Beyond learning about the methodology for formulating a comprehensive
financial sector development plan, participants also discussed the forces of change at
work in the international financial landscape (please see Box 1). Being a small marketoriented
open economy with financial linkages to the international financial markets, it
is of utmost importance for Thailand’s domestic financial institutions to be alert to the
global changes and incorporate the lessons learned into their competitive strategies.
The global forces of change bring both opportunity and challenges, and the key to a
successful strategy is to harness these forces to create products, services, and business
models that increase value to the financial sector. Financial institutions should
therefore be capable of adapting to changing international norms and act as stable
mediums for allocating financial resources and risk among various sectors vital to
Thailand’s overall economic and social development goals.