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The Role of Women Empowerment in Developing the AI in Thailand

This research aims to explore if the introduction of AI during the Fourth Industrial Revolution in Thailand empowers the opportunity for Thai women.

Published onApr 16, 2024
The Role of Women Empowerment in Developing the AI in Thailand
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The Role of Women Empowerment in Developing the Artificial Intelligence in Thailand

Sudawadee Wannakij

Introduction

When it comes to the trend of using automation and artificial intelligence technology, many global corporations around the world are transitioning into Industry 4.0, use of artificial intelligence, big data management, and the Internet of Things (IoT) to increase both production and productivity become a vital part of the business.

As a change of the global vortex, Thailand must transform the country to Thailand Industry 4.0, Thailand’s robotics and artificial intelligence capabilities are growing by leaps and bounds sparked by the coronavirus pandemic. Artificial intelligence (AI), robotics, and digital industries become priority sectors in the government’s national strategy named Thailand 4.0. While the recent Thailand’s Framework of the Thirteenth National Economic and Social Development Plan (2023-2027), the national drive of these sectors as a 20-year plan seeks to raise the Kingdom’s level of development and competitiveness by focusing on technological transformation and sustainable growth.

Thailand’s Twelfth National Economic and Social Development Plan (2017-2021) was formulated during a period of global integrated change. The country’s strategic plan was focused on the principles of the “Sufficiency Economy Philosophy” since the Ninth Plan to promote the balance of sustainability and modernization in Thailand.

The strategy for the development of Science, Technology, Research, and Innovation pointed out that the previous phase of Thailand’s economic development has largely depended on the country’s pool of labor, stocks of natural resources, and ready-made technology imported from abroad rather than using collective knowledge to develop its own technology. Therefore, the development strategy in the ensuing period will emphasize strengthening Thailand’s science and technology sectors, and increasing the capability to apply scientific knowledge, technology, and innovation to enhance competitiveness in the agricultural, industrial, and service sectors, and improve the quality of life of citizens.

In the Twelfth National Economic and Social Development Plan (2017-2021), “Key development guidelines are: (1) accelerating R&D investment and expediting the commercial and social utilization of technology benefits, particularly technology that Thailand has potential to develop by itself, and both technology and social innovation which can leap-frog the economy and generate economic growth, reduce inequality and promote a better quality of life; (2) developing entrepreneurs to become technopreneurs by strengthening the capacity of businesspeople to be key players in innovation and technology development, in design innovation, in technology business management, and in setting the direction of technological development; and (3) creating an environment conducive to the promotion of science, technology, research, and innovation, particularly in the development of R&D human resources. This includes accelerating the training of high-caliber R&D personnel, especially in the STEM subject areas to match market demands, as well as enhancing the technical knowledge and skills capabilities of researchers.”

In the Framework of the Thirteenth National Economic and Social Development Plan (2023-2027), the country strategy will be focused on Transformation to Hi-Value and Sustainable Thailand, 4 Key development guidelines are 1. High Value-added Economy 2. High Opportunity Society 3. Eco-friendly Living 4. Key Enablers for Thailand's Transformation. The government will support the strategic plan on technology development, for example, auto-system, artificial intelligence, and Thailand Industry 4.0, 5G telecommunication technology to minimize the cost and maximize the country’s competitive capabilities.

The business sector applying artificial intelligence and transforming its business to a new era is obviously a banking and financial service. Today, all banking and financial services have no exception to technological forces, AI and FinTech development are in their early stages because the AI-generated patterns, predictions, and recommended actions are accurate, universal, and reliable data sets used.

Board of Investment (n.d.) revealed that the rise of Thailand’s robotics and artificial intelligence capabilities is rapidly growing because of global supply chains and innovations sparked by the coronavirus pandemic. The industrial automation and robotics industries have radically transformed global productivity. The capabilities of automation systems will significantly reduce investment costs and change the landscape of modern production. The rise in the global shipment of industrial robots clearly reflects the increasingly widespread use of technology. Artificial intelligence (AI), robotics, and digital industries are priority sectors in the government’s national strategy named Thailand 4.0. The 20-year plan seeks to raise the Kingdom’s level of development and competitiveness by focusing on advanced technologies and green and sustainable growth.

