The Stock Exchange of Thailand (SET) has unveiled plans to digitize the capital market infrastructure and build the digital asset platform.
Image: Stock Exchange of Thailand has announced development of digital infrastructure platform. Photo: courtesy of mapichai / FreeDigitalPhotos.net.
SET will continue to partner with all stakeholders for digitalization of capital market infrastructure, enabling to improve customer experiences.
The exchange is also planning to develop the new digital asset platform, which is expected to be launched in 2020.
SET president Pakorn Peetathawatchai said its three-year strategic plan between 2019 and 2021 will help focus to develop digital infrastructure platform and build one-stop digital capital market.
SET noted that Thai capital market will undergo a real transformation into the digital age in two areas in this year.
The first one is a complete digitization of the capital market infrastructure, which includes enhancements such as the paperless account opening process through electronic identification verification and electronic payment of stamp duty and direct-debit registration processes.
SET’s FundConnext mutual fund platform, which is currently linked with 19 asset management firms in Thailand, will be connected with Vestima global fund processing platform that is operated by Clearstream.
FundConnext will help link the Thai investment fund market to global investors through serving as a gateway for investors in 56 countries to grab investment opportunities.
The new payment service was introduced for the capital market last year, and the services will be optimized to process interbank payment to better serve securities firms. The enhanced services are expected to be introduced in the third quarter of this year.
SET will work all stakeholders in the Thai capital market to develop a new ecosystem for the Thai capital market.
The new ecosystem designed to support digital assets will help create new opportunities and revamp the investment landscape in the future.
Pakorn further added: “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.”