Why Local Expertise Still Matters in a Global Investing Business

More Thai investors are looking at global exposure. The market is also responding to the demand. In September 2026, the Stock Exchange of Thailand announced its plan to include 28 new depositary receipts. These would give investors access to international stocks and ETFs across Asia, the US and Europe.

Regulation is shifting too. On 23 September 2026 Thailand’s House of Representatives accepted in principle four draft capital market laws. The Thai SEC says they aim to support electronic processes in the capital market and strengthen investor protection.

For a bank or broker looking at offering US stocks for clients to invest, demand is no longer the open question. The harder question is how to manage what happens behind the app. The challenges like handling real clients, real documents and real tax rules.

You can read my earlier post about Thai regulation and investor demand: Thailand is Attracting Global Capital. Financial Infrastructure Must Globalise with It.

What do Thai banks and brokers overlook when they launch international investing?

They overlook everything around the trade. Most of the time, the discussion starts with technology, primarily focussing, on the app, the API, and the trading screen. The important parts that matter most to clients are often discussed later.

• Client onboarding and KYC
• W-8BEN tax forms and US withholding
• QI obligations
• FX and funding
• Day-to-day client support

Please remember behind the screen there is more plumbing, from clearing and settlement to global custody and omnibus account structures. Whether you choose an introducing broker arrangement, white label brokerage or brokerage as a service, the client relationship stays with you. 

As I often tell partners, “A global platform with no one local to call when something goes wrong is a big gap.” Usually, clients don’t face any trouble using the trading screen. The challenge begins when they open an account, fill out tax forms or need support in their local language to resolve any issues.

My colleague Wirason Kongprasonk, explores the same theme in The Next Phase of Thai Fintech Will Be Built Behind the Screen.

Why does local market knowledge matter in global investing?

Global rules have to work with Thai reality. Brokers must understand Thai ID cards, house registration documents (Tabien Baan), local anti-money laundering (AML) rules and Thai SEC regulations. They also need to support clients who prefer to communicate in Thai.

The IRS also recognises these documents. Its Thailand attachment lists government-issued ID cards for Thai nationals. It also accepts house registration documents as proof of address.

If a provider does not understand these requirements, it may reject valid applications or delay account openings. This can frustrate clients and lead to lost business.

Brokers can connect to global markets with the help of technology. Local knowledge help brokers onboard clients accurately and builds lasting relationships.

What does Thailand’s IRS-approved KYC framework mean for QI and US market access?

It is a big step, and a practical one. In March 2026, the IRS published a Thailand attachment to its Qualified Intermediary (QI) Agreement. The document recognises Thailand’s KYC rules under the Anti-Money Laundering Act and the Securities and Exchange Act. It also identifies AMLO and the Thai SEC as the authorities responsible for enforcing these rules.

For Thai banks and brokers, this has three practical implications.

1. A clearer path to QI status. A QI is a non-US institution with an IRS agreement to handle US tax documentation and withholding for its clients. Thai institutions can now point to an approved Thai KYC standard when they apply.
2. Support for digital onboarding. The IRS attachment allows QIs to use digital platforms such as NDID, DGA Digital ID and ThaID to collect customer KYC information. It also says biometric checks such as liveness detection should be used where appropriate. Banks and brokers may still need to request original documents, depending on the customer’s risk profile.
3. Recognition of Thai KYC standards. The IRS recognition is a positive step for Thailand. It shows that Thai KYC standards are accepted under the US QI framework. This is important as more Thai investors look at global markets.

However, IRS approval does not remove the responsibility of banks and brokers. The attachment makes it clear that QIs remain responsible for KYC compliance and risk checks. This applies even when they use another regulated institution to carry out these checks.

If customer due diligence requirements are not followed, it may attract penalties. Under Thailand’s AML Act, fines can reach THB 1,000,000. Right systems, processes and experienced teams are needed by banks and brokers to manage their QI obligations.

For a deeper explainer on the status itself, read Why Qualified Intermediary (QI) Status Matters for Brokers.

How important is a local team that understands the market, language and regulations?

Having a local Thai speaking team could make a big difference. The local team will understand Thai clients’ language and local requirements and can support during Thai business hours. Partners want someone who knows the Thai rules, not someone reading a global manual from another time zone.

That is why ViewTrade has a Thai-speaking team in Thailand, backed by more than 27 years of global experience.

A situation I see often

The problem. A Thai broker launches US stocks and clients are excited. Then many of them get stuck at onboarding. Their Thai documents do not match what the system expects, or their W-8BEN is filled in wrongly. They are rejected, or they end up paying the wrong tax.

What we did. Our Thai team reviewed the document flow with the ViewTrade internal team. We explained the tax form in Thai and helped the broker’s staff complete it correctly the first time.

The result. Clients were onboarded faster, fewer applications were rejected, and clients stayed. For privacy reasons we do not name the broker.

What should a Thai bank or broker look for in a global investing infrastructure partner?

Look for five things.

1. A local team that speaks Thai and works your hours.
2. Real experience with Thai onboarding and KYC, backed by a long track record. ViewTrade has been doing this for more than 27 years.
3. Expertise in handling QI and US tax, including W-8BEN handling.
4. Strong global infrastructure which can support everything from trade execution to clearing, settlement and custody.
5. A partner who educates and supports your team. Avoid a partner who hands over a system and walks away so you manage it on your own.

Two things to consider – cost and flexibility. Going global need not be an expensive affair for you. You should also be able to choose the services you need now and add more as your business grows. Speed is important. Equally important is a good partner who can help you launch quickly and provide support in local language when issues arise. Local teams’ support in local language can help you serve your clients better from day one.

On the cost question in particular, see The Hidden Cost of Global Investing Infrastructure.

Frequently asked questions

What is a qualified intermediary (QI)?

A QI is a non-US financial institution that signs an agreement with the IRS. It can then collect and verify client tax documentation itself and handle US withholding and reporting for those clients. The IRS ties each agreement to approved KYC rules for the institution’s country.

What is a W-8BEN form and why does it matter for Thai investors?

The W-8BEN is a US tax form for people who are not US citizens or residents for tax purposes. It confirms their foreign status and can help them claim tax treaty benefits, if eligible.

Without the right tax documents, US dividends may be subject to 30% withholding tax. The form also has an expiry period. Investors should check with their broker or tax adviser when they need to renew it.

Can Thai clients open accounts for US stocks online?

Yes, some banks and brokers allow Thai clients to open accounts online.

The IRS Attachment for Thailand allows Qualified Intermediaries (QIs) to use digital identity services such as NDID and ThaID for KYC checks. Note that each bank or broker has its own account opening process. Clients should check what online services are available.

Why do international investing applications get rejected?

Sometimes, even small mistakes can delay an application.

A client’s name may be spelled differently in Thai and English. The address proof may not meet the requirement, or the W-8BEN form may have missing or incorrect information. A team familiar with Thai documents can help identify these issues before the application is submitted.

What does a global investing infrastructure partner provide?

A global investing infrastructure partner helps local banks and brokers offer access to international markets, including the US.

Depending on the provider, services may include trade execution, clearing, settlement, custody, account opening and tax documentation. Not every provider offers the same services. Banks and brokers should check what is included before choosing a partner.