Krungsri (Bank of Ayudhya PCL), through its Global Markets Group, has unveiled an FX business strategy for 2026, advancing digital FX channels and expanding currency capabilities while reaffirming its commitment to being a “trusted partner” supporting clients’ sustainable growth amid global market volatility.
Mr. Hirotaka Kuroki, Krungsri Head of Global Markets Group, said, “At Krungsri, client needs are central to everything we do. We act as a trusted partner, helping clients achieve their business objectives and grow sustainably through global market challenges. Krungsri Global Markets has continuously developed its products and services to serve clients’ needs, and our performance over the past five years demonstrates the strength of this commitment — Gains on trading and FX transactions have grown at a 16% CAGR, reflecting our ability to deliver sustained, long-term growth.”
“Success isn’t just about transaction volume. As a trusted partner, what matters most is the trust our clients place in us to help them navigate risk in an increasingly complex economic landscape,” Mr. Kuroki added.
Mr. Kuroki pointed to the challenges amid intensifying competition and volatility in global financial markets. Data from the Bank of Thailand shows that while Thailand’s import-export value has grown by more than 60% over the past decade, the volume of FX transactions for import-export purposes conducted through commercial banks grew by just 5.7% — a sign that the way businesses conduct FX transactions has changed significantly, with clients now having more options available to them. He also noted that Thai businesses are clearly shifting toward multi-currency settlements, with a sharp rise in the use of currencies other than the three major ones — the US dollar, euro, and yen — to settle import-export payments.
To address these opportunities and challenges, Krungsri Global Markets has established the following three strategic priorities for 2026:
- Advancing Full-Scale Digital FX: Krungsri is actively developing and extending capabilities across client digital platforms, including online FX transactions via FX@Krungsri, integration of client platforms with the Bank’s FX API, market updates and insights through the Krungsri FX LINE Official Account, helping clients navigate fast-moving market conditions.
- Cross-Border and Multi-Currency Solutions: In line with rising demand for non-USD and local-currency settlement, Krungsri is expanding its range of supported currencies. The Bank now supports the South Korean won (KRW) and the UAE dirham (AED), and in the fourth quarter of 2025 the Bank added the Saudi riyal (SAR) to serve the growing economic and trade connectivity between Thailand and the Middle East.
- Risk Management and Investment Solutions: Krungsri is delivering more tailored
risk-management solutions by combining FX option structures to better match client-specific exposures and providing investment solutions that leverage MUFG capabilities. Moreover, the Bank is deploying AI and automation technology to support FX dealers and enhance execution quality.
Market Outlook – Global and Thailand
Ms. Roong Sanguanruang, Krungsri Senior Vice President of Global Markets Planning Division, said that global markets have shifted focus from the Middle East conflict to the policy path of the US Federal Reserve. Although ceasefire negotiations remain fragile and may periodically weigh on risk sentiment, the Fed under Chairman Kevin Warsh aims to reform its communications by reducing forward guidance. In such an environment, asset prices are likely to experience greater volatility around major US data releases and ahead of the US midterm elections. Meanwhile, the Bank of Japan remains cautious but is expected to raise rates gradually, providing support for the yen.
On the Thai baht, Ms. Roong noted that recent depreciation reflects a surge in imports driven by energy-security considerations, resulting in a current-account deficit. Looking ahead, some support for the baht remains: global oil prices, while volatile, are trading well below recent peaks, and foreign portfolio inflows could return. Thailand’s twin deficits may also gradually narrow, though the adjustment will take time. We see a case for the baht to appreciate slightly and trade within a 32–34 baht per US dollar range in the final quarter of 2026, based on our base case that the Fed keeps rates steady and Thailand’s trade balance improves. The US inflation trajectory is the key risk to this view.
She added that Thailand’s policy rate is expected to remain at 1.00% for several quarters as long as growth and inflation do not change materially. With cost-push inflation pressures seen as temporary, we expect the Monetary Policy Committee (MPC) to place greater weight on domestic demand conditions and macroeconomic stability than on external factors.