At the global level, a push to encourage women involved in science and technology careers is pointed out in World Economic Forum (2019) in promoting women in STEM careers. The investment and development in Artificial Intelligence require a new set of advanced knowledge skills for workforces in this sector. Thus, this research aims to explore if the introduction of AI during the Fourth Industrial Revolution in Thailand empowers the opportunity for Thai women.

Conceptual framework

Artificial Intelligence (AI)

Artificial Intelligence (AI) refers to machine development UNESCO (2020) explained that it is about the involvement of using computers to classify, analyze, and draw predictions from data sets, using a set of rules called algorithms. AI algorithms are trained using enormous datasets so that they can identify patterns, make predictions, recommend actions, and figure out what to do in unfamiliar situations, learning from new data and thus improving over time. The ability of an AI system to improve automatically through experience is also known as Machine Learning (ML). The term Artificial Intelligence was initiated by Professor John McCarthy in 1956 who has received an honorable Turing Award in 1971 for his extensive contributions to the topic of AI, Turki et al. (2021) noted that Artificial Intelligence categories are reactive machines, limited memory, theory of mind, and self-awareness.

Artificial Intelligence (AI) in Thailand

Kawtrakul & Praneetpolgrang (2014) mentioned that the pioneering period of Artificial Intelligence in Thailand was from in1988-1999. Thai-language lecture notes on artificial intelligence (AI) were implemented in 1975 for teaching an AI course at a university. In 1992 the first AI laboratory was established at the Department of Computer Engineering, Kasetsart University. Research on Thai language processing and expert systems was then concentrated in the laboratory. The King Mongkut's University of Technology Thonburi also set up its own AI center--as a loosely affiliated group.

Women’s Involvement in STEM

González-Pérez, S., Mateos de Cabo., R., & Sáinz, M. (2020) pointed out that women are underrepresented in STEM (science, technology, engineering, and mathematics) careers, and this poses new challenges at the dawn of the era of digital transformation.

Kanter (1977) The pattern of representation of women in the STEM disciplines is at a low level in many Western and European countries. This situation can lead to the shortage of females choosing scientific studies may mean there is no critical mass of candidates prepared to access leadership positions.

Minevich (2020) mentioned that women play an important role in STEM industries in terms of bridging the gap of realizing the highest maturity level and accelerating the advances in artificial intelligence and science. Women must be promoted to participate in STEM careers and establish employment equity opportunities for women. Minevich (2020) also emphasized that female involvement in the AI industry is significant as helps alleviate some of the major challenges that the STEM workforce face in the eyes of machine learning technologies, such as selection bias. Thus, to achieve the ultimate AI maturity levels, it is necessary to mobilize women on a mass scale and include them as part of all enterprise endeavors in artificial intelligence, from the beginning of AI research to the final process of product launch.

Women Empowerment

Tandon (2016) suggested that the term “Empowerment” has been widely used in policy and intervention strategies to describe a proliferation of outcomes. Since various documents released by the United Nations (UNDAW 2001; UNICEF 1999), Association for Women in Development (Everett, 1991), Microcredit Summit Campaign Conferences 1997, (RESULTS, 1997) (DFID, 2000), and more other organizations the word of empowerment become a frequently used term.

Tando (2016) explained that empowerment can be expanded to the concept of human rights and social justice which is a process to change the distribution of power between men and women, both in interpersonal relations and in institutions throughout society.

Kabeer (1999) emphasized that women’s empowerment as the ability to decide individual choices is based on three interrelated dimensions: resources, agency, and achievements. Resources mean material, human and social expectations including family, market, state, community, rules, and norms. Agency means the ability to define one’s goals and act on them which includes motivation and purpose or in other words, feminists also called them “the power within”. Achievements mean the human capacity to define their own life choices and to pursue their own goals, even in the face of opposition, dissent, and resistance from others.

Marloes et al. (2017) suggested a three-dimensional framework: personal empowerment, relational empowerment, and societal empowerment deriving an assumption from the ecological systems theory (Bronfenbrenner, 1994) that people do not exist in a social vacuum but encounter different environments throughout their life that may influence their behavior.

