Turning strengths into lasting value

UOB Thailand says the country’s next chapter will be defined by its ability to transform existing strengths into higher productivity, stronger businesses and sustainable prosperity

Over the past eight decades, Thailand’s banking sector has been one of the key pillars of the country’s economic development, supporting investment, facilitating trade and providing the financial infrastructure that has enabled businesses to grow.

As economies become more interconnected and cross-border trade, investment and capital flows grow in both scale and complexity, the financial sector is playing an increasingly important role in linking Thailand with the regional and global economy.

Among the institutions at the forefront of that transformation is UOB, which has built one of Asean’s strongest banking networks, helping connect Thai businesses with opportunities across the region.

Looking ahead, Richard Maloney, President and CEO of UOB Thailand, believes the country’s next phase of development will depend not simply on attracting investment, but on converting its existing strengths into higher productivity, stronger businesses and sustainable economic growth.

“Thailand’s opportunity is to become a higher-value platform for the region: not simply a place where goods are made, but where capital, talent, technology and supply chains connect,” he said.

As global companies diversify supply chains and Asean emerges as one of the world’s fastest-growing economic regions, Thailand finds itself well positioned to benefit. Asean attracted around US$226 billion (about 7.5 trillion baht) in foreign direct investment in 2024, much of it flowing into electronics, electric vehicles, pharmaceuticals and digital infrastructure. With its mature manufacturing ecosystem, strategic location and deep economic ties with China, Japan, Europe and the United States, Thailand possesses many of the ingredients needed for long-term success.

Yet, Mr Maloney argues that the next challenge is no longer attracting investment alone.

“The task now is conversion. We have to turn investment into stronger local suppliers, infrastructure into productivity, tourism into higher-value services, and regional connectivity into growth for Thai companies themselves,” he said.

He believes Thailand’s greatest opportunities lie in four areas: expanding Asean trade and investment, developing the country’s next-generation S-curve industries, accelerating the transition to a low-carbon economy, and building on Thailand’s

competitive strengths in healthcare and wellness to serve the region’s growing middle class.

Technology will play a central role in that transformation.

Rather than viewing artificial intelligence simply as another technological trend, Mr Maloney believes AI should be judged by the value it creates for businesses.

“We see artificial intelligence as more than a technology project. For Thailand, it should become a way to raise productivity. The question we ask is a simple one. Do these tools help a business lower its costs, reach new customers, manage risk and create better jobs? Where they do, they are worth the effort.”

To maximise those benefits, Thailand must continue investing in stronger digital foundations, including cloud infrastructure, cybersecurity and trusted data-sharing systems, while helping SMEs adopt practical technologies such as digital payments, automation and e-invoicing. Equally important, he said, is sustained investment in education and skills so people can evolve alongside rapidly advancing technology rather than be displaced by it.

For UOB, supporting that transition goes beyond conventional banking.

“A bank can do more than lend,” Mr Maloney said.

The bank supports businesses through digital banking, cash management, trade finance and cross-border payment solutions. Through UOB FinLab and partnerships with organisations including DEPA, NSTDA and OSMEP, it also works with SMEs to accelerate digital adoption, strengthen competitiveness and prepare businesses for regional expansion.

“The harder task is adoption. That is where we place our attention, steadily, alongside our customers,” he said.

UOB has also become an increasingly active partner in attracting foreign investment into Thailand. Since 2020, its Foreign Direct Investment Advisory team, working with the Eastern Economic Corridor Office, has helped more than 450 companies establish or expand operations in Thailand, representing over 45 billion baht in projected investment and creating more than 31,000 jobs.

That experience shapes his view of what comes next. The aim, Mr Maloney believes, should be to attract quality investment: the kind that builds lasting local capability. The next generation of investors, he argues, will evaluate countries on far more than tax incentives alone. Increasingly, companies weigh security and resilience as heavily as cost, and reliable clean energy, dependable supply chains, digital infrastructure, regulatory certainty and the strength of local supplier networks will together determine where investment flows. Thailand’s OECD accession process and negotiations towards a free trade agreement with the European Union could further reinforce the country’s competitiveness if they are used to raise standards over time.

Among the sectors with the greatest long-term potential, Mr Maloney high-lights two that build on strengths Thailand already holds. The first is electric vehicles: with the right investments in energy, talent and supplier capability, the country’s established automotive industry could evolve into Asean’s leading EV manufacturing hub while retaining more value within the domestic economy. The second is food. Thailand’s long-standing strength in agriculture and food production, he believes, can move up the value chain into high-value agri-processing, serving the region’s growing middle class.

He also sees Thailand’s regional role changing fundamentally.

Rather than serving primarily as a manufacturing and tourism hub, the country is increasingly becoming a springboard for Thai companies seeking regional expansion. Businesses are looking beyond domestic markets towards Vietnam, Indonesia, Malaysia and other Asean economies for customers, production bases, acquisitions and new partnerships.

“Our mission is to contribute to Thailand’s economic growth and prosperity by helping global companies invest and create value adding employment opportunities in Thailand, as well as by supporting our Thai business clients as they move from domestic strength to regional scale,” he said.

Ultimately, Mr Maloney hopes Thailand will be recognised over the next two decades not only as one of Asean’s leading manufacturing and tourism destinations, but also as one of its most trusted, innovative and sustainable economies.

“My hope is plain. I want the country’s growth to come from value, built steadily, so that it lasts. Better jobs. Stronger companies. Healthier SMEs,” he said.

Achieving that vision, he believes, will require sustained investment in people, a business environment that encourages innovation and entrepreneurship, the ability to convert foreign investment into stronger local capabilities, and a commitment to making sustainability part of Thailand’s long-term competitiveness. Above all, he frames it as a shared endeavour.

“Sustainable growth comes from a long-term partnership between the public and private sectors, and from a shared commitment to strengthening Thailand’s position in the region,” he said.

“Thailand has always known how to welcome the world. The next chapter is about giving the world, and its own people, good reason to invest here for the long term. I am confident. The foundations are strong, the direction is set, and the will to compete is real. We will play our part, steadily, as we have always tried to do.”