The Stock Exchange of Thailand (SET) plans to increase the bourse's market capitalisation to 30 trillion baht by 2023, with daily turnover anticipated to reach 95 billion.
Such market capitalisation represents around 150% of Thailand's GDP.
Thailand's bourse on Thursday unveiled its 2019-2021 strategic plan to develop the domestic stock market.
As of Jan 31, the SET's market capitalisation stood at 16.78 trillion baht, accounting for 108% of Thailand's GDP. January's daily turnover was logged at 47.4 billion baht, while last year's daily turnover was registered at 56.4 billion baht on average.
According to the World Federation of Exchanges, the SET ranked second in Asean in terms of market capitalisation at US$518 billion (16.2 trillion baht) behind the Singapore Exchange's $692 billion as of November 2018.
SET president Pakorn Peetathawatchai said the bourse's three-year plan is aimed at offering a fully-equipped platform to capture opportunities in the digital era.
The SET's strategic plan has a theme of "Creating a Partnership Platform to Drive Inclusive Growth" via four main pillars.
These pillars comprise expanding business activities; exploring new opportunities with technology; reforming regulations, streamlining processes and restructuring business portfolios to cut costs; and broadening business opportunities for the entire capital market.
The main objective is to boost efficiency and enable the bourse to become Thailand's one-stop capital market platform to help the country's growth, said Mr Pakorn.
Increasing the investor base in secondary provinces, educating retail investors on investment plans for retirement and investment tools, building a culture of investment through the dollar cost averaging approach, scaling up to a full spectrum of digital transformation by creating an open utility platform, and widening accessibility to mutual funds through the "FundConnext" platform's services for cross-border fund distribution are some of the initiatives under the four-pillar development strategy.
Chaiwat Wiboonsawat, chairman of the board at the SET, said the Securities and Exchange Act has passed the commissioner's vetting and is now awaiting consideration by the National Legislative Assembly.
The revised Act will open opportunities for newcomers to the capital market, facilitating greater competitiveness, said Mr Chaiwat.
In the future the stock exchange will not have a single presence, and the same goes for securities depository centres, he said.
Of the SET board of governor's 11 members, only three are holdovers.
The other eight members are more familiar with the new generation and have experience to lead the SET's reformation plan, said Mr Chaiwat.
