The WFE's Women Leaders 2025 - Dr Rinjai Chakornpipat, Senior Executive Vice President, SET
Name: Dr. Rinjai Chakornpipat
Job title: Senior Executive Vice President, Head of Market Division, SET, and Managing Director - Thailand Futures Exchange Public Company Limited
Organisation: The Stock Exchange of Thailand
1. Brief description of nominee’s role and job.
As the Senior Executive Vice President of The Stock Exchange of Thailand (SET), overseeing the Market Division, and the Managing Director of the Thailand Futures Exchange (TFEX), I play a vital role in advancing Thailand’s capital market. With over 20 years of experience, I have led efforts to enhance equity and derivatives products, drive business development, and strengthen marketing and customer relations. My work focuses on fostering innovation, building trust and enhancing the Thai capital market’s competitiveness. Additionally, I serve as a member of the Board of Directors for several key infrastructure companies in the Thai capital market, including Digital Asset Platform (DAP) and Settrade, a leading online trading platform to access the Thai market. On an international level, I am also a board member of the Association of Futures Markets (AFM).
2. Short bio (career highlights, education, interests/hobbies).
I have had the privilege of serving as one of the founding leaders of the Thailand Futures Exchange (TFEX) since its inception in 2004, playing a key role in establishing the foundation for derivatives trading in Thailand. Additionally, my team and I take initiatives in equity product development, particularly with the Depository Receipt (DR) project, which has become a cooperative program among the ASEAN Exchanges. My career also encompasses experience in portfolio management and securities analysis, as well as in retail and wealth management gained during my tenure at the Mutual Fund Public Co. Ltd. and Maybank Kim Eng Securities.
I hold a doctorate in business administration (DBA) from Cleveland State University, USA, a certified financial analyst (CFA) designation and a GARP’s certificate in sustainability and climate risk (SCR). I also earned an MBA from Chulalongkorn University and a Bachelor of Business Administration from Thammasat University.
Outside of work, I enjoy yoga and playing golf. Yoga helps me find balance and peace, while golf allows me to build networking, embrace challenges and enjoy the outdoors in a dynamic environment. These activities not only keep me active, but also enrich my life with new experiences and friendships."
3. What were your professional highlights and challenges of 2024?
The year 2024 presented several significant challenges, but through strategic initiatives and collaborative efforts, we transformed these obstacles into key accomplishments. Our focus was on driving innovation in products and services to better serve our market participants and expand our investor base. This involved attracting a new generation of investors with different lifestyles and interests, and developing compelling new products and services within the equity and derivatives markets.
Expanding the New Generation Investor Base
To attract younger generations to the investment ecosystem, SET, in collaboration with the Thailand Capital Market Development Fund (CMDF), introduced the “Money Syndromes” campaign. This initiative provides Gen Y and Gen Z investors with knowledge and resources to invest gradually to achieve their financial goals. Additionally, a trading application called “Aomwise” has been launched to serve young generations. This user-friendly, multi-asset platform allows investors to access various assets, including stocks, mutual funds and exchange-traded funds (ETFs), through a single account. These initiatives aim to align with modern lifestyles, making saving and investing more accessible for young people and encouraging greater participation of the new generation in the capital market. As a result, at present, the young generation comprises 80% of new investors.
New and Improved Investment Products and Services
SET has actively promoted depository receipts (DR) to Thai retail investors, aiming to facilitate diversification and global market investment. As of November 2024, the DR market capitalisation had increased by 63% since December 2023, with a total of 64 listed DRs. To further align with global markets, we plan to extend night trading for DRs, set to launch in Q2, 2025. Additionally, we are preparing to introduce leveraged and inverse ETFs by 2025, thereby broadening our range of investment products.
In the derivatives market, we extended the afternoon trading session for equity futures and options by 30 minutes to match SET's trading hours. We also introduced EUR/THB and JPY/THB currency futures, providing greater investment diversification and hedging alternatives. Furthermore, in collaboration with the Rubber Authority of Thailand, we have begun calculating and publishing the daily rubber fixing price, which can be used as a reference for our rubber futures pricing.
4. Tell us about a few of your key achievements throughout your career?
Since assuming the leadership role for Thailand Futures Exchange (TFEX) in November 2014, I have spearheaded numerous successful initiatives that have significantly advanced the derivatives market in Thailand. One of the key achievements under my tenure is the launch of Gold Online Futures, a pioneering product quoted in U.S. dollars and settled in Thai baht. This product was designed to accommodate Thai retail investors by providing a trusted platform for trading gold, as well as serving professional traders for their trading and hedging needs. This milestone has greatly enhanced the accessibility and appeal of the Thai derivatives market to international participants.
In addition to supporting the equity market development, I have led the team in developing depositary receipts (DR) as a means of diversification and global investment for Thai retail investors. With industry support and the efforts of the SET group, DR and fractional DR have gained popularity among Thai investors. The DR linkage program has expanded into a cooperative initiative among the ASEAN exchanges.
5. What and who inspires, and has inspired, you to achieve your professional success?
My eldest sister has always been my inspiration. She is hardworking and thoughtful, dedicating her time to her business and family. She believes that great success starts with small achievements, and that self-improvement and persistence lead to future success. Her words continually inspire me to be better.
6. How have you overcome setbacks, and what advice would you give to others dealing with setbacks?
I view setbacks as life’s way of teaching valuable lessons. When they happen, I take a step back, analyse what went wrong, and find ways to turn the experience into a stepping stone for improvement. The focus is less on the mistake itself and more on discovering how to do better next time.
I encourage my colleagues to view setbacks not as endings, but as opportunities for new beginnings. By reflecting on challenges and working together on solutions, we not only recover but also grow stronger. My advice: Do not fear setbacks; welcome them as part of the journey. Stay positive and open-minded, learn from the experience and move forward with confidence.
In product development, not all projects succeed. When obstacles arise, we leverage our experiences, gather feedback from customers, and explore alternatives to enhance or introduce new products. Our Gold Online Futures initiative exemplifies a successful project. It addresses investors' needs for simplicity and trust while also catering to traders' requirements for hedging and arbitrage.
7. What advice do you have for other women who aspire to be in leadership positions? What is the biggest takeaway you want to leave with the reader?
Stay true to who we are. Our value and authenticity foster trust and respect. Women’s natural empathy is a great strength. Use it to create a workplace where people feel valued, supported and encouraged to grow. Leadership is not about being the loudest voice in the room; it is about helping others find their voice and succeed alongside you. The success always comes from having good team.