Research Methodology

Qualitative research was employed to accomplish the aim of this research. The implementation of the research was both primary and secondary data. Secondary data for assessing corporate executive members were internet sources used via LinkedIn, CrunchBase, and the corporate website. Data analysis was used with the secondary data of the C-suite executive level within some key financial services and digital banking companies in Thailand to clarify the notion of women empowerment in artificial intelligence. The purposive sample with the top ten fintech startups in Thailand in 2019, by funding value Statista (2021). Bloomenthal (2021) explained that C-suite, or C-level which tends to start with the letter C, is commonly described as a cluster of a corporation's most important senior executives and influential group of individuals within a company, while men were frequently occupied these top management positions in firms. Also, the assessment of secondary data on the top five strongest banks by balance sheet in Thailand in 2021 by The Asian Banker Insight (2021) was used.

Figure 1. Statista (2021). Top 10 FinTech Startups in Thailand 2019, by funding value

Figure 2. Sun, Olive. (2021). Top 10 Strongest Banks by Balance Sheet in Thailand 2021

An assessment of the C-suite level within the purposive FinTech and the executive board members of banking service companies was employed to obtain a sample that can be logically assumed to be a representative of the population of the obvious business sector applying artificial Intelligence and transforming its business into a new era. A brief profile of fintech and banking services can be demonstrated in Table 1

Table 1 A brief profile of fintech and banking service

Company Name

Type of Business

Company Snapshot

Omise

Fintech Startups

Established in 2013, Omise provides payment gateway and link-based payment solutions to businesses. Businesses can accept online payments via credit/debit cards, bank transfers, wallets, and more. Moreover, a dashboard for monitoring transactions, chargebacks, and fraud prevention is provided. Users can set up recurring payments.

2C2P

Fintech Startups

Founded in 2003, the global preferred payments platform provider for businesses of regional airlines, travel companies, and global retailers, to securely accept payments across online, mobile, and in-store channels. Headquarters is in Singapore and operates across Southeast Asia, North Asia, Europe, and the US.

Rabbit Finance

Fintech Startups

Thailand’s marketplace for insurance (life & non-life insurance broker) and financial products (loan & credit card advice) was established in 2013.

Jitta

Fintech Startups

Established in 2013, a research management platform providing financial analysis to investors and advisors provides stock market analysis & insights, financial data, and strategy development solutions. Tools for the performance management of investments, indicators, and updates to users in managing their investments are provided.

T2P Deep Pocket

Fintech Startups

Found in 2011, Deep Pocket is a mobile white-label wallet service provider application that is a product developed by T2P Co. Ltd. and become a premier service provider of e-Wallet and innovative loyalty solutions to millions of customers both local and abroad.

Finnomena

Fintech Startups

Found in 2016, Finnomena offers tools to manage public funds and customize investment strategies, an all-in-one digital wealth management platform for investors and financial advisors that can be accessed on iOS and Android devices. Over 100k investment accounts opened.

Claim Di

Fintech Startups

Founded in 2000 by Anywhere To Go Co., Ltd., InsurTech is one of the many related arms that is included under fintech. Award-winning application Claim Di (including ISO, TICTA, APCTA, ICT, SSW, etc.) is a mobile application for car owners to make accident claims. The application is designed to make communication easier and connects drivers with their car insurance companies.

Bitkub

Fintech Startups

Founded in February 2018, a new generation digital asset and cryptocurrency exchange platform offers advanced exchange services to individuals who intend to buy, sell and store cryptocurrencies. Bitkub is a legally registered company, with a starting capital of 80 million baht and is currently based in Bangkok, Thailand.

Money Table

Fintech Startups

Founded in 2016, a Fintech start-up based in Bangkok with operations in Thailand, Indonesia, the Philippines, and Vietnam. DayCash, a key product is an application for self-service employee benefits. Employers can utilize and take advantage of a fully automated, easy-to-use platform to manage all their employee welfare and payment related.

Flow Account

Fintech Startups

Founded in 2015, FlowAccount is a Thai Tech Startup, that designs a cloud-based accounting software and FlowPayroll payroll software through the cloud SaaS (Software as a Service). The software is for SMEs in managing their expenses by an easy-to-use and do-it-yourself accounting and payroll software for the employee.

Bangkok Bank (BBL)

Banking Services

Founded in 1944, Bangkok Bank is Thailand’s largest bank and the 6th largest Southeast Asian bank by total assets (Baht 4,333,281 million).

