Business titans share insights at Krungsri Forum 2024
Strategic applications of artificial intelligence (AI) are essential for businesses across all sectors to remain competitive in the current landscape characterised by uncertainties and vulnerabilities, according to Thailand's business leaders.
They shared their insights and experiences during the recent Krungsri Business Forum 2024, themed “Business Titans: Breaking the Ground to Win”, which aimed to encourage the bank's business clients to stimulate growth for both current and future business titans.
The forum featured senior executives from leading companies and experts in finance, banking, and ESG, who provided insights into business, finance, and societal issues.
Participants discussed strategies to overcome challenges and transcend limits to achieve greater success, similar to business titans in a competitive environment.
Chaolvalit Rattanakornkrisri, Deputy Managing Director of Enterprise Solutions at Microsoft (Thailand) Co., Ltd., and Tul Roteseree, Krungsri's Head of Enterprise Data and Analytics Group, discussed AI strategies for business leadership.
They highlighted that AI enables businesses to ‘Do Less, Get More’, enhancing productivity and creativity for employees while assisting SMEs in overcoming challenges related to technology access costs. The executives emphasised that ‘AI is not here to replace us; rather, those who use AI will replace everyone.’
Prominent SME entrepreneurs, led by Polpat Asavaprapha, Founder of Asava Group, and Pawoot Pongvitayapanu, CEO of PaySolutions, Creden, and Fino Efra Fund—both significant players in their sectors and thought leaders driving initiatives to empower SMEs—joined Duangkamol Limpuangthip, Krungsri's Head of SME Banking Group, in a panel discussion on ‘Resilience Strategies in a Changing Business Landscape.’
The discussion tackled the challenges SMEs face, such as high costs, fierce competition, price wars, and the entry of platform businesses and capital groups from China. A crucial strategy for Thai SMEs is to identify their unique strengths, excel in them, build their brands, and provide ongoing value to customers. Importantly, leveraging technology is essential; Krungsri offers tools, projects, and training programmes to enhance entrepreneurs’ capabilities.
The forum also explored how entrepreneurs can navigate their businesses amid current geopolitical tensions. Kenichi Yamato, Krungsri President and Chief Executive Officer, offered valuable insights into conducting business in an era of global change.
He underscored that true business leaders—or titans—emerge during challenging times. Becoming a business leader involves not only adapting one’s own business but also driving change across the entire industry.
Given the ongoing uncertainties—economic fluctuations, competition, climate change, and digital transformation—these challenges are reshaping modern business practices.
He emphasised that as a trusted partner to its clients, Krungsri helps businesses adapt, turning challenges into opportunities that aim to create a new chapter balancing profit, responsibility, and sustainability.
Regarding the Thai economic landscape, Krislert Samphantharak, Advisor of the Puey Ungphakorn Institute for Economic Research at the Bank of Thailand, posed a critical question: how can Thailand move forward to ensure growth and inclusivity?
He emphasised the need for a new growth model, focusing on 1) investing in future-oriented businesses, 2) prioritising value creation through quality, and 3) fostering local growth through market integration, partnerships, and technology for achieving economies of scale.
In terms of the financial sector's role, Prakob Phiencharoen, Krungsri's Head of Corporate and Investment Banking Group, along with Anouj Mehta, Country Director of ADB Thailand Resident Mission, discussed ‘Navigating ESG Challenges: How the Financial Sector Drives Sustainable Change.’
They stated that both organisations are committed to supporting businesses at all levels by providing insights into new business models and practices, as well as critical funding for ESG transitions in Thailand.
They stressed that understanding and taking agile action is key to creating significant business opportunities to access new markets.
In the real estate sector, Asst. Prof. Dr. Kessara Thanyalakphak, Managing Director of SENA Development Public Company Limited, shared insights on ‘Real Estate of the Future: Redefining Homes.’
She addressed the current economic and social context, including household debt and the inadequacies and high costs of public transport.
These challenges have created a mismatch between the demand for affordable housing and a supply dominated by homes priced over 3 million baht, resulting in younger generations delaying home purchases in favour of renting. She also suggested redefining the housing industry with alternatives such as ‘Rent to Own’.
The forum was well-attended, drawing hundreds of participants. The seminar was graced by Varawut Silpa-Archa, Minister of Social Development and Human Security, who spoke on “Scaling Societal Strategies for Nation Building.”
He envisioned Thailand as a fully-developed ageing society and emphasised that the role of Titans need not be confined solely to the business domain; they can also be “Titans for Sustainability”, ensuring that no one is left behind—particularly seniors, who have made significant contributions to the nation. Implementing appropriate policies for senior citizens can yield various benefits, leveraging their experience in nation-building while promoting their overall well-being.
Concluding the seminar, Mitsuhiro Ito, Senior Consultant of the Global Business Division at Mitsubishi Research Institute (MRI), shared insights and lessons from Japan in his presentation titled ‘Capitalising on Demographic Shifts: Business Opportunities in an Ageing Society.’
He emphasised that the key to transforming businesses to flourish in an ageing society lies in implementing health promotion policies together with a holistic approach within the healthcare market.
The Krungsri Business Forum, titled ‘Business Titans: Breaking the Ground to Win’, is part of an initiative to enhance the business capabilities of Krungsri’s corporate clients for sustainable growth. This annual forum provides updates on various trends and shares valuable knowledge, allowing corporate clients to gain in-depth insights from leading experts while inspiring opportunities for business expansion.
Krungsri (Bank of Ayudhya PCL and its business units) ranks as Thailand's fifth-largest financial group in terms of assets, loans, and deposits, and is one of Thailand’s six Domestic Systemically Important Banks (D-SIBs), with a history spanning 79 years in the country. The bank is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organisations.
