej.
Pornanong Budsaratragoon, secretary-general of the SEC, said Asian capital markets face challenges related to returns and investor confidence. Several countries including Thailand are turning to long-term value creation frameworks such as the Value Up programme to enhance corporate governance and shareholder value.
"Thailand stands at a pivotal crossroads. If we want our listed companies to be sustainable drivers of the economy, transitioning to our 'Value Up' approach is essential," said Mrs Pornanong.
Amnouy Jiramahapoka, executive vice-president of the SET, stressed the urgency behind Jump+.
"Trading liquidity in the Thai stock market has plummeted 60-70% over the past 4-5 years, dropping from an average of 80-100 billion baht to just 30-40 billion baht per day," he said.
This prompted the bourse to adopt successful models from Japan and South Korea to stimulate a market recovery, said Mr Amnouy.
South Korea's corporate value initiative had more than 100 large firms participate, focusing on sustainable growth and governance. Meanwhile, Japan's NISA programme lifted investor demand through tax incentives for long-term retail investment.
Chavinda Hanratanakool, chairwoman of the Association of Investment Management Companies, welcomed the initiatives, noting they are likely to attract attention small and mid-cap firms.
"The SET's role as host and the SEC's involvement adds confidence to the investment process. Last year 13 listed firms faced corporate governance-related issues, affecting investor trust," she said.
Somsak Sirichainarumitr, chief executive of Asset Pro Management, a financial advisory, said the initiatives offer a timely opportunity for listed companies amid volatile market conditions.
Most investment projects take about three years to deliver returns, he said. Five to six firms have approached Asset Pro for consultations under the Jump+ programme, said Mr Somsak.
By fostering sustainable governance and offering real capital support, the SEC and SET are laying the foundations for a more resilient and attractive capital market -- following global best practices but adapted to local needs, he said.
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