Kasikorn Bank (KBank)

Banking Services

Founded in 1945, Kasikorn Bank is one of the largest banks in Thailand in terms of total assets, loans, and deposits as well as being the first bank in Thailand to provide credit card services in 1973. It was also the first bank in the world to utilize mobile phones as a secure payment system.

Siam Commercial Bank (SCB)

Banking Services

Founded in 1906 under a Royal Charter, Siam Commercial Bank was the first domestic bank in Thailand and became listed on the Stock Exchange of Thailand in 1976 and one of the top 3 global sustainability leaders in the banking sector of Dow Jones Sustainability Indices (DJSI). In 2021. a new entity, SCB X Public Company Limited (SCBX), a mothership overseeing subsidiaries in finance, financial technology, and digital platform businesses alongside the banking business established.

Krung Thai Bank (KTB)

Banking Services

In 1966, state-owned Krung Thai Bank began providing commercial banking services in Thailand and the government channel for financial services needed in its initiatives. Two government-owned banks Kaset Bank and Monton Bank were merged into Krung Thai Bank and become listed on the Stock Exchange of Thailand in 1989.

Bank of Ayudhaya (BAY)

Banking Services

Bank of Ayudhya, or called Krungsri Bank, was established in 1945 and is one of the largest banks in Thailand in terms of assets and deposits. It operates a network of 670 local branches, three international offices, and 6,500 ATMs in Thailand.

Research Results

Details of the C-suites level of the top ten fintech startups in Thailand in 2019, by funding value (Statista 2019) collected from each Fintech startup’s website, Linkedin and CrunchBase were employed for desktop research and data analysis, the result has been shown as follows:

Omise’ s C-suite level consisted of 8 members 7 male members, accounting for 88 percent of all executive members, and 1 female member, accounting for 12.50 percent of all executive members as illustrated in Table 2.

Table 2. Omise’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Jun Hasegawa

Group Chief Executive Officer / Founder SYNQA

male

2.

Mr. Ezra Don Harinsut

Chief Executive Officer / Co-Founder Omise

male

3.

Mr. Anuchit Chitpirom

Chief Operating Officer

male

4.

Mr. Frederico Araujo

Chief Information Officer

male

5.

Ms. June Seah

Chief Business Development Officer

female

6.

Mr. Kazuhiro Koiso

Chief Financial Officer

male

7.

Mr. Nick Gan

Chief Growth Officer

male

8.

Mr. Max Rokhline

Chief Product Officer

male

The C-suite level of 2C2P had 5 members and all 5 members were male, accounting for 100 percent of all C-level members and can be demonstrated in the table as follows

Table 3. 2C2P’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Aung Kyaw Moe

Founder and Group Chief Executive Officer

male

2.

Mr. Andy Hidayat

Co-founder (Indonesia) & Investor

male

3.

Mr. Piyachart Ratanaprasartporn

Chief Executive Officer (Thailand)

male

4.

Mr. Anthony Hwang

Chief Financial Officer

male

5.

Mr. Myo Zaw

Chief Technology Officer

male

As shown in the leadership section of Rabbit Care company, the C-suite level had 6 members and all 6 members were male, accounting for 100 percent of all C-level members and can be demonstrated in the table as follows

Table 4. Rabbit Care’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Michael M. Steibl

Founder & Chief Executive Officer

male

2.

Mr. Johannes von Rohr

Founder & Chief Operating Officer

male

3.

Mr. André O Prenzlow

Founder & Chief Product Officer

male

4.

Mr. Paulo Almeida

Chief Technology Officer

male

5.

Mr. Chayapat Sakulrompochai

Chief Commercial Officer

male

6.

Mr. Thomas Maier

Chief Marketing Officer

male

As presented on the company website, Jitta’s C-suite level had 3 members, 2 male members, accounting for 67% percent of all C-level members, and 1 female member, accounting for 33 percent of all executive members

Table 5. Jitta’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Trawut Luangsomboon

Chief Executive Officer and Co-Founder

male

2.

Mr. Sira Sujjinanont

Chief Technology Officer & Co-Founder

male

3.

Ms. Pornthip Kongchun

Chief Operating Officer and Co-Founder

female

T2P’s C suite level consisted of 4 members, all 4 members were male and accounted for 100% of all executive levels as presented in the table below:

Table 6. T2P’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Taweechai Pureetip

Chief Executive Officer and Co-Founder

male

2.

Mr. Charatpong Chotigavanich

Chief Technology Officer & Co-Founder

male

3.

Mr. Natwut Amornvivat

Co-Founder

male

4.

Mr. Puvanai Dardarananda

Co-Founder

male

As of the team profile on the Fenomena website, the C-suite level consisted of 6 members and all were male members, accounting for 100 percent of all executive members.

Table 7. Fenomena’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Jetsada Sukthi

Chief Executive Officer and Co-Founder

male

2.

Mr. Chayanon Rakkanjanan

Chief Advisory Officer, Co-Founder

male

3.

Mr. Kasin Suthammanus,

Chief Executive Officer of Finnomena Mutual Fund Brokerage Securities, Co-Founder

male

4.

Mr. Attaphong Rattanaveerachanon

Chief Technology Officer

male

5.

Mr. Noppawat Muktabhant

Chief Experience Officer

male

6.

Mr. Kawin Tiraborisute

Chief Product Officer

male

The C-suite level of Anywhere 2 Go Co., Ltd. or Claim Di application consisted of 4 members, 3 male members, accounting for 75% percent of all C-level members, and 1 female member, accounting for 25 percent of all executive members.

Table 8. Claim Di’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Kittinan Anuphan

Co-Founder

male

2.

Ms. Naphat Honboonherm

Co-Founder

female

3.

Mr. Panuchart Bunyakiati

Chief Technology Officer and Co-Founder

male

4.

Mr. Chatchai Boonsup

Chief Marketing Officer

male

Bitkub consisted of 7 C-suite level members, and all were 7 male members, accounting for 100% percent of all executive members.

Table 9. BitKub’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Jirayut Srupsrisopa

Founder and Group Chief Executive Officer of Bitkub Capital Group

male

2.

Mr. Sakolkorn Sakavee

Chairman of Bitkub.com

male

3.

Mr. Atichanan Pulges

Co-Chief Executive Officer of Bitkub Blockchain Technology and Chief Financial Officer of the Bitkub Capital Group

male

4.

Mr. Passakorn Pannok

Chief Technology Officer Bitkub Blockchain Technology

male

5.

Mr. Atthakrit Chimplapibul

Chief Executive Officer Bitkub Online

male

6.

Mr. Sugrit Phutaviriya

Chief Marketing Officer Bitkub Online

male

7.

Mr. Suchart Pavasiriporn

Chief People Officer Bitkub Online

male

Money Table had 4 C-suite level members, and all 4 were male, accounting for 100% percent of all C-executive members.

Table 10. Money Table’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Patrick Phakanan

Chief Technology Officer

male

2.

Mr. Soon Chua

Chief Executive Officer

male

3.

Mr. At Phisutthiphan

Chief Product Officer

male

4.

Mr. Tribodi Arunanonchai

Founder and Vice Chairman

male

Flow Account had 3 C-suite level members, and all 3 were male, accounting for 100% percent of all C-suite members.

Table 11. Flow Account’s The C-Suite Level.

No.

Name

Position

Gender

1.

Mr. Wicky S.

Chief Technology Officer

male

2.

Mr. Danai Chutinaton

Founder

male

3.

Mr. Kridsada Chutinaton

Co-Founder and Chief Executive Officer

male

Details of board executives in the annual report 2021 of the top five strongest banks by balance sheet in Thailand by The Asian Banker Insight (2021) were employed for desktop research and data analysis, the result has been shown as follows:

As of December 31, 2021, details of Bangkok Bank Executives in the annual report (2021) consisted of 18 members 14 male members, accounting for 78 percent of all executive members, 4 female members, accounting for 22 percent of all board members.

Table 12. Bangkok Bank’s Board Executives Member

No.

Name

Position

Gender

1.

Mr. Deja Tulananda

Executive Chairman

male

2.

Mr. Chartsiri Sophonpanich

President

male

3.

Mr. Suvarn Thansathit

Director and Senior Executive Vice President

male

4.

Mr. Charnsak Fuangfu

Director and Senior Executive Vice President

male

5.

Mr. Charamporn Jotikasthira

Executive Director

male

6.

Mr. Boonsong Bunyasaranand

Director and Senior Executive Vice President

male

7.

Mr. Chong Toh

Senior Executive Vice President

male

8.

Ms. Suteera Sripaibulya

Senior Executive Vice President

female

9.

Ms. Rushda Theeratharathorn

Senior Executive Vice President

female

10.

Mr. Siridej Aungudomsin

Senior Executive Vice President

male

11.

Mrs. Ruchanee Nopmuang

Senior Executive Vice President

female

12.

Mr. Chaiyarit Anuchitworawong

Senior Executive Vice President

male

13.

Ms. Niramarn Laisathit

Senior Executive Vice President

female

14.

Mr. Kanit Si

Senior Executive Vice President

male

15.

Mr. Kukkong Ruckphaopunt

Senior Executive Vice President

male

16.

Mr. Ian Guy Gillard

Senior Executive Vice President

male

17.

Mr. Kobsak Pootrakool

Senior Executive Vice President

male

18.

Mr. Thawat Treewannakul

Senior Executive Vice President

male

As of December 31, 2021, details of Kasikorn Bank’s executives in the annual report (2021) revealed the executives consisted of 14 members 9 male members, representing 64 percent of the total number of directors, 5 female members, representing 36 percent of the total number of executives.

Table 13. Kasikorn Bank’s Board Executives Member

No.

Name

Position

Gender

1.

Ms. Kattiya Indaravijaya

Chief Executive Officer

female

2.

Mr. Pipit Aneaknithi

President

male

3.

Mr. Patchara Samalapa

President

male

4.

Mr. Krit Jitjang

President

male

5.

Dr. Pipatpong Poshyanonda

President

male

6.

Dr. Adit Laixuthai

Senior Executive Vice President

male

7.

Mr. Thiti Tantikulanan

Capital Markets Business Division Head

male

8.

Mr. Jirawat Supornpaibul

Private Banking Group Head

male

9.

Mr. Chongrak Rattanapian

Senior Executive Vice President

male

10.

Mr. Silawat Santivisat

Senior Executive Vice President

male

11.

Ms. Wasana Surakit

First Senior Vice President

female

12.

Ms. Natcha Argasreog

First Senior Vice President

female

13.

Ms. Khajarin Maintaka

Financial Planning Co-Department Head

female

14.

Ms. Prapasra Uttamavetin

Financial Planning Co-Department Head

female

The names of the Siam Commercial Bank’s directors were provided in the table of the Executives Member as of the annual report (2021), the Siam Commercial Bank had 17 executives, of the total 17 members, there were 7 women representing 41 percent of the total number of directors and 10 men representing 59 percent of the total number of directors.

Table 14. Siam Commercial Bank’s Board of Directors

No.

Name

Position

Gender

1.

Mrs. Apiphan Charoenanusor

President

female

2.

Mr. Sarut Ruttanaporn

President

male

3.

Dr. Arak Sutivong

President

male

4.

Mr. Narong Srichukrin

Senior Executive Vice President, Chief Wealth Banking Officer

male

5.

Ms. Poramasiri Manolamai

Senior Executive Vice President, Chief Insurance Business Officer

female

6.

Ms. Auraratana Jutimitta

Senior Executive Vice President, Chief Retail and Business Banking Officer

female

7.

Mrs. Pikun Srimahunt

Senior Executive Vice President, Chief SME Banking Officer

female

8.

Mrs. Wallaya Kaewrungruang

Senior Executive Vice President, Chief Legal and Control Officer

female

9.

Mr. Sathian Leowarin

Senior Executive Vice President, Chief Strategy Officer

male

10.

Dr. Chalee Asavathiratham

Senior Executive Vice President, Chief Digital Banking Officer

male

11.

Mrs. Patraporn Sirodom

Senior Executive Vice President, Chief People Officer

female

12.

ML. Chiradej Chakrabandhu 

Senior Executive Vice President, Chief Credit Officer

male

13.

Mr. Vitoon Pornsakulvanich

Senior Executive Vice President, Chief Integrated Channels Officer

male

14.

Mr. Manop Sangiambut

Senior Executive Vice President, Chief Financial Officer

male

15.

Dr. Yunyong Thaicharoen

Senior Executive Vice President, Chief Wholesale Banking Officer

male

16.

Mr. Krieng Wongnongtaey

Senior Executive Vice President, Chief Risk Officer

male

17.

Mrs. Voranuch Dejakaisaya

Senior Executive Vice President, Chief Information and Operations Officer

female

The names of the Krung Thai Bank’s Executive Officers were provided in the table as of its annual report (2021), had 19 members, there were 3 women representing 16 percent of the total number of Executive Officers members and 16 men representing 84 percent of the total number of Executive Officers.

Table 15. Krung Thai Bank’s Executive Officers

No.

Name

Position

Gender

1.

Mr. Payong Srivanich

President

male

2.

Ms. Praralee Ratanaprasartporn

Senior Executive Vice President - Head of Digital Solutions Group

female

3.

Mr. Weerapong Suppasedsak

Senior Executive Vice President - Head of Business Center Group

male

4.

Mr. Suratun Kongton

Senior Executive Vice President - Head of Corporate Banking Group 2, Acting for Head of Corporate Banking Group 1

male

5.

Mr. Rawin Boonyanusasna

Senior Executive Vice President - Head of Global Markets Group

male

6.

Mr. Ekachai Techawiriyakul

Senior Executive Vice President - Head of Risk Management Group

male

7.

Ms. Saranya Vejakul

Senior Executive Vice President - Head of Financial Management Group

female

8.

Mr. Santi Parivisutt

Senior Executive Vice President – Head of Operation Group

male

9.

Mr. Suppawat Wadhanapatee

Senior Executive Vice President - Head of Human Resources and Corporate Governance Group

male

10.

Mr. Tawatchai Cheevanon

Senior Executive Vice President - Head of Global Transaction Banking Group

male

11.

Mr. Pongsit Chaichatpornsuk

Senior Executive Vice President – Head of Compliance and Legal Management Group

male

12.

Mr. Kittipat Peantham

First Executive Vice President - Head of Government & State Enterprise Relations Group

male

13.

Mr. Pichit Jongsaliswang

First Executive Vice President - Head of Retail Strategy Product & Segmentation Group

male

14.

Mr. Chanchai Sinsuparatn

First Executive Vice President - Head of Retail Shared Services Group

male

15.

Mr. Panabhand Hankijjakul

First Executive Vice President – Head of Internal Audit Group

male

16.

Mr. Chalerm Pradidarecheep

First Executive Vice President – Head of Retail Banking Sales and Distribution Group

male

17.

Ms. Suwanna Anantanond

First Executive Vice President - Head of Credit Restructuring and Asset Management Group

female

18.

Mr. Krit Chamapisit

First Executive Vice President – Head of Communication and Branding Group

male

19.

Mr. Rungruang Sukkirdkijpiboon

Advisor to The President, Krungthai Bank, Acting for Head of Retail Banking Product & Strategy Group

male

The names of the Krungsri Bank’s Executive Members were provided in the table as of the Krungsri Bank’s annual report (2021), which had 16 persons, of the total 16 directors, there were 3 women representing 19 percent of the total number of executives and 13 men representing 81 percent of the total number of directors.

Table 16. Krungsri Bank’s Executive Members

No.

Name

Position

Gender

1.

Mr. Seiichiro Akita

President and Chief Executive Officer

male

2.

Mr. Pornsanong Tuchinda

Head of Commercial Banking

male

3.

Ms Duangdao Wongpanitkrit

Chief Financial Officer

female

4.

Mr. Yoshiyuki Horio

Head of JPC/MNC Banking

male

5.

Mr. Phonganant Thanattrai

Head of Retail and Consumer Banking

male

6.

Mr. Sayam Prasitsirigul

Chief Information and Digital Officer

male

7.

Mr. Chandrashekar Subramanian Krishoolndmangalam

Chief Risk Officer

male

8.

Ms. Puntipa Hannoraseth

Head of Internal Audit Group

female

9.

Mr. Pairote Cheunkrut

Chief Strategy Officer

male

10.

Mr. Vasin Udomratchatavanich

Chief Human Resources Officer

male

11.

Mr. Kenichi Nishii

Head of Global Markets Group

male

12.

Mr. Saengchart Wanichwatphibun

Chief Compliance Officer

male

13.

Mr. Wirote Chuenratanakul

Head of Operations Group

male

14.

Mr. Yoshio Ueyama

Chief Credit Officer

male

15.

Mrs. Yingluk Kongkasai

Head of Transaction Banking Group

female

16.

Mr. Thitivorn Chothayaphorn

Head of Legal Group

male

A comparison of women in Executives roles in the top five banking services by balance sheet in Thailand in 2021 showed in Table 17 that Siam Commercial Bank had a road for women in key leadership positions, followed by Kasikorn Bank and Bangkok Bank respectively.

Table 17. A Comparison of Women in Executives Roles in Top Five Banking Services by Balance Sheet in Thailand in 2021

Top 5 Banking Services 2021

Executive Board Member

Female

%

Male

%

Bangkok Bank

18

4

22%

14

78%

Kasikorn Bank

14

5

36%

9

64%

Siam Commercial Bank

17

7

41%

10

59%

Krung Thai Bank

19

3

16%

16

84%

Bank of Ayudhya

16

3

19%

13

81%

84

22

26%

62

72%

A comparison of women in C-Suite roles in the top ten FinTech Startups, by funding value in Thailand in 2019 showed in Table 18 that seven in ten startups had 100 percent more men in C-Suite positions than women. The rest had more roads for men in top leadership positions.

Table 18. A Comparison of Women in Executives Roles in Top Ten FinTech Startups, by Funding Value in Thailand in 2019

Top 10 Fintech Startups 2019

C-Suite Member

Female

%

Male

%

Omise

8

1

12.50%

7

88%

2C2P

5

0

0%

5

100%

Rabbit Finance

6

0

0%

6

100%

Jitta

3

1

33%

2

67%

T2P Deep Pocket

4

0

0

4

100%

Finnomena

6

0

0%

6

100%

Clam Di

4

1

25%

3

75%

Bitkub

7

0

0%

7

100%

Money Table

4

0

0

4

100%

Flow Account

3

0

0%

3

100%

50

3

6%

47

94%

Conclusion

It was not surprising that the finding was the same challenge at the global level. Women’s disproportionate engagement in top rank employment in FinTech and banking service in Thailand. this result shows a weak pipeline for women to reach high-profile positions. When roughly 94% of the C-suites level in 2019 of Thailand’s top ten FinTech Startups were male, only 3 % were women, For banking services, only one bank found almost half of the ratio was women which was Siam Commercial Bank with the most women involved in the C-suites level at 41%. Kasikorn Bank, selected as a member of the 2022 Bloomberg Gender-Equality Index (GEI) , was the second top most at 36% , and Bangkok Bank was 22% respectively. The concerned national stakeholder should be applied compliant to major suggestions of UNESCO, OECD, IDB (2022), is as follows:

Reskilling and upskilling women workers, especially in STEM field which is a crucial skill for work demand in the future. This responsibility is required an involvement of governments, NGOs, academia, trade unions and the private sector.

Encouraging women in STEM development – to encourage and promote more opportunity for more women leading in the forefront of STEM / AI / Digital, technological development, governments, institutions, organizations and companies. While the governmental stakeholder should particularly the women and girls’ education in STEM / AI / Digital filed to empowers the opportunity for Thai women.

Contextual and cultural complexity should be addressed. Diverse cultures and gender norms shape how workers experience STEM/ AI tools and technologies which will impact the working lives of women in a variety of ways.

Multi-stakeholder leverage – Governments, private sector companies, technical communities and academic organizations and institutions take responsibility for the potential impact of AI systems on vulnerable groups and be a major role in supporting skill-equalizing work environments for women in STEM / AI / Digital filed.

Research and development are required. The consecutive applied research on how AI / digital systems impact work in general and the working lives of women in particular, effects on men’s and women’s job opportunities on women and their opportunities for recognition and promotion. Multi-stakeholder leverage in public and private sector should be transparent on how their AI function and ability catalyze and protect employees engagement with AI.

Limitation and Recommendation

The report was the desktop research that acquired annual report and secondary data from internet sources via LinkedIn, CrunchBase, and their corporate website which may not be sufficient for data analysis.

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