Thailand to launch Digital Asset platform in 2020
In a recent press release published by the Stock Exchange of Thailand, President of SET, SET President Pakorn Peetathawatchai said that SET’s three year strategic plan (2019-2021) will focus on the development of digital infrastructure platform, building one-stop digital capital market, opening up new investment opportunities and leveling up investment experiences for more convenience and higher speed. This will strengthen the “SET?Make it ‘Work’ for Everyone” vision.
This is in line with efforts to digitize the capital market infrastructure and build a digital asset platform to be launched in 2020.
The first phase will be carried out in 2019 where the Thai capital market will go through a paperless transformation for opening accounts, then using electronic identification electronic payment of stamp duty and direct-debit registration processes. In addition, SET’s FundConnext mutual fund platform which is currently connected with 19 asset management firms in Thailand will be linked with Vestima, a global fund processing platform operated by Clearstream. FundConnext will connect the Thai investment fund market to global investors by serving as a gateway for investors in 56 countries to capture investment opportunities. . These services will be rolled out in Q3/2019.
In 2020 Thai regulators will build the new ecosystem to support digital assets will create new pportunities and transform the investment landscape in the future. “SET strongly believes that the collaboration with all stakeholders in enhancing the existing infrastructures that are a backbone of the current ecosystem and in building the new digital asset ecosystem will be a turning point that will take the Thai capital market to the next level. SET stands ready to build and operate the capital market that is underpinned by trust,” added Pakorn.