Webull Thailand is advancing a major business expansion in Thailand after acquiring Pai Securities Company Limited. The deal, valued at more than 3.2 billion baht, is seen as a crucial piece in transitioning from a retail customer base to the Wealth Management market and affluent clients.
Webull plans to leverage its technological strengths and global network combined with Pai Securities' team and business foundation, aiming to increase total Assets Under Management (AUM) to 200 billion baht by 2027.
Chonladej Khemaratana, Chief Executive Officer of Webull Securities (Thailand) Limited, revealed that since Webull began operating in Thailand about two years ago, business growth has exceeded expectations, currently with over 1 million registered users and around 400,000 active accounts, representing approximately 60% of total accounts.
Seeing an opportunity for rapid business expansion, Webull started seeking mergers and acquisitions (M&A), identifying Pai Securities as the most suitable target to advance its business in Thailand.
The key reason for Webull’s acquisition of Pai Securities is its business structure and personnel, which align well with Webull’s operations, especially the experienced Relationship Manager (RM) and Investment Consultant (IC) teams who manage diverse investment products beyond just Thai stocks.
Moreover, Pai Securities is strong in the TFEX business, ranking among the Top 5 in the market, and has teams managing investments in foreign markets, including CME, along with Research and personnel experienced in issuing Depositary Receipts (DR).
Webull believes building such teams and expertise independently would take considerable time, so acquiring Pai Securities accelerates entry into the Wealth Management market.
Following the acquisition, Webull confirmed that the "Pai Securities" brand will remain and services to clients will continue uninterrupted, with added support from Webull’s technology, capital, and global network.
This includes enhancements in Research, AI, and APIs to improve investment analysis and client services, with a focus on integrating "technology with people" as a key factor for rapid future growth.
The post-acquisition goal is to drive the combined AUM of Webull and Pai Securities to reach 200 billion baht by 2027, with Wealth Management for High Net Worth (HNW) clients as the flagship business.
Services will focus on Pai Securities’ RM and IC teams, currently numbering over 300 employees, with plans to gradually expand the role of some ICs to act as RMs and recruit additional RMs from other securities firms.
Webull views its global network as a major strength, allowing it to assist clients with broader investment options, while the Thai team maintains close client relationships.
At the same time, institutional client business has strong growth potential through orders from nearly 10 institutional clients in Thailand using Webull’s network, including subsidiaries of banking groups and foreign securities companies.
Chonladej stated that the company’s future revenue structure will diversify across various asset types, including US stocks, Thai stocks, funds, and structured notes, compared to current revenue in Thailand, which predominantly (about 90%) comes from US stock trading.
Another key strategy after acquiring Pai Securities is to accelerate growth in Depositary Receipt (DR) business, aiming to rank among the Top 3 in the market by 2027, up from the current Top 5 position.
Webull sees the acquisition as enhancing its readiness to expand the DR business due to Pai Securities’ experienced team and product issuance expertise, while Webull brings capital, global networks, and stronger connections to foreign companies and markets, enabling faster product development.
Additionally, the company has overseas market experience and understands investor behavior to determine which types of DRs attract market interest, having already set policies and directions for the team to seek new opportunities and reference assets.
Webull also plans to broaden its customer base through partnerships, collaborating with TMBThanachart Bank (ttb) to reach the Mass Affluent segment and with TrueMoney to serve the Mass segment, launching both projects around September 2026.
A key service will be enabling customers to invest in US stocks through partner applications, making foreign market investments more accessible to the general public.
This strategy will help Webull increase account numbers and customer base, particularly by leveraging the large customer networks of its partners, resulting in a business structure covering Traders, Mass, Mass Affluent, and High Net Worth clients.
For its 2027 business plan, Webull intends to expand products and services aligned with the TISA (Long-Term Investment Savings Account) initiative.
TISA is a product with potential to significantly grow the customer base, as proven in several countries, by enabling rapid expansion if the platform is user-friendly and offers a comprehensive product range. Webull aims to adapt this concept to the Thai market.
Furthermore, Webull plans to develop its Investment Banking business by using its international network to connect Thai companies with foreign capital markets; currently, there are ongoing discussions regarding bringing Thai companies to list on overseas stock exchanges.
Overall, the strategy is to transform Webull from a platform focused on US stock trading for retail investors into a comprehensive investment and Wealth Management provider with a wider product range, leveraging technology, personnel, capital, and its Global Network to drive growth and position Thailand as a key market in the long term